|Financial markets||Major world indicators|
- The 225-issue Nikkei Stock Average lost 113.37 points, or 0.94 percent, to 11,893.16.
- The dollar bought fell to 105.63 yen, from 106.24 yen late Thursday.
Thursday's U.S. Markets...
- The Dow Jones Industrial Average ended up 196.89 points, or 1.8 percent, at 11,022.06. The Nasdaq Composite Index rose 30.89, or 1.43 percent, to 2,186.57.
- The 19-year Treasury note fell 24/32 point, or $7.50 per $1,000 face value, to 101 4/32 to yield 3.862 percent. The 30-year bond fell 20/32 point to 101 13/32 to yield 4.415 percent.
- The dollar traded at 106.37 yen, up from 106.10 yen, while the euro bought $1.4624, up from $1.4620 late Wednesday.
|Ag futures||Yesterday's action and |
- Overnight trade: Check the link for updated prices and/or settlements.
What happened yesterday...
- Corn: Futures opened weaker and were lifted by strength in the crude oil market around midday, but then drifted lower into the close.
- Soybeans: Futures saw two-sided trade, but finished 4 to 5 1/4 cents lower on late-session profit-taking.
- Wheat: Futures saw a two-sided day of trade, but ended firmer on spreading with corn.
- Cotton: Futures closed slightly firmer amid short-covering, but saw a choppy tone throughout the day due to mixed signals from outside markets.
- Lean Hogs: Lean hog futures closed mixed in lackluster trade.
- Live Cattle: Live cattle futures moved to fresh session lows ahead of the close, finishing 75 cents to $1.57 lower.
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)
- Bailout Negotiations in Disarray Treasury's $700 Billion Proposal Hits Stalemate; Dramatic Gesture by Paulson A potential deal that had been at hand Thursday afternoon all but fell apart when lawmakers gathered at the White House late in the day. House Republicans are being blamed -- along with Sen. John McCain (R-Ariz.) -- for torpedoing the potential agreement. Negotiators worked last night but so far no deal has emerged.
Few Good Scenarios in View as Crisis Spreads
Bailout Proposal Gets Hung Up Over Central Issue: Will It Work?
Curbs on Pay Advance in Bailout Plan
Big Business Wants Deal, Setbacks and All
Incumbents Face Tough Vote Amid Bailout Backlash
Bailout Would Add Urgency to Washington Handoff
Lawmakers Weigh Political Risks of Stance on Bailout Plan
Rescue Plan Entangles McCain
How to Restore Trust In Wall Street Op-ed item by Arthur Levitt, chairman of the Securities and Exchange Commission from 1993 to 2001, and Lynn Turner, SEC chief accountant from 1998 to 2001.
The Public Deserves a Better Deal. Opinion item.
- WaMu Is Seized, Sold Off to J.P. Morgan, In Largest Failure in U.S. Banking History The purchase by JP Morgan came in the wake of customers pulling nearly $17 billion out of the bank in the last 10 days. JP Morgan agreed to pay $1.9 billion to the government for WaMu's banking operations and will assume the loan portfolio of the thrift, which has $307 billion in assets.
- WHO Cites Reporting Delays in Milk Crisis A World Health Organization (WHO) official in China said that had information on tainted milk been publicized as soon as it was learned the problem existed, this wouldn't have evolved into the situation that it has.
- Pilgrim's Pride Sees Big Loss For Quarter, Loan Crunch . The poultry firm blamed higher grain prices in part for its performance, noting grain costs rose $900 million for its 2008 fiscal year. Reports say the firm booked corn futures when they were near $8 a bushel and those positions ended up being "underwater" when futures fell to $5 per bushel.
New York Times (registration to site required)
- Talks Implode During a Day of Chaos; Fate of Bailout Plan Remains Unresolved Blame is being traded back and forth in Washington as to how is at fault for the apparent agreement on key points of a bailout plan withered in the wake of a White House meeting Thursday afternoon.
McCain Leaps Into a Thicket
Credit Enters a Lockdown
As Stocks Rally, Credit Markets Appear Frozen
- Government Seizes WaMu and Sells Some Assets Customers of the bank are unlikely to be affected by its failure but investors are not expected to not see their money returned. The government helped broker the deal that saw JP Morgan buy WAMU and avert a government-related bailout.
