A counter intuitive collapse could see oil drop - (www.marketwatch.com) Rising
oil prices are one thing you can usually count on when all hell breaks loose
overseas. Fear of supply disruptions is catnip for black gold. Yet here we are,
with the Middle East again a hotbed of fireworks and bloodshed, and still no
pulse. In fact, it’s down almost 10% over the past couple of months. U.S. shale
producers would have you believe that the surge in domestic production is
taking the shine off OPEC’s dominance. True, to an extent. But it probably has
a lot more to do with the fact that demand isn’t growing like it once was. The sexiest CEO in the world smiles at this notion. Former CIBC World
Markets chief economist Jeff Rubin pointed out that U.S. oil consumption has dropped to
18.6 million barrels a day, down from nearly 21 million prior to the last
recession. In Europe, it has fallen every year for five years, after peaking
more than 20 years ago. Even China seems not to have the appetite it once did.
Hence, oil demand forecasts are getting chopped everywhere. “If crude prices
end up mimicking their fossil-fuel cousin (coal), prices could be heading as
low as $40 to $60 a barrel in the not-too-distant future,” he wrote. That’s a
long, long way to drop.
Tapes
showing meek oversight of Goldman are about to rock Wall Street - (www.nypost.com)
Wall Street is about to be rocked by secretly recorded audio tapes that purport
to show a too-cozy relationship between the New York Federal Reserve Bank and
the financial institutions it is supposed to regulate. The 45 hours of tapes,
made by Carmen Segarra, a former NY Fed worker, capture former co-workers,
whose job was to keep banks like Goldman Sachs in line, instead deferring to
the banks, being unwilling to take action and being extremely passive, according to public radio’s “This American Life,” andProPublica which
obtained the tapes and is scheduled to air a program about the matter Friday
night. Segarra, ironically, was hired by the NY Fed in October 2011 to help
toughen up their oversight. She was fired in 2013 after, she claims in a
lawsuit, she tried to get Goldman to toe the line on regulations.
State
Farm dumps pitchman Rob Schneider over anti-vaccine views - (www.latimes.com) Rob
Schneider has learned the hard way that there's no way to inoculate yourself
against an Internet backlash. State Farm Insurance has dropped an ad
campaign featuring the "Deuce Bigalow" star in a reprisal of his
"Richmeister" character -- a.k.a. the "making copies" guy
-- from "Saturday Night Live." The decision stems not from an
objection to rehashed humor from the mid-'90s, but to Schneider's outspoken
stance against childhood vaccines. Along with former "View"
co-host Jenny McCarthy, Schneider, who has lately been busy trying to revive his career with a spec sitcom, has been one of the most vocal celebrity
proponents of the thoroughly discredited theory linking immunizations to
autism. In 2012, he campaigned against California Bill AB 2109, designed to make
it harder for parents to receive vaccine exemptions for their children. When it
passed, he registered his unhappiness in rather inflammatory terms on
Twitter. "Today California passed a law to force parents to get a
Doc's permission to not vaccinate their kids or they can't attend school!
Nazi's," he wrote.
Corn
Prices Slump to Five-Year Low on Bumper U.S. Crop - (www.bloomberg.com) Corn
futures fell to a five-year low as farmers started harvesting the largest-ever
crop in the U.S., the world’s top grower, reducing costs for livestock
producers and grain processors. Rains and cool Midwest temperatures boosted
plants this year with 74 percent of the crop rated in
good or excellent condition as of Sept. 21, the best in two decades, U.S.
Department of Agriculture data showed. Farmers will harvest a record 14.395
billion bushels this season, up 3.4 percent from a year earlier, the USDA
estimates. Cheaper grain is bolstering prospects for companies including
Archer-Daniels-Midland Co. and Tyson Foods Inc. Increasing global supplies
helped drive world food prices in
August to the lowest in almost four years, a United Nations gauge showed this
month. Corn may extend a slump into the second half of October as the harvest
accelerates, Societe
Generale said
today in a report.
Monsanto
GMO Wheat Found in Montana as Oregon Probe Ends - (www.bloomberg.com) Experimental
wheat engineered by Monsanto Co. (MON) was found on a Montana research field
years after testing concluded, reopening compliance issues for the world’s
largest seed company. The genetically modified wheat discovered in July at a
Montana State University test plot near Huntley was engineered to tolerate
Monsanto’s Roundup herbicide, the U.S. Department of Agriculturesaid today in a statement. The Montana site
hasn’t hosted wheat trials since 2003, the USDA said. The discovery comes as
investigators closed a probe into a similar incident last year in Oregon that
led some countries to postpone U.S. wheat imports. The latest case shouldn’t
affect trade since the rogue wheat was found on a non-commercial farm and the
USDA found none in commerce. “We’ve now opened an investigation into this
regulatory compliance issue,” Bernadette Juarez, investigations director for
the USDA’s Agriculture’s Animal & Plant Health Inspection Service, said today
on a conference call with reporters. “We remain confident that the wheat
exports will continue without disruption.”
Fed's
Fisher says rates may rise "sooner rather than later" - (www.reuters.com)
Jobless Claims in U.S. Climbed Less Than Forecast Last Week - (www.bloomberg.com)
Jobless Claims in U.S. Climbed Less Than Forecast Last Week - (www.bloomberg.com)
Brazil’s
Real Climbs From Seven-Month Low on Election Outlook - (www.bloomberg.com)
Dollar Rallies as Growth Bolsters Interest-Rate Bets - (www.bloomberg.com)
Dollar Rallies as Growth Bolsters Interest-Rate Bets - (www.bloomberg.com)
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