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Economic Worries, Final Debate Top The News

00:00AM Oct 16, 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 slid 1,089.02 points, or 11.41 percent, to 8,458.45, its biggest drop since the 1987 stock market crash.

  • The dollar edged up to 100.57 yen.

Wednesday's U.S. Markets...

  • The Dow Jones Industrial Average ended down 733.08, or 7.87 percent, at 8,577.91 -- its 20th triple-digit move in 23 sessions. The Nasdaq Composite Index fell 150.68, or 8.47 percent, to 1,628.33 -- its lowest close since June 30, 2003.
  • The 2-year Treasury note rose 16/32 to 100 26/32 and yielded 1.57 percent. The 10-year note rose 28/32 to 100 5/32 and yielded 3.98 percent, down from 4.03 late Tuesday. The 30-year bond rose 1 2/32 to 104 22/32 and yielded 4.22 percent, down from 4.26 percent.

  • The dollar fell to 100.28 yen from 102.04 yen, while the euro was at $1.3492, down from $1.3654 late Tuesday.

Ag futures Yesterday's action and
overnight indicators

What happened yesterday...

  • Corn: Futures finished mostly 21 to 24 cents lower, which was in the lower end of the day's range.
  • Soybeans: Futures gapped lower on the open, extended losses and posted a low-range close.

  • Wheat: Futures saw sharp spillover pressure from neighboring corn and soybean pits and outside markets to close 17 to 18 cents lower in the Chicago market.
  • Cotton: Futures ended sharply lower on heavy pressure from outside markets.
  • Lean Hogs: Lean hog futures gapped lower on the open and never looked back. Hog futures closed sharply to limit lower.
  • Live Cattle: Live and feeder cattle futures closed sharply lower.

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)






Oct. 13

Holiday -- Gov't offices closed


Grain Inspections (A)
Livestock and Meat Trade Data (E)
Turkey Hatchery (N)
Season-Average Price Forecasts (E)
Cotton and Wool Outlook (E)
U.S. Agricultural Trade Data Update (E)
Rice Outlook
Oil Crops Outlook (E)

Crop Progress (N)


Feed Outlook (E)
Wheat Outlook (E)
Weather - Crop Summary (N)

Livestock and Poultry: World Markets and Trade (F)
Broiler Hatchery (N)


Meat Price Spreads (E)


U.S. Export Sales (F)
Dairy Products Prices (N)
Livestock, Dairy, and Poultry Outlook (E)
Cattle on Feed (N)
Milk Production (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)

  • Economic Fears Reignite Market Slump Stocks Post Biggest Drop Since 1987 Crash as Retail Sales Fall, Commodities Sink and Investors Worry About Hedge Funds Economic data and the Fed's Beige Book signaled economic activity is slowing and that is building market expectations a significant recession is at hand.
    Related item:
    Financial Jitters Spur Interest in Jobs Abroad

    Asia Selling Continues as Recession Fear Grows
  • FDIC Chief Raps Rescue for Helping Banks Over Homeowners While stressing she supports the steps taken so far, FDIC chief Sheila Bair said that the focus has been too much on helping institutions, not consumers.
    Related items:
    Deposits Flow to Healthier Banks
    UK Bailout Plan Shows Some Cracks
    ECB Seeks to Tame Lending Rates
    EU to Push Global Oversight of Top Financial Firms
    Hong Kong Official Promises Action in Financial Sector
    Hungary Banks Cut Back Loans

  • Obama, McCain Trade Jabs Over Taxes, Tone of Campaign Both candidates took shots at each other in the third and final presidential debate, touching on a host of issues like taxes, spending, trade and other matters. And it marked the entrance into the debates of "Joe the plumber."
    Related item:
    Kentucky Race Reflects Wider GOP Woes

  • Climate Effort Could Be Stalled by Credit Crisis Costs of Curbing Global-Warming Emissions Are a Tough Sell in U.S., Europe Amid Economic Disruption and Financial Uncertainty. Some are now questioning whether businesses can stand the expected significant costs associated with cutting greenhouse gas emissions in the current worsening economic climate. But some U.S. lawmakers promise to confront that situation.
  • Tighter Rules on Car Loans Could Slam GM's Sales. Tighter credit standards by GMAC may hurt GM's sales and the lender says it has limited access to funding right now.
    Related item:
    Credit Crisis Hits Europe Car Sales

New York Times (registration to site required)

Washington Post

Ag media Monitoring the countryside

Fargo Forum (North Dakota)

  • Enough with the rain already Harvest activity for sugar beets in the Red River Valley has ground to a halt with rains in recent days, and it will take days before farmers can return to fields.

Omaha World-Herald (Nebraska)

Des Moines Register (Iowa)

Laughing with, not at From political humorists

David Letterman: "A lot of things on sale on Columbus Day. … You can get a good deal on a dining room set, mattresses, General Motors.”

David Letterman: "President Bush, I think he said this in his weekly radio address, he said about the economic crisis, President Bush said, ‘It's a good thing I'm in charge.' And I know that's what we're all thinking.”

David Letterman: "But Bush…says he's going to tweak the financial package. He's going to tweak the financial bailout. That's what he's doing now. He's tweaking that financial bailout. That's like the captain of the Titanic tweaking the brunch menu.”

David Letterman: "Bush…is trying to reassure Americans that things are going to get better soon. And I was thinking well sure, in three months he'll be out of office.”

David Letterman: "You can tell every now and then that” Sarah Palin "spends a lot of time in Alaska, because” after "she dropped the first puck” at the hockey game, she cut "a hole in the ice and began to fish.”

David Letterman: "The third presidential debate is Wednesday night,” and "John McCain says he's going to win. … Of course, he also told Custer the surge was working.”

Conan O'Brien: "This weekend, the leaders of the world's richest countries got together to discuss the global economic meltdown. … President Bush wanted to go to the meeting, but after last week the US is no longer one of the world's richest countries.”