|Financial markets||Major world indicators|
- The 225-issue Nikkei Stock Average slumped 4.12 percent, or 483.75 points, to close at 11,259.86 -- its lowest close since June 9, 2005.
- The dollar gained against the yen.
Monday's U.S. Markets...
- The Dow Jones Industrial Average plummeted 777.68 points, or 7 percent, to 10,365.45 -- the biggest one-day point drop and biggest percentage decline since trading resumed after the 9/11 terror attacks in 2001. The Dow has lost 9.3 percent over the last four weeks. The Nasdaq Composite Index fell 9.1 percent, or 199.61 points, to 1,983.73 -- its worst drop since the Internet bubble imploded in 2000.
- The 10-year Treasury note jumped 2-10/32, pushing the yield down to 3.576 percent, compared to 3.827 percent late Friday. The yield on the 2-year note fell to 1.713 percent.
- The dollar traded at 104.29 yen from 106.15 yen while the euro was at $1.4441 from $1.4613 late Friday.
|Ag futures||Yesterday's action and |
- Overnight trade: Check the link for updated prices and/or settlements.
What happened yesterday...
- Corn: Futures gapped lower on the open and closed their 30-cent limit lower in all contracts.
- Soybeans: Futures settled limit lower in all contracts.
- Wheat: Futures finished under heavy pressure, but avoided a limit-lower close which was posted in corn and soybeans.
- Cotton: Futures finished sharply to its 300-point-limit lower.
- Lean Hogs: Lean hog futures closed lower in all but the May 2009 contract.
- Live Cattle: Live and feeder cattle futures closed sharply lower to down their $3.00 limit.
Agricultural Marketing Service = (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)
- Bailout Plan Rejected, Markets Plunge, Forcing New Scramble to Solve Crisis Stocks plummeted after the House rejected the $700 billion rescue plan. While the Treasury can take some steps, the bailout plan was seen as a needed item to broaden the ability of the government to address the financial crisis. If no new plan can be developed and approved, many see the Treasury going back to a case-by-case approach in dealing with weakened companies.
Fed and Treasury Are Left With Familiar Arsenal
'No' Votes Came From All Directions
How Voter Fury Stopped Bailout
No Celebration for Lobbyists
Failed Vote Deals Economy Another Blow
Candidates Try to Sidestep Fallout of Failed Vote
Dysfunction in Washington Exacts a Heavy Price
- Congress Fails to Extend Tax Breaks Besides the rescue plan, lawmakers have also so far failed to act on a package that would extend many tax breaks, including deductions for state sales taxes and college tuition, along with tax cuts for businesses.
- Citi, U.S. Rescue Wachovia Latest Shotgun Deal Creates Nation's Third-Largest Bank. The mergers of banks continued with Citi Financial as the latter paid $2 billion to take over Wachovia in a deal that was facilitated by the government.
Industry Is Remade in a Wave of Mergers
Wachovia's Hometown Confronts an Identity Crisis
Storm of Fear Enveloped Wachovia
- Food Giants Scrutinize Chinese Suppliers The situation with tainted milk in China has posed a major challenge for some food companies who have come to rely on local suppliers for products.
- Wendy's Comes Up With a New Strategic Recipe The fast-food chain will target older consumers, continue to pursue expansion into the breakfast market and update some stores as it begins the process of new owners.
New York Times (registration to site required)
- Lawmakers Grope for Resolution as They Attempt to Avoid Economic Calamity Lawmakers are now trying to regroup and come up with another rescue plan in the wake of Monday's stunning defeat in the House that has been blamed on a number of factors, including partisanship and outrage of voters.
In Bailout Vote, a Leadership Breakdown
‘Is My Money Safe?' and Other Questions to Ask
Treasury and the Fed Looking at Options
With Deal's Collapse, the McCain Camp Attacks
For Stocks, Worst Single-Day Drop in Two Decades
What's Worse Than a Flawed Bailout? Editorial.
