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Financial Crisis Goes Global

00:00AM Oct 07, 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 closed down 3 percent at 10,155.90 -- its lowest since December 2003. It had traded below 10,000 during the session.

  • The dollar rose as much as 1.6 percent against the Japanese currency to 103 yen.  

Monday's U.S. Markets...

  • The Dow Jones Industrial Average fell 369.88 points, or 3.6 percent, to 9,955.50 -- dropping below the 10,000 mark that was first crossed in 1999. The Nasdaq Composite Index fell 84.43 points, or 4.3 percent, to 1,862.96.
  • The 2-year Treasury note rose 9/32 to 101 3/32 and yielded 1.43 percent, down from 1.58 percent late Friday. The 10-year note rose 1 8/32 to 104 16/32 and yielded 3.45 percent, down from 3.60 percent. The 30-year bond rose 2 1/32 to 109 1/32 and yielded 3.98 percent, down from 4.09 percent.  

  • The dollar traded at 101.61 yen, down sharply from 105.14 Friday while the euro bought $1.3519, its lowest level since August of last year, down from $1.3806 late Friday.

Ag futures Yesterday's action and
overnight indicators

What happened yesterday...

  • Corn: Futures ended the full 30-cent daily trading limit lower in all contracts Friday.
  • Soybeans: Futures gapped sharply to limit lower, trimmed losses, but then returned lower to finish their 70-cent limit lower.

  • Wheat: Futures saw sharp spillover pressure from neighboring pits and widespread commodity liquidation, but avoided hitting limit lower levels.
  • Cotton: Futures ended down their full 300-point daily trading limit in most contracts.
  • Lean Hogs: Lean hog futures closed $1.05 to $2.72 lower in all but the October contract, which closed 5 cents higher amid short-covering.
  • Live Cattle: Live cattle futures finished down their daily trading limit of $3 today amid economic concerns and technical selling.

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. 6

Grain Inspections (A)
Crop Progress (N)


Weather - Crop Summary (N)


Broiler Hatchery (N)


U.S. Export Sales (F)
Access to Affordable and Nutritious Food: Understanding Food Deserts (E)


Crop Production (N)
World Agricultural Supply and Demand Estimates (W)
Cotton Ginnings (N)
Dairy Products Prices (N)
Cotton: World Markets and Trade (F)
Grains: World Markets and Trade (F)
Oilseeds: World Markets and Trade (F)
World Agricultural Production (F)
Latest U.S. Agricultural Trade Data (E)
Season-Average Price Forecasts (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)

  • Markets Fall on Doubts Rescues Will Succeed Fed, UK Weigh More Action as Initial Salvos Fail to Rally Confidence; Dow Closes Below 10000 in Wild Day for World Exchanges   European stocks posted their most severe losses in some 20 years while Wall Street was also under pressure as the concerns about the economic/financial situation went global. Some individual countries in Europe are taking dramatic steps while the item notes development of a plan for all of Europe is proving more difficult.
    Related items:
    Investors Succumb to Fears of Recession
    Global Declines Didn't Spare Many Stock Markets
    Lawmakers Lay Into Lehman
    U.S. Attorneys Probe if Lehman Misled Investors
    EU Fights Irrelevance in Crunch

    IRS Lets Firms Tap Cash Overseas
    Firms Get 2 Days to Apply for Work on Rescue Plan
    Regulators Outline Steps to Quell Crisis
    Russian Investors Want Bailout of Bailout
    Lessons From the Selloff
    Market Slide Puts a Spotlight on Big Oil's Cash Hoard
    Banks' Pain Spreads to Their Suppliers
    Delinquencies Are Increasing for Car Loans

  • China Bolsters Dairy-Supply Oversight In Effort to Rebound From Scandal China is posting inspectors to monitor dairy companies and imposing rules to improve accountability among milk suppliers, and milk producers must now be able to track raw milk purchases back to the farms that supplied them.
  • Labor Woos Whites for Obama Working America, a group formed by the AFL-CIO, has "signed up" 2.5 million members, according to the article, and is trying to persuade them to vote for Sen. Obama.
    Related items:
    Independent Voters Move Toward Obama
    McCain, Palin Intensify Swipes Against Obama

New York Times (registration to site required)

Washington Post

Laughing with, not at From political humorists

David Letterman: "Wasilla, Alaska, is so small, if you pick up” the town's guide book, "called ‘Things To Do In Wasilla,” it "reads, ‘You're doing it.'”

Conan O'Brien: "The latest political commercial by Barack Obama…attempts to portray John McCain as being unfamiliar with technology.” McCain "was outraged, and he responded in an e-mail, or as McCain calls it, ‘a computer letter from the future.'”