|Financial markets||Major world indicators|
- 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 trade: Check the link for updated prices and/or settlements.
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.
Agricultural Marketing Service = (A)
Holiday -- Gov't offices closed
Grain Inspections (A)
|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.
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.
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."
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.
Credit Crisis Hits Europe Car Sales
New York Times (registration to site required)
- McCain Presses Obama in Final Debate The final debate between the two presidential hopefuls was marked by heated exchanges between the two as they sought to connect with voters this final time before the Nov. 4 election.
Rivals Split, With Joe in the Middle
Plumber From Ohio Is Thrust Into Spotlight
The Final Debate Editorial
- Markets Suffer as Investors Weigh Relentless Trouble Financial markets fell again as many are taking the view that the financial rescue package won't do much to fix the economy which is clearly struggling and potentially sinking into a severe recession. The downturn in retail sales started pressure in markets and that continued with the Fed's Beige Book showing economic contraction.
Home Prices Seem Far From Bottom
Banks Brace for Slump as Economy Weakens
Bush Calls Bank Intervention Temporary
As Consumers Keep Wallets Shut, Economic Outlook Dims
- A Somali Influx Unsettles Latino Meatpackers . As more Somali immigrants take jobs in the U.S. meat packing industry, it is creating tensions in towns between them and some of the residents that typically work in those jobs, mostly Latinos.
- Hints of Discord on Land Reform in China. Expected land reform measures were not included in the Communist Party's communique from the recently completed planning session, and reports that the reforms would be detailed soon haven't been met with actual release of the plans. At issue is a provision which would allow farmers to trade, buy and sell land leases and that those leases would be extended to 70 years from the current 30.
- Stocks Sink as Gloom Seizes Wall St. Bernanke Forecasts Prolonged Economic Turmoil; Dow Plunges 7.9% Financial markets dropped again as economic data is viewed as negative and comments by Fed Chairman Ben Bernanke that the economy would take a while to recover took back much of the gains scored earlier this week on U.S. efforts to invest in banks.
G-8 Nations Plan Summit On Global Financial Rules
Worldwide Financial Crisis Largely Bypasses Canada
Banks Hoard Cash as Credit Card Defaults Rise
- A Hard-Hitting Final Round As McCain Presses Attack, Obama Stresses The Economy The final presidential debate was marked by heated exchanges between the two candidates. Both lawmakers were on the attack in the final exchange before the Nov. 4 elections.
Joe Again? Say It Ain't So.
Both Campaigns Distorting Facts on Money Matters
The Last Debate Editorial.
- Push Is on for Regulatory Overhaul Lawmakers, Think Tanks Contemplate Sweeping Change One of the clear impacts from the financial crisis is that regulatory changes are in need and now lawmakers and others are trying to figure the best route to go to make this a reality.
|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)
- Wind-farm contracts stir up lots of questions The growth in installation of wind turbines on agricultural land is putting a new focus on details of the contracts that go with the turbines.
Des Moines Register (Iowa)
- Hunger crisis prompts call for government 'food czar' The current hunger situation in the world is reviving calls for a government 'food czar' in the U.S. to work on the issue of providing aid to countries in need. The idea has been incorporated into legislation, but so far it has not been successful.
Dole, McGovern explain effects of food program
|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.”