|Financial markets||Major world indicators|
- 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 trade: Check the link for updated prices and/or settlements.
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.
Agricultural Marketing Service = (A)
Broiler Hatchery (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.
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)
- Democrats Set Terms as Bailout Debate Begins Democrats are seeking more oversight as one component of the plan that the administration wants Congress to act on this week. But already the process is running into issues that lawmakers want addressed, including more protections for consumers and a more-complete analysis of the impact of granting the Treasury Sec. such broad powers.
Big Financiers Start Lobbying for Wider Aid
In Crisis, Paulson's Power Is Magnified
In Newest Crisis, Hedge Funds Face Chaos
Foreign Banks Hope Bailout Will Be Global
2 Candidates Back Bailout, With Caveats
- Goldman and Morgan Shift Marks End of Era in Finance. The two firms will transform themselves into bank holding companies subject to far greater regulation, the Federal Reserve said Sunday night.
- 13,000 Babies in Hospital for China Formula Figures detailed by the Chinese Health Ministry included 53,000 infants suffering some degree of illness, 40,000 of them were examined and "recovered” without being admitted to a hospital, 12,892 infants were hospitalized, and of those, 1,579 have already recovered and been discharged.
- As Hill Debates Bailout, Wall St. Shifts Continue Paulson, GOP Oppose Democrats' Proposal to Limit Executive Pay Democrats are pushing for two provisions to be a part of the plan, including limits on executive pay and the ability to restructure loans for consumers.
Giant Investment Banks Grasp for Government Safety Net
Candidates Seek Changes In Wall Street Rescue Plan
For Japan, Economic Hope in Wall Street Bailout
A Prescription for Recovery Editorial.
|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)
- Brasher: Corn, soybean supply on brink of shortages U.S. corn and soybean production, despite being above levels initially expected this year, is still not to the point where supplies will build.
|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.'”