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According to John Adams, July 2, 1776, was Independence Day. Following generations decided it should be July 4.For the record, Canada Day is July 1, and yes there is an interesting connection.
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Thursday morning will see the release of June employment numbers. Will these leave the US White House “burning”, or support US Fed puppet Warsh's less hawkish comments from Wednesday.
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As for the Grains sector: King Corn is quiet, Watson could be getting interested in the Wheat sub-sector, and Soybeans are the more fundamentally thanks in large part to the soybean oil market.
Morning Summary: I’ve used Barchart’s stock photo titled “The White House at Sunset” a number of times, usually to depict fury coming from the inhabitant at the domestic or global development of the day. Why? To me the picture looks like the White House is on fire. When I first saw it years ago, it reminded me of the scene from the 1996 movie Independence Day when aliens blew up the White House. It’s fitting to talk about Independence Day today, for as John Adams famously said, “The second day of July 1776 will be the most memorable epocha in the history of America. I am apt to believe it will be celebrated by succeeding generations as the great anniversary festival.”[i] My friends in Canada have their own celebratory Day on July 1. To them I offer a belated Happy Canada Day. Before I get to markets, I’ll mention the connecting thought to all this: Canada burned the US White House during the War of 1812 in retaliation for the American “looting and burning of York (present-day Toronto).[ii] Okay, a look at the quote screen early Thursday morning shows the US dollar index ($DXY) under pressure ahead of the June jobs data. Despite this, both Metals and Energies are in the red as well pre-dawn.
