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Week Opens Amid World Financial Actions

00:00AM Oct 13, 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 for holiday.

Friday's U.S. Markets...

  • The Dow Jones Industrial Average was down 128 points, or 1.49 percent, at 8451.19 -- down a record 18 percent for the week and its lowest close since 2003. The Nasdaq Composite Index rose 4.39 points, or 0.27 percent, to 1,649.51 -- down 15 percent for the week.
  • The 10-year Treasury note was down 7/32 point, or $2.1875 per $1,000 face value, to yield 3.861 percent. The 30-year bond was down 9/32 point to yield 4.135 percent. 

  • The dollar rose to 100.25 yen from 99.91 yen, while the euro was at $1.3413, compared with $1.3609 late Thursday

Ag futures Yesterday's action and
overnight indicators

What happened yesterday...

  • Corn: Futures opened sharply lower and quickly locked limit down.
  • Soybeans: Futures closed limit lower today, with pressure continue from outside markets and this morning's USDA reports.

  • Wheat: December Chicago wheat finished the week about 75 cents below last week's close as traders are growing increasingly concerned about the global financial crisis.
  • Cotton: Futures gapped lower on the open and extended losses to limit-down levels.
  • Lean Hogs: Lean hog futures closed sharply lower today, with deferred contracts leading losses.
  • Live Cattle: Live and feeder cattle opened sharply lower and extended losses to close limit lower.

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)






Oct. 13

Holiday -- Gov't offices closed


Grain Inspections (A)
Livestock and Meat Trade Data (E)
Turkey Hatchery (N)
Season-Average Price Forecasts (E)
Cotton and Wool Outlook (E)
U.S. Agricultural Trade Data Update (E)
Rice Outlook
Oil Crops Outlook (E)

Crop Progress (N)


Feed Outlook (E)
Wheat Outlook (E)
Weather - Crop Summary (N)

Livestock and Poultry: World Markets and Trade (F)
Broiler Hatchery (N)


Meat Price Spreads (E)


U.S. Export Sales (F)
Dairy Products Prices (N)
Livestock, Dairy, and Poultry Outlook (E)
Cattle on Feed (N)
Milk Production (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)

  • Europe Raises Stakes in Bank Bailout Race UK to Rescue RBS, HBOS, as Germany Plans Up to €400 Billion to Aid its Institutions; U.S. Is Considering Similar Moves The UK is expected to take over two banks and Germany is planning a major cash infusion. Other countries have also taken steps to address the financial crisis that involve hefty government involvement. The UK is also poised to ease "mark-to-market" rules.
    Related items:
    Treasury Hones Next Rescue Tool
    Slow-Motion Crash Leaves Investors Scrambling
    Mexican Crisis Holds Lessons for U.S.
    Reality Reaches Latin America
    IMF Nations Vow to Prevent New Failures
    Global Action Needed, Says World Bank
    China Grapples With Response to Global Crisis
    Gulf Countries Unveil Measures to Back Banks
    In Australia, New Measures Add Liquidity
    EU Writes Menu of Options
    A Crash Heard Around the World
    In Emerging Economies, Consumers Feel the Pinch
    Fed to Name Trustees for AIG Stake
    Hong Kong Sets Plan to Bolster Its Banks

  • Restaurants' Gloom Spreads. Restaurants are feeling the effects of consumers staying at home more and not eating out as much. Many firms have reported dramatic drops in revenues.
  • In Virginia, McCain Struggles To Hold the South for GOP The usually strong Republican base of the South appears to be a question mark as the presidential contest continues. The McCain campaign is putting some new efforts into usually Republican states.
  • Importers Snatch Up USDA's Credit Guarantees USDA's GSM export credit guarantee program is seeing a strong wave of usage of the credits just days into the new fiscal year.

New York Times (registration to site required)

Washington Post

Ag media Monitoring the countryside

Fargo Forum (North Dakota)

Omaha World-Herald (Nebraska)

  • Fertilizer prices defy laws of economics Via the Minneapolis Star-Tribune. Despite commodity prices falling and claims of a surplus, farmers are finding fertilizer prices haven't turned down with the price of corn or soybeans.

Des Moines Register (Iowa)

Laughing with, not at From political humorists

David Letterman: 10. Three times Straight Talk Express has "accidentally" knocked over Obama's mailbox 9. Next debate will be moderated by Jerry Springer 8. McCain keeps referring to opponent as Senator Barack Hussein Obama Bin Laden 7. Sarah Palin says she can see Joe Biden's hair plugs from her house 6. Desperate attempt to connect Obama with the last eight years of Regis 5. No number 5 -- economy so bad, writer putting everything he owns up on eBay 4. They have resorted to "your Vice President's so dumb" jokes 3. Obama claimed McCain's irresponsibility caused the 1929 stock market crash -- he's that old, people! 2. Even Dick Cheney thinks they're being cruel 1. Obama's gloves are off, McCain's teeth are out