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Financial Plan Work Continues

00:00AM Sep 22, 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 at 12,090.59 points, up 169.73 points, or 1.42 percent.

  • The dollar bought 106.41, down from ¥107.44 Friday in New York.

Friday's U.S. Markets...

  • The Dow Jones Industrial Average closed up 368.75 points, or 3.3 percent, to 11,388.44 points -- down 33.55 points, or 0.3 percent, for the week. The Thursday & Friday Dow advances marked the largest two day gain since Oct. 2002. The Nasdaq Composite Index jumped 3.4 percent to 2,273.90 -- up 0.6 percent for the week
  • The 10-year Treasury note was down 2 27/32 points to yield 3.771 percent, while the 30-year bond was down 4 15/32 points to yield 4.367 percent.

  • The dollar traded at 107.27 yen, up from 105.65 yen, while the euro was at $1.4474, up from $1.4305 late Thursday.

Ag futures Yesterday's action and
overnight indicators

What happened yesterday...

  • Corn: Futures closed 15 to 17 cents higher Friday on help from outside markets.
  • Soybeans: Futures were mostly 27 to 34 cents higher Friday.

  • Wheat: Futures posted strong gains to close out the week.
  • Cotton: Futures saw a highly volatile week of trade, but benefited from short-covering to end the week.
  • Lean Hogs: Lean hog futures posted strong gains in all but the October contract, which was 37 cents higher.
  • Live Cattle: Live cattle futures posted a $4.40 weekly trading range and finished just 52 cents below last week's close.

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)

  • Goldman, Morgan Scrap Wall Street Model, Become Banks in Bid to Ride Out Crisis End of Traditional Investment Banking, as Storied Firms Face Closer Supervision and Stringent New Capital Requirements The Fed approved converting investment banks Morgan Stanley and Goldman Sachs Group Inc. into traditional bank holding companies. While this may trim their profit potential it will also reduce the level of downside risk both firms face by making the shift.
  • Lawmakers Battle Over Rescue Plan Lawmakers and the administration continued to work on the $700 billion rescue plan unveiled by the Bush administration, with both sides agreeing on the need for a plan. But Congress is pushing for more protections for consumers, including a limit on executive salaries for firms that would participate in the plan.
    Related items:
    Banks Rush to Shape Rescue Plan
    AIG Holders Seek Alternative to U.S. Plan
    Chinese Banks View Expansion Cautiously
    Few Limits Proposed for Treasury
    Where Things Stand in Quest to Fix the Financial Mess
    Fed Could Suffer if New Role Clashes With Policy-Setting
    Tough Calls for Next President
    Big Pay for Big Bosses Under Fire
    Cost of Bailout to Pressure Dollar

    Bottom Line: Bailout Offers Some Hope
  • Consumers Cut Health Spending, As Economic Downturn Takes Toll Americans are spending less on prescriptions and doctor visits in the wake of a weaker economy. It appears more consumers are deferring health care visits unless they're dealing with an acute health condition.
  • Short-Sale Ban Spreads Around Globe Australia, Taiwan, Netherlands Join Push to Keep Investors From Betting on Decline As other countries join the effort, the Securities & Exchange Commission is expected to tweak its rules slightly, such as allowing the strategy to be used in some cases as a hedge.
  • Independent Jolts Minnesota Senate Race. Former U.S. Sen. Dean Barkley is making an impact on the U.S. Senate race in Minnesota, as he is drawing support from both major parties in the hotly contested race.
  • China Seeks to Contain Dairy Crisis As Illness Count Doubles China now says 12,000 infants were affected by tainted milk, according to China's Health Ministry. An additional 1,579 babies have been treated and released from the hospital, and 39,965 with less-severe symptoms have been treated without admission.

New York Times (registration to site required)

Washington Post

Ag media Monitoring the countryside

Omaha World-Herald (Nebraska)

  • Single meat label, multiple countries The plans by meat retailers to utilize a provision of the coming meat labeling law is aimed at not adding costs for consumers while farm organizations dislike plans to label meat as being from the U.S., Canada and Mexico even if it was only from the United States.

Des Moines Register (Iowa)

Laughing with, not at From political humorists

Craig Ferguson: "One of John McCain's advisors is saying McCain helped invent the Blackberry. … I'm like, oh, come on. They should've gone with something more believable, like John McCain helped invent fire” or "the wheel.”

Craig Ferguson: "The [Streisand] fundraiser” brought in "a lot of money.” Barack Obama "must be very happy, because nothing says, ‘I'm a man of the people,' like a star-studded dinner in the Beverly Hills Hotel.”

Craig Ferguson: "Do you really think it's a good idea have a $9 million fundraiser in Beverly Hills the day after the country's financial system crashes. I don't know if that is good judgment. That's like…having Mel Gibson come to your bar mitzvah.”

Conan O'Brien: "An adviser to John McCain…claimed today, just a couple of hours ago, that McCain helped create the Blackberry,” or, "as McCain calls it, ‘the fancy garage door opener.'”