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Bailout Plan Still Taking Shape

00:00AM Sep 23, 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...

  • Closed for holiday.

Monday's U.S. Markets...

  • The Dow Jones Industrial Average dropped 372.75, or 3.3 percent, to 11,015.69 --the first time the Dow has moved at least 350 points four days in a row. The Nasdaq Composite Index slipped 4.2 percent to end at 2,178.98
  • The 10-year Treasury note was down 2/32, yielding 3.824 percent while the 30-year bond was off 11/32, yielding 4.407 percent. 

  • The dollar traded at was at 105.19 yen from 107.27 yen Friday, while the euro $1.4839 from $1.4474 Friday marking the dollar's biggest percentage decline against the euro ever.

Ag futures Yesterday's action and
overnight indicators

What happened yesterday...

  • Corn: Futures settled mostly 16 to 21 cents higher, which was in the middle of the day's trading range.
  • Soybeans: Futures gapped higher on the open and sharply extended gains to finish 61 1/2 to 67 1/2 cents higher.

  • Wheat: Futures opened higher and extended to the upside, but trimmed gains into the close.
  • Cotton: Futures posted strong gains and finished with a high-range close.
  • Lean Hogs: Lean hog futures remained in positive territory through the day to finish 45 cents to $1.65 higher.
  • Live Cattle: Live cattle futures finished solidly higher, but could only manage a mid-range close in most contracts.

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. 22

Grain Inspections (A)
Catfish Feed Deliveries(N)
Catfish Processing (N)
Cold Storage (N)
Chickens and Eggs (N)
Crop Progress (N)


Weather - Crop Summary (N)
Wheat Data (E)
Feed Grains Database (E)


Broiler Hatchery (N)


U.S. Export Sales (F)
Cotton Ginnings (N)
Strawberries: World Markets and Trade (F)
Potatoes (N)
Citrus Fruits (N)
Monthly Milk Cost of Production (E)


Dairy Products Prices (N)
Livestock Slaughter (N)
Quarterly Hogs and Pigs (N)
Fruit and Tree Nuts Outlook (E)

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)

  • Federal Prosecutors Probe Food-Price Collusion Federal authorities are looking into price-fixing allegations relative to egg products and processors of tomatoes for canning, ketchup, salsa and sauces conspired to fix prices. The article points out these are new investigations as there are already  criminal or civil inquiries in markets including fertilizer, cheese and milk.
  • Doubts on Rescue Plan Spur Fall In Dollar, Leap for Oil Markets tumbled Monday as lawmakers and the government moved closer to a deal on a rescue plan, but many note the plan may still not fix the financial woes out there and it will take time for the plan's impacts to be felt across the economy.
    Related item:
    Will Bailout Spur Inflation? Hedge That Bet
    Treasury Relents on Key Points

    Auto-Finance Firms Seek a Hand
    Rescue Plan's Success Gets Linked to Home Prices
    Walls Come Down, Reviving Fears of a Falling Titan
    Small Banks Pursue Piece of Bailout
    Bailout Pitch Tests Paulson's Political Skill
    Bailout Won't Help Europe Banks Much

    Candidates Keep Their Bailout Stances to Themselves
    Meltdown Alters Dynamic in Races for Congress
    The End of Wall Street
    Insurance Companies Need a Federal Regulator Commentary item by Sens. John Sununu (R-N.H.), Tim Johnson (D-S.D.) and Reps. Melissa Bean (D-Ill..) and Ed Royce (R-Calif.).
    Trusts Require Attention During Market Turmoil
  • Funds Get Freer Hand in Buying Bank Stakes . The Fed is broadening the rules to allow private-equity firms, government investment funds and others to buy stakes in banks.
  • SEC Quickly Revises Short-Selling Rules Shift on Financials, Hedge Funds Sends Traders Scrambling The Securities & Exchange Commission (SEC) has already altered its rules on short selling that were put in place last week. The SEC has decided that those engaged in bona fide market making and hedging activity, including in derivative contracts, could continue to short.
  • Fannie Mae, Freddie Mac Takeovers Cost U.S. Banks Billions About 25% of U.S. banks figure they will lose an estimated $10 billion to $15 billion from the federal takeover of Fannie Mae and Freddie Mac.
  • Labels Will Say If Your Beef Was Born in the USA The item looks at the coming implementation of mandatory Country of Origin Labeling (COOL), looking at it mostly from a consumer perspective.
  • China Food-Safety Chief Resigns in Dairy Scandal Recalls Expand; Nestlé Is Forced to Pull Milk Line. The head of China's General Administration of Quality Supervision, Inspection and Quarantine quit, the highest-level official to resign over the matter so far. It notes other impacts, including that Chinese dairy farmers are pouring milk into rivers as they have no buyers.

New York Times (registration to site required)

Washington Post

Ag media Monitoring the countryside

Omaha World-Herald (Nebraska)

Des Moines Register (Iowa)

Laughing with, not at From political humorists

Craig Ferguson: "Today, John McCain said he'll release his medical records by end of the year. He's not stalling, though. He is just old. It is going to take a long time to print out.”

Craig Ferguson: "Out on the campaign trail, Hillary Clinton hasn't been mentioning Sarah Palin at all. She's just talking about John McCain. Not surprising. Hillary's always been good at ignoring the ‘other woman.'”

Craig Ferguson: "The big news story today is…Sarah Palin. Every day, Sarah Palin. And it is not exactly hard-hitting stuff. I haven't seen the media fawn over a celebrity this much since -- Barack Obama.”