- China's Milk Scandal Now Seen as Risk in Europe. The European Union ordered testing of imports containing at least 15 percent milk powder out of concerns that tainted milk powder from China had reached the EU market.
- In Storm's Aftermath, Cow Roundups in Southeast Texas. The effort of trying to locate cows that were swept away from the push of Hurricane Ike is an ongoing task. One cattleman says he's only located 15 of 400 cows he owns.
- New Billions in Earmarks Approach Enactment. Some $6.6 billion in earmarks are part of the omnibus spending plan Congress appears poised to enact. Defenders of the earmarks counter they are tiny compared to the potential $700 billion bailout plan lawmakers are trying to put together.
- Talks Falter on Bailout Deal White House Summit Fails to Yield Accord as House GOP Floats New Plan Democrats have balked at approving a plan that doesn't have Republican support so that, the article notes, they can share in the blame if it doesn't work.
Away from Wall Street, Economists Question Basis of Paulson's Plan
Stakes of Presidential Nominees' First Debate May Now Be Higher
Shelby Plays Role of Contrarian
- U.S. Forces WaMu Sale As Bank Founders Historic Failure Prompts Deal With J.P. Morgan JP Morgan emerged as a buyer after the government took over the embattled bank. Washington Mutual held $188 billion in deposits as of June but federal regulators said it lacked enough cash to continue to function.
Smaller Banks Thrive Out of the Fray of Crisis
|Ag media||Monitoring the countryside|
Omaha World-Herald (Nebraska)
- Co-op's penalties for not growing sugar beets leads to lawsuit Some shareholders of the Western Sugar Cooperative have filed a class action complaint against the organization over penalties levied against them for not growing sugar beets. The farmers charge drought and higher returns for other crops precipitated their actions.
- U.S. to study effects of wind energy industry on habitats. The U.S. Fish & Wildlife Service and Western Area Power Administration, along with assistance from Ducks Unlimited, will do an environmental analysis of wind-generated power and its impact on wildlife.
- ConAgra officials tout steps to shore up stock. The firm told shareholders it is working hard to cut costs to offset inflation and to execute new plans more quickly and more efficiently.
|Laughing with, not at||From political humorists|
Jay Leno: "You know, last night, they had the 60th Emmy Awards. What a star-studded affair that was. There were more celebrities there than” at a "Barack Obama fundraiser.”
Jay Leno: "I guess the miniseries ‘John Adams' set a new Emmy record last night” with "13 wins. So, a guy from the 1700s can still win today. That is good news for John McCain.”
Jay Leno: "Now here's how bad the economy is. There are now Americans taking jobs away from illegal aliens.”
Jay Leno: "See, you know the way a bailout works? Here's the way a bailout works. A failed president and a failed Congress invest $700 billion of your money in failed businesses. Believe me, this can't fail.”
Jay Leno: "The first presidential debate will take place this Friday night. They say John McCain's challenge will be to distance himself from President Bush,” while "Obama's challenge will be to answer questions before his supporters can start clapping.”
Jay Leno: "Sarah Palin said, yes, she did watch Tina Fey portray her in that skit on ‘Saturday Night Live.' But she said she watched it with the volume turned down.” That is "right up there with all the other political phrases, isn't it? Remember Clinton's, ‘I smoked, but I didn't inhale.' John Kerry, ‘I was for it before I was against it.' John McCain's, ‘I've fallen and I can't get up.'”
David Letterman: "Everybody was excited about the Emmys,” including John McCain, who, "during the Emmys, said, ‘Uh, ‘Gunsmoke' win anything?'”
David Letterman: "By the way, as the campaign goes on, we're learning more and more about Senator John McCain,” who "apparently…has 13 cars.” But "he can't remember where he parked any of them.”
Conan O'Brien: "President Bush has been speaking out about the Wall Street bailout. And today, a reporter asked him what he planned to do about AIG. … Bush got upset and said, ‘Why does everyone always spell in front of me?'