|Financial markets||Major world indicators|
- Closed for holiday
Friday's U.S. Markets...
- The Dow Jones Industrial Average slipped 11.72 points, or 0.1 percent, at 11,421.99 -- up 1.8 percent on the week. The Nasdaq Composite Index was up 0.1 percent, or 3.05 points, at 2,261.27 -- up 0.2 percent for the week
- The 2-year Treasury note was unchanged, yielding 2.223 percent. The benchmark 10-year note fell 14/32 to yield 3.698 percent. The 30-year bond shed a full point to yield 4.283 percent.
- The dollar rose to 107.54 yen, up from 107.16 yen, while the euro rose to $1.4154, compared to $1.3947 late Thursday.
|Ag futures||Yesterday's action and |
- Overnight trade: Check the link for updated prices and/or settlements.
What happened yesterday...
- Corn: Futures closed sharply to limit higher to end the week, allowing the market to post overall gains for the week.
- Soybeans: Futures were sharply higher to end the week thanks to USDA's lower-than-expected crop estimate and the sharp drop in the dollar.
- Wheat: Futures finished the week under pressure after opening higher Friday.
- Cotton: Futures benefited from light short-covering to end a week that featured more liquidation pressure and additional chart damage.
- Lean Hogs: Lean hog futures were pressured sharply this week by continued export concerns and building hog supplies.
- Live Cattle: Live cattle futures supported by short-covering to end the week, but closed lower for the week.
Agricultural Marketing Service = (A)
Broiler Hatchery (N)
|Overview||Other reports affecting agriculture|
|Major media||Links to top news reports |
with potential U.S. ag impact
Wall Street Journal (subscription to site required for access)
- Crisis on Wall Street as Lehman Totters, Merrill Is Sold, AIG Seeks to Raise Cash Fed Will Expand Its Lending Arsenal in a Bid to Calm Markets; Moves Cap a Momentous Weekend for American Finance Barclays PLC and Bank of America both walked away from potentially buying Lehman Brothers, in part due to the government refusing to step in. Bank of America did work out a deal to by Merrill Lynch. The Fed's action to broaden its lending could be an aid to firms as they seek to unwind trades that involved Lehman Brothers. In addition, 10 major commercial and investment banks announced Sunday night that they would pool $70 billion of their own money to create a borrowing facility. The New York Stock Exchange prepared contingency plans over the weekend.
Ultimatum by Paulson Sparked Frantic End
Bank of America to Buy Merrill
The Japan Lesson: U.S. Must Own Up To Its Bank Crisis
Fed Expands Lending Facilities in Bid for Stability
Goldman, Morgan Results Will Say a Lot
Wall Street Reckoning Editorial.
Even the Strongest Will Have to Adjust
Wounded Merrill Wisely Seeks Shelter
Wake-Up Call: Lehman's Mortgage Marks
AIG Scrambles to Raise Cash, Talks to Fed
A Chaotic Sunday Opens Wall Street's Week
- Thriving Texas Is Slowed by Ike Regional Economy Takes Hit as Millions Left Without Power The loss of power was one of the major issues facing Texas areas hit by Hurricane Ike. The Port of Houston reported little damage.
Many Weren't Scared Enough to Flee
- Tainted Milk Sickens 432 Chinese Babies More than 400 infants have been sickened by infant formula tainted with melamine that was made by Sanlu, a major Chinese milk-powder producer that is 43%-owned by Fonterra Co-operative Group Ltd. of New Zealand. Sanlu has already withdrawn more than 8,000 tons of its milk powder and is now trying to pull an additional 700 tons off store shelves.
New York Times (registration to site required)
- Lehman Will File Bankruptcy; Merrill to Be Sold Lehman said it would file for Chapter 11 bankruptcy protection in New York for its holding company in what would be the largest failure of an investment bank since the collapse of Drexel Burnham Lambert 18 years ago, according to AP. Merrill Lynch agreed to sell itself to Bank of America in another deal which shook the financial world this weekend.
Jittery Road Ahead
Stunning Fall for Main Street's Brokerage Firm
Purchase of Merrill Fulfills Quest for a Bank
Federal Reserve Offers No Cash but Loosens Standards on Emergency Loans
Big Insurer Seeks Cash as Portfolio Plummets
Nation's Financial Industry Gripped by Fear
Banks Fear Next Move by Shorts
- Amid Rubble of Storm, Teams Scour Ravaged Texas Coastline While the storm surge from Hurricane Ike wasn't as bad as feared, damage from the storm on the Texas coast was still significant and searchers were trying to find survivors. Some say it could be weeks before residents are able to return.
Rescuers Fear for Those Stuck on Texas Peninsula
Gas Prices Climb Quickly as Refineries Remain Closed
- Massive Shifts on Wall St. Troubled Investment Bank To File for Bankruptcy The intertwined world of financial market derivatives is one of the biggest concerns for government regulators and those on Wall Street in the wake of the shakeup in the financial world from the coming bankruptcy of Lehman Brothers.
A New Architecture For the Financial World
Weekend Merger Struck With Bank of America
The Effects at Home After Wall Street's Shake-Up
- Along Texas Coast, 'Monumental' Damage While damage along the Texas Coast is severe, there was not the loss of life that many had feared as the powerful hurricane hit the state. President Bush will visit the state Tuesday. A spokeswoman for the Interior Department's Minerals Management Service said flyovers Saturday and yesterday showed 10 destroyed oil platforms.
What's Left: A Ravaged Island Covered With Rubbish
Gas Prices Continue to Rise as Hurricane Destroys Oil Facilities
- Release the Rice (III) While the hungry suffer, Japan still sits on a mountain of imported grain. The paper repeats its call for Japan to release some of the foreign-owned rice it has promised to release or sell into the world market and labels Japan's resistance to moving its stocks "wasteful protectionism."
|Ag media||Monitoring the countryside|
Wichita Eagle (Kansas)
- KSU offers tips for winter planting From Saturday's editions. The KSU extension service says plant growth and development problems later in the growing season can often be related to poor stands and tiller development in the fall.
Des Moines Register (Iowa)
- Corn harvest estimates lowered From Saturday's editions. USDA's September Crop Production Report contained lower production estimates for both corn and soybeans compared to August levels.
|Laughing with, not at||From political humorists|
David Letterman: "Tonight and tomorrow night, Charles Gibson over there at ABC going to interview Sarah Palin. And I believe it'll be her first big time interview. And Charles Gibson, the first question he asks her, he says, ‘Are you ready to be President?' And Sarah Palin said, ‘Oh, fer sure!”
David Letterman: "But, no, seriously, the interview went very well, and during the interview, Sarah Palin actually gave birth to her sixth child.”
Conan O'Brien: "Sarah Palin's been spending the last couple of days being briefed by advisers on what she needs to know to be John McCain's vice president. That's true. Yeah. Apparently, the first thing they taught her was CPR.”