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Senate Poised to Vote on Rescue Plan

00:00AM Oct 01, 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 gained 108.40 points, or 1 percent, to close at 11,368.26. 

  • The dollar bought 106 yen, up from about 104 yen earlier in the week.

Tuesday's U.S. Markets...

  • The Dow Jones Industrial Average 485.21 points higher, or 4.7 percent, to close at 10,850.66 -- off 4.4 percent for the quarter. The Nasdaq Composite Index was up 5 percent to end at 2,082.33 -- off 9.2 percent for the quarter.
  • The 10-year Treasury note ended down 1 22/32 points, or $16.875 for every $1,000 invested, to yield 3.831 percent, up from 3.630 percent. 

  • The dollar traded at 106.35 yen, up from 104.29 yen, while the euro was at $1.4076, down from $1.4441 late Monday.

Ag futures Yesterday's action and
overnight indicators

What happened yesterday...

  • Corn: Futures opened slightly lower and extended losses throughout the session to finish 22 to 25 cents lower in the most actively traded contracts.
  • Soybeans: Futures opened slightly lower and sharply extended losses to finish 47 1/4 to 49 cents lower and closed near session lows.

  • Wheat: Futures opened slightly higher and held onto gains in most contracts into the close.
  • Cotton: Futures closed slightly lower in most contracts, but finished in the upper end of the day's range.
  • Lean Hogs: Lean hog futures were mixed throughout the day. In the end, it was only October hogs that ended 2 cents higher.
  • Live Cattle: Live cattle futures posted slight gains in most contracts.

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. 29

Grain Inspections (A)
Poultry Slaughter(N)
Agricultural Prices (N)
Peanut Stocks and Processing (N)
Crop Progress (N)


Grain Stocks (N)
Small Grains Summary (N)
Weather - Crop Summary (N)
Egg Products(N)
Sugar and Sweeteners Outlook (E)

Oct. 1

Broiler Hatchery (N)
Commodity Costs and Returns Data (E)


U.S. Export Sales (F)


Dairy Products Prices (N)
Dairy Products (N)
Vegetables (N)

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)

  • Congress, White House Weigh Increase in Deposit Insurance Senate Plans Vote on Revised Rescue Package That Raises Limits on Deposit Insurance Raising the limit on bank deposit insurance to $250,000 from the current $100,000 is one of the provisions that is hoped to broaden support for a rescue plan that is to be voted on in the Senate this evening. It may also include a package of business and individual tax proposals in order to woo conservative Republicans.
    Related items:
    Ireland, France Aid Banks, as Jitters Go Global
    Loyalty Pays a Bitter Dividend
    Central Banks Step Up Globally
    An Old Hand Counsels Lawmakers
    Rescue's Supporters Failed to Connect With Public
    Russia Endorses Bank Consolidation Amid Turmoil
    Scramble Is On to Get Rescue That Will Pass
    Candidates Back FDIC Shift
    Businesses Pressure Congress on Bailout Plan
    U.S. Auto Makers Seek Bailout for Bad Car Loans

    A Bailout May Be Unpopular, But Doing Nothing Is Worse
  • New Voters Like Obama, But May Not Show up at Polls A new poll shows that new voters are more likely to support Sen. Obama than Sen. McCain for president, but the poll also found that many of these new voters may not actually cast their ballots.
  • Chinese Parents File Milk Lawsuit Couple's Claim Comes as Officials Oppose Litigation Parents of a 1-year old child sickened by tainted milk filed a lawsuit against dairy company Shijiazhuang Sanlu Group Co., but it has yet to be accepted by the court. Some lawyers who offered to assist families of sickened children report being pressured to stay away from the issue.
  • Pelosi's Trade Priorities She denies free trade to our ally in South America. Opinion item. The item decries the House voting to allow Colombia and other countries to continue to send products here duty free while U.S. exporters still face hindrances to trade there which would be rectified via the free trade agreement with Colombia that still hasn't been brought up in Congress.

New York Times (registration to site required)

Washington Post

Laughing with, not at From political humorists

Jay Leno: "President Bush addressed the nation last night. … How many thought they were watching an episode of ‘Are You Smarter Than a 5th Grader?'”

Jay Leno: "I listened to President Bush's speech. I think I understand this whole economic crisis. See, rich people on Wall Street made a big mess, and they're too rich to clean it up. So the rest of America, you know, their maids and butlers, they have to clean it up for them. You see how easy it is?”

Jay Leno: "As far…as this whole” $700 billion "thing is concerned, they keep saying, ‘We have to act now. We have to act now.' This is like a bad TV offer. ‘Just 10 easy payments of $70 billion each. Operators are standing by, but you have to act now!'”

Jay Leno: "To give you an idea how bad the economy is, Wall Street investors are now clinging to their guns and religion.

Jay Leno: "John McCain wants to suspend his debate with Barack Obama until the economic crisis is over. And Sarah Palin now wants to suspend her debate with Joe Biden until she can find Europe on a map.”