|Financial markets||Major world indicators|
- The 225-issue Nikkei Stock Average fell 45.83 points, or 0.5 percent, to 9,157.49, a five-year low.
- The dollar bought 101.08 yen from 99.14.
Wednesday's U.S. Markets...
- The Dow Jones Industrial Average lost 189 points, or 2 percent, to close at 9,258 -- its sixth straight day of losses and down 14.6 percent for the month. The Nasdaq Composite Index fell 14.55 points, or 0.83 percent, to 1,740.33.
- The 10-year Treasury note fell 1 3/32, to 103, while the yield rose to 3.64 percent from 3.50 percent. The 30-year bond was down 21/32 points at 107 16/32 to yield 4.062 percent, up from 4.026 percent Tuesday.
- The dollar traded at 99.84 yen from 101.32 yen, while the euro was at $1.3667 from $1.3615 late Tuesday.
|Ag futures||Yesterday's action and |
- Overnight trade: Check the link for updated prices and/or settlements.
What happened yesterday...
- Corn: Futures faced selling pressure throughout the morning, but rallied as soybeans and meal firmed in afternoon trade to post a high-range close.
- Soybeans: Futures traded mixed in early trade, but then gained upward momentum and closed 36 1/2 to 38 3/4 cents higher.
- Wheat: Futures saw two-sided trade, but favored a firmer tone and closed mostly around 4 cents higher at all three exchanges.
- Cotton: Futures settled mixed following a choppy session.
- Lean Hogs: Lean hog futures closed mixed.
- Live Cattle: Live cattle futures finished mixed after trading sharply higher earlier in the session.
Agricultural Marketing Service = (A)
Broiler Hatchery (N)
Crop Production (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)
- Central Banks Launch Coordinated Attack Emergency Rate Cuts Fail to Halt Stock Slide; U.S. Treasury Considers Buying Stakes in Banks as Direct Move to Shore Up Capital Six Central Banks took a coordinated approach and lowered interest rates, but markets weren't convinced that would be enough and the Dow fell again. Meanwhile, Treasury Sec. Henry Paulson signaled the U.S. may now invest in banks based on a reading of the rescue package that Paulson believes gives them broad authority to invest in "any other troubled assets that the Treasury and the Federal Reserve deem necessary to promote financial market stability."
Bank of Korea Surprises With a Rate Cut
China Joins Action on Rate Cuts
UK Stocks Fall Despite New Bank-Rescue Effort
United Response by G-7 Seen as Unlikely
Asian Markets Dissatisfied With Global Rate Cuts
China Echoes West in Move to Ease Crisis
U.S. Treasury Seeks Relief in More Bonds
Investors Seek Refuge in Rising Yen, Creating Headwinds for Japan Exports
- Short-Sale Ban Ends to Poor Reviews Temporary Boost, More Confusion Seen as Results; SEC Works on Disclosure Rule. The ban ended Wednesday, but few are convinced it had a positive impact in that it gave some stocks a short-lived boost that didn't last.
- First Into Recession, California Shows Possible Future for U.S. Rising job losses and slowing consumer spending are two factors showing in California that some say could be a sign of things to come for the general U.S. economy.
- AIG Bailout Hit by New Cash Woes Fed Moves to Widen Available Loans to Near $123 Billion Insurer AIG received another $37 billion from the government in addition to the $85 billion loan that began the government's bailout of the firm. The item notes the Fed didn't expect the kind of financial deterioration that has taken place since the initial action to aid AIG.
- Global Economic Outlook Grows Darker, IMF Says. The IMF is labeling the current situation as being "the most dangerous shock in mature financial markets since the 1930s," according to its World Economic Outlook released on Wednesday. A U.S. recovery is expected to begin in the second half of next year, the IMF said, as housing prices bottom out and the recently passed financial-rescue package helps stabilize markets.
- Monsanto Cites Strong Demand The firm says that U.S. agriculture is financially healthy and that is keeping a solid footing under the company in the form of demand for its traited seed products.
New York Times (registration to site required)
- U.S. May Take Ownership Stake in Banks The Treasury Dept. says its reading of the rescue plan approved last week would give it authority to inject cash into banks that request it. But some also say a concern point could be limits on executive compensation for firms receiving such an infusion.
A.I.G. to Get Additional $37.8 Billion
Retailers' Sales Fall Sharply at Both High End and Low
California Leaders Seek Answers to Credit Crunch
A.I.G. to Get Additional $37.8 Billion
- Taking Hard New Look at a Greenspan Legacy. Former Fed Chairman Alan Greenspan, long a backer of financial derivatives that some see as a key factor in the current financial crisis, says that derivatives aren't at fault but rather those that used them got greedy. Some now say different stances and actions by Greenspan in his tenure at the Fed may have avoided the current financial crisis.
- GOP Facing Tougher Battle for Congress Experts are continuing to ratchet up their expectations for Democratic gains in the Nov. 4 elections, with some seeing a gain of 6 to 9 seats in the Senate and 25 to 30 seats in the House. Many say
- On Parched Farms, Using Intuition to Find Water. "Water witches" are gaining in favor in dry areas of California to help farmers find water. Scientists poo-poo their work, saying it's little better than rolling the dice.
- Milk Scandal Pushes China to Set Limits on Melamine. China Wednesday set limits on the amount of the chemical melamine that can be found in milk -- one milligram per kilogram of infant formula and 2.5 milligrams per kilogram of liquid milk, milk powder and food products that contain more than 15 percent milk.
- Global Rate Cuts Fail to Contain Crisis Stocks Continue to Plummet as Pessimism Grows Concerns about the economy continued despite the action by six Central Banks to lower interest rates.
Make-or-Break Holiday Season Looms Large
Europe's Stocks Plunge Despite Massive British Rescue Plan
- Pelosi Talks Stimulus House Speaker Nancy Pelosi (D-Calif.) said she may call the House back in a special session after the Nov. 4 elections to approve a stimulus package.
|Ag media||Monitoring the countryside|
Omaha World-Herald (Nebraska)
- Platte River conservation program eyes land Around 2,500 acres along the Platte River are being considered for inclusion in the Platte River Recovery Implementation Program. But not all the tracts will become part of the 10,000 acres of habitat needed for the program's first 12-year increment, 2007 through 2019.
- Nebraska's ethanol plant construction slowed. The head of the Nebraska Ethanol Board says that construction of ethanol plants in the state have slowed, as the decline in gasoline prices has led to a decline in ethanol prices. This situation is raising additional challenges for ethanol firms.
Des Moines Register (Iowa)
- Chinese view Iowa soybeans up close as exports face threat A group of Chinese buyers was in Iowa this week, visiting farms to see the crop as it came in for harvest. The item notes USDA only forecasts a 2% increase in Chinese imports of U.S. soybeans vs. the 23% rise seen last year.
|Laughing with, not at||From political humorists|
David Letterman: Top Ten Ways to Make the Financial Crisis More Fun 10. Take a page from President Bush and ignore it 9. When Dow Jones drops more than 800 points, every American gets free mozzarella stix at Applebee's 8. Replace Lehman Brothers with the Wayans Brothers 7. File for bankruptcy three times and the fourth one is free! 6. Invest half your portfolio in liquor, the other half in strippers 5. Goodbye repo men, hello repo monkeys 4. Don't call it a "bailout" or a "rescue," call it a "fun-nancial crisis" 3. Put it all on Ball State and give the 16 points 2. Enjoy blank stare when Katie Couric asks Sarah Palin what "FDIC" stands for 1. Hire O.J. and his goons to steal back your money.