Doom and Boom!

Wheat is soaring, gold is soaring, copper is soaring … US economy, not so much. In fact, I think Jim Cramer's about to crap himself on CNBC. Let's get to it …

Wheat Futures Increase to Record on Reduced U.S. High-Protein Grain Supply Wheat jumped to a record in Chicago as supplies of premium varieties used for bread and pasta dwindled in North America.

Crude Oil: Shell Nigeria Shut-In to Last Two Months Royal Dutch Shell Plc said that a disruption to exports from a Nigerian terminal will last through March.

XX Sean's note – this is a 130,000 barrels per day of light sweet crude off the market. More details HERE.

Kazakhstan May Annul Oil Contracts, Boost State's Role in Energy Industry Kazakhstan may terminate oil and mining contracts with foreign and domestic companies after President Nursultan Nazarbayev urged the state to increase its role in the energy industry.

Copper Rises to Three-Month High as Stockpiles Extend Decline; Nickel Up Copper rose to a three-month high in London as stockpiles of the metal extended declines, indicating demand may be about to expand. Nickel and zinc also increased.

Gold Rises in London on African Production Cuts Because of Power Shortage Gold rose in London after AngloGold Ashanti Ltd., the world's third-biggest gold miner, said production in South Africa will drop because of power shortages. Platinum jumped to a record.

Bank of England Cuts Main Interest Rate to 5.25% as Economic Growth Slows The Bank of England cut its benchmark interest rate by a quarter-point in response to slowing consumer spending and the steepest decline in house prices in a decade.

XX Sean's note – but the European Central Bank refuses to go along, and is holding firm on rates. Traders are a wee bit vexed and perplexed.

Senate Republicans Block Plan to Expand U.S. Tax Rebate, Jobless Insurance The U.S. Senate blocked a $156 billion economic stimulus measure that would extend unemployment benefits and give tax rebates to more people than envisioned in a House-passed measure supported by President George W. Bush.

Pending Home Sales in U.S. Probably Declined, Pointing to Prolonged Slump Contracts to buy previously owned homes declined in December for a second consecutive month, signaling the worst housing slump in 25 years will persist well into 2008, economists said before a report today.

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