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Quebec Wednesday Night #1227 Page 2
Rank: Advanced Member
Groups: Registered, Registered Users, Subscribers Joined: 9/29/2004(UTC) Posts: 53 Location: Montreal, Quebec, Canada
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For complete text of chronicle of the evening see: http://www.wednesday-night.com/Wed1227page2.aspver 85¢ U.S.
Crude: $63.00 U.S. - $ 67.00 U.S. (lack of refining capacity)
Gold: $445.00 U.S. - $ 450.00 U.S (weak U.S. dollar)
Euro: $1.2450 U.S. - $1.2650 U.S. (weak U.S. dollar)
Dow Jones: 10,900 – 11,000 before year-end (less exposure on
energy prices)
TSX: 11,000 before year-end
Housing
An interesting phenomenon in the housing market is the demand among retiring "boomers" for country properties as principal residences.
How does this relate to the predictions that the end of cheap oil may well cause the demise of Suburbia (see http://www.wednesday-night.com/Wed1226page2.asp costs of commuting?
Additional note on Katrina's economic impact on agriculture
The New York Times reports:
Quote:In the Gulf states, the storm left farmers reeling from numerous other problems, including a lack of electricity to restore chicken and dairy plants to service, and a shortage of diesel fuel needed for trucks to save dying cattle stranded on the breached levees.
Farmers in some states in the Midwest had already endured the worst drought in almost 20 years. The storm, moreover, flattened sugar cane and rice fields in the South. And farmers nationwide must pay more for fuel to bring the harvest in and transport crops, lowering the profit they will earn when they sell them. Now Hurricane Katrina is adding to the pain by threatening to curtail exports.
In all, the hurricane will cause an estimated $2 billion in damage to farmers nationwide, according to an early analysis by the American Farm Bureau Federation. The estimate includes $1 billion in direct losses, as well as $500 million in higher fuel and energy prices.
Midwestern farmers are threatened by additional losses. Farmers are clearing out stored corn and soybeans to prepare for this year's harvest, which they normally begin exporting at the end of September. But the hurricane caused substantial damage to waterways and grain-handling facilities, and hundreds of barges have been backing up on the Mississippi River with no place to go.
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