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Attention Turns to House on Rescue Plan

00:00AM Oct 02, 2008
Snapshot of news and events for today


Quick links

* Financial markets

* Ag futures

* USDA reports this week

* NWS forecast

* Major media

* Ag media

* Political humorists

Financial markets Major world indicators

Japanese trading...

  • The 225-issue Nikkei Stock Average fell 1.9 percent to 11,154.76. 

Wednesday's U.S. Markets...

  • The Dow Jones Industrial Average ended 19.59 points lower, off 0.2 percent, at 10,831.07. The Nasdaq Composite Index fell 22.48, or 1.07 percent, to 2,069.40.
  • The 10-year Treasury note rose 22/32, pushing the yield down to 3.738 percent, compared to 3.831 percent. 

  • The dollar fell to 106.05 yen, down from 106.35 yen while the euro was at $1.4008, compared to $1.4076 late Tuesday.

Ag futures Yesterday's action and
overnight indicators

What happened yesterday...

  • Corn: Futures closed 2 1/2 to 4 1/2 cents lower to do more chart damage.
  • Soybeans: Futures retreated from session highs late to close mostly 7 to 8 cents higher and in the middle of today's range.

  • Wheat: Futures ended 9 to 10 cents lower in Chicago, mostly 5 to 9 cents lower in Kansas City and mostly 7 to 9 cents lower in Minneapolis.
  • Cotton: Futures closed around 100 points higher in all contracts on support from short-covering.
  • Lean Hogs: Lean hog futures finished lower in all but the April contract, which was 30 cents higher.
  • Live Cattle: Live and feeder cattle futures closed mixed on late-session short-covering after a weaker start.

Scheduled USDA Reports & Summaries This Week

Agricultural Marketing Service = (A)
Census Bureau = (CB)
Economic Research Service = (E)

Farm Service Agency (FSA)

Foreign Ag Service = (F)

National Agricultural Statistics Service = (N)

World Agricultural Outlook Board = (W)






Sept. 29

Grain Inspections (A)
Poultry Slaughter(N)
Agricultural Prices (N)
Peanut Stocks and Processing (N)
Crop Progress (N)


Grain Stocks (N)
Small Grains Summary (N)
Weather - Crop Summary (N)
Egg Products(N)
Sugar and Sweeteners Outlook (E)

Oct. 1

Broiler Hatchery (N)
Commodity Costs and Returns Data (E)


U.S. Export Sales (F)


Dairy Products Prices (N)
Dairy Products (N)
Vegetables (N)

Peanut Prices (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)

  • Fed Considers Rate Cut as Recession Fears Mount The paper says the Fed is weighing whether or not to cut interest rates and notes that several economic indicators were flashing negative signs. Futures markets are now pricing in a rate cut of a quarter point by the end of October.
    Related items:
    SEC Extends 'Short' Ban as Bailout Advances
    All Revved Up With No Place to Borrow
    EU Is Divided on Crisis Measures
    Obama, McCain, in a Rarity, Cast Votes
    McCain Warns of Economic 'Disaster'
    Vote Presses Lawmakers at Home
    U.S. Auction-Rate Investigation Picks Up Steam
    Momentum Gathers to Ease Mark-to-Market Accounting Rule
    Euro Zone Unemployment Rises as the Economy Sags
    Auto Sales Succumb As Credit Grows Tight
    In a Down Market, Many Fund Managers Were Down Even More
    Credit-Default Swaps Get Messier

    Goldman, Morgan Rewrite Playbooks
  • Senate Vote Gives Bailout Plan New Life Passage Gets Boost From Tax Breaks; Back to the House While the Senate voted 74-25 in favor of the modified package, some fear that too many things were added to the bill and that still makes it uncertain it will pass the House. The latter is expected to take up the plan on Friday.
  • Farmer Mac Rescued by Lenders Group Injects $65 Million, Lifts Capital Above Minimum Level; CEO Edelman Departs Losses in its investment portfolio prompted a rescue of Farmer Mac and a new temporary CEO. The move comes despite the bank's loans being in decent shape: The delinquency rate on the $9.5 billion in farm and rural loans under Farmer Mac's umbrella is the lowest in its history. Most of the new capital came from the five banks in the Farm Credit System.
  • Melamine Discovered in More Milk Products. Fifteen more Chinese dairy companies were found to have produced products that contain the chemical melamine. In the U.S., Connecticut consumer protection commissioner said Wednesday that tests found melamine in White Rabbit Creamy Candy, a product imported from China and found in stores in the state.

New York Times (registration to site required)

Washington Post

Ag media Monitoring the countryside

Omaha World-Herald (Nebraska)

  • Midwest economy stagnant in survey The Midwest economy treaded water in September and there's a possibility that it could slip into negative territory. The article highlights other findings of the economic survey of Iowa, Nebraska and other states.
Laughing with, not at From political humorists

David Letterman: "McCain wants the presidential debate postponed until after the big government bailout, you know. Sarah Palin wants the vice presidential debate postponed until after the election. But that's a different deal.”

Conan O'Brien: "Yesterday, President Bush telephoned both John McCain and Barack Obama to discuss the current financial crisis. … Yeah, the entire conversation consisted of Bush yelling ‘suckers,' and hanging up.”

Conan O'Brien: "Because of the financial crisis, John McCain says he may not appear at the presidential debate on Friday. So Ralph Nader has offered to fill in for him. … That's true.” However, "Nader is insisting that McCain work his shift at Kinko's.”