Countless Proposals With a Common Thread: Urgent Action Is Needed
- Lawmakers at Impasse on Incentives for Renewable Energy. Another legislative battle going on in Washington deals with tax breaks and incentives that are set to expire without congressional action, including ones for wind and solar power.
- China Detains 22 in Tainted-Milk Case China said it has detained 22 individuals, suspecting them of taking part in an underground network that was involved in the use of the chemical melamine in milk that has sickened thousands.
- House Rejects Financial Rescue, Sending Stocks Plummeting Treasury Sec. Henry Paulson tried to calm markets by saying efforts would continue to construct a package that will win congressional support, saying "We've got much work to do, and this is much too important to simply let fail."
How the Numbers Failed the Leaders
For Many Americans, Fear and Distrust Run High
As Contagion Spreads, Moods Abruptly Shift
A House Divided Along Twisted Lines
Treasury, Fed Low on Rescue Options
Vote Underscores Bush's Loss of Influence
A Record Fall on Wall St.
Congressional Neroes Editorial.
- China's Milk Scandal Hits Western Brands Cadbury Announces Chocolate Recall The tainted milk scandal in China has resulted in bans or recalls in 16 countries and now Cadbury has recalled 11 types of Chinese-made chocolates. Kraft and Mars were also recalling some Chinese-made products, but stressed none in the U.S. market were affected by the situation.
- A New Equation in Local Banking Citi-Wachovia Deal to Put a Quarter of Area's Deposits Under One Roof The item looks at the potential local impact for the purchase of Wachovia by Citi Financial.
|Ag media||Monitoring the countryside|
Omaha World-Herald (Nebraska)
- Ethanol's energy efficiency rises Work done by the Nebraska Center for Energy Sciences Research reveals the energy balance of corn-based ethanol is much more favorable — in fact, two to three times more favorable — than previous estimates. Ethanol has a net positive direct energy balance: 1.5 to 1.6 more units of energy are derived from ethanol than are used to produce it.
|Laughing with, not at||From political humorists|
Jay Leno: "Sarah Palin was in New York City this week. She met with some world leaders yesterday and went to the Central Park Zoo.” It took "her five hours to get through the zoo, because she had to keep stopping to reload.”
Jay Leno: "And all this week, the McCain campaign has been trying to prevent Sarah Palin from talking to reporters covering the news, you know? They said, ‘You can take her picture, but you can't ask her questions.' What is she running for, vice president or ‘America's Next Top Model'? I'm not quite sure.”
David Letterman: Sen. John McCain "was supposed to be on the program tonight,” but "he had to cancel.” He "is suspending his campaign because the economy is exploding.” But nobody "told his vice presidential candidate Sarah Palin,” who is "still circling the theater in the white minivan,” waiting "to pick him up.”
David Letterman: "Sarah Palin…was at the UN yesterday,” meeting "all the world leaders.” Actually, she is "still learning who the world leaders are.” For example, right now, "she thinks that Warren Buffett is the head of Margaritaville.”
David Letterman: "And she was at the General Assembly, Sarah Palin was, and somebody said, ‘Look, over there. That's the President of Georgia.'” And Sarah Palin "said, ‘Wow, Jimmy Carter.'”
Conan O'Brien: "Today, John McCain made a big announcement. He said he wants to postpone Friday's presidential debate,” but not "because of the economic crisis. It turns out TV Land is airing a ‘Golden Girls' marathon.”
Conan O'Brien: "Earlier tonight,” President Bush "gave a speech about the Wall Street financial crisis. … The title of Bush's speech was ‘Two More Months And It Ain't My Problem.'”
Conan O'Brien: "Sarah Palin was in New York City this week. While she was here, her family took the ferry to visit the Statue of Liberty. … When she saw the ferry, Palin said, ‘Can't we build a bridge to that thing? It would be easier to get there.'”