Snapshot of news and events for today
||Major world indicators
- The 225-issue Nikkei Stock Average added 26.56 points, or 0.3 percent, to 9,704.31, a new eight-month high.
- The dollar was at 96.21 yen from 96.39 yen.
Monday's U.S. Markets...
- The Dow Jones Industrial Average rose 221.11, or 2.6 percent, to 8,721.44 -- its highest close since early January and now down only 0.6 percent for the year. The Nasdaq Composite Index rose 54.35, or 3.1 percent, to 1,828.68. .
- The 10-year Treasury note yield rose to 3.68 percent from 3.46 percent late Friday.
- The dollar was at 96.65 from 95.27 yen, while the euro was at $1.4150 from $1.4141 late Friday.
||Yesterday's action and
What happened the prior trading day...
- Corn: Futures opened slightly higher and extended gains on spillover from sharp gains in neighboring pits. Corn closed 9 1/2 to 10 cents higher to finish near session highs.
- Soybeans: Futures closed 23 1/2 to 34 1/2 cents higher, which was in the upper end of the day's range, but off session highs.
- Wheat: Futures finished 30-plus cents higher in Chicago and Kansas City. Minneapolis wheat posted gains in 20s.
- Cotton: Futures closed slightly higher and extended gains.
- Lean Hogs: Lean hog futures closed widely mixed.
- Live Cattle: Live and feeder cattle futures opened slightly higher, but closed weaker.
||Other reports affecting agriculture
||Links to top news reports
with potential U.S. ag impact
Wall Street Journal (subscription to site required for access)
- GM Collapses Into Government's Arms Second-Largest Industrial Bankruptcy in History; Obama Defends Intervention as CEO Asks Public for 'Another Chance' GM said it would close 17 factories and parts centers and lop off 20,000 more jobs by the end of 2011 in Michigan, Indiana, Ohio, Tennessee and other states. And the rescue of GM could end up costing the government closer to $100 billion.
A Saga of Decline and Denial
Contrite CEO Seeks to Woo Back Public
U.S. Role in Filing to Stir Trade Efforts
Lawmakers Seek to Influence Plant Locations
Filings Reveal Depth of Problems
Longtime Dealer Hails New Road Map
Pain Spreads Through an Ecosystem of Companies
Sans Opel, Fiat Still Seeks Partner
For the New GM, A Final Challenge to Please Drivers
U.S. Role in Filing to Stir Trade Efforts
- Mexican Truckers File $6 Billion Claim Against U.S. in Nafta Spat . The group Canacar which represents Mexican truckers has filed a request for $6 billion in compensation from the U.S. over the halt of a pilot program which let Mexican trucks haul cargo beyond a 25-mile-area just inside the U.S.-Mexican border. The U.S. Trade Representative said it was studying the request.
- Ethanol's Grocery Bill Two federal studies add up the corn fuel's exorbitant cost. Review & Outlook item. The paper uses studies by EPA and by the Congressional Budget Office to support their stance that ethanol is costly and doesn't yield the environmental/air quality benefits that many claim it does. The editorial mostly utilizes the studies to argue against subsidies for the corn-based fuel.
- Geithner Urges Role for China in Recovery The U.S. Treasury Sec. called on China to let its currency rise, something that would spur domestic investment and demand in China and thus would contribute to sustained growth and lower inflation in the future.
- Banks Sell Shares in Bid to Flee Fed J.P. Morgan Chase & Co. and American Express Co. announced unexpected plans to sell stock in the wake of word from the Fed that large banks have to prove they can raise money from private investors before they can exit the Targeted Asset Relief Program (TARP). Repayment options for some of the banks are expected to be announced next week.
- Americans Get Even Thriftier as Fears Persist Personal saving as a percentage of after-tax income rose to 5.7% in April, the Commerce Department said Monday.
New York Times (registration to site required)
- Obama Is Upbeat for GM's Future GM said it would close 14 more factories, including seven in Michigan, and shed up to 21,000 jobs as it enters bankruptcy. Gm will have fewer than 40,000 workers building cars in the United States — one-tenth of a work force that in the 1970s numbered 395,000 people. Hopes are it will take 90 days or less to complete the bankruptcy.
A Primer on the Gm Bankruptcy
Now a Gm Owner, U.A.W. Faces Delicate Balancing Act
News Analysis: Obama's Test: Restoring Gm With a Limited U.S. Role
With Sale, Gm Europe Avoids Fray
The Ad Campaign for a ‘New' Gm
Gm Bankruptcy Loomed for Years
- Geithner Softens Tone in Approach to Beijing The trip by Geithner to China is seen as a slight shift in the U.S.-Sino relationship, and potentially reflects a softer tone by the U.S. than had been the case under at least the Bush administration. After deriding China as a currency manipulator early in the administration, Geithner's tone now seems aimed at winning support of the Chinese government.
- Banks May Soon Get Approval to Leave the Bailout Program If federal regulators approve, some of the largest financial institutions may be able to exit the TARP program sooner than many expected they would.
||Monitoring the countryside
Omaha World-Herald (Nebraska)
Des Moines Register (Iowa)
|Laughing with, not at
||From political humorists
Jay Leno: "Hey, last night at a fundraiser in Beverly Hills, people paid $30,000 to attend a dinner and a discussion with President Barack Obama. … The subject of the discussion? The struggling economy.”
Jay Leno: "Let me tell you something, if you spend $30,000 on dinner, aren't you legally a Republican at this point? I think so.”
Jay Leno: "In fact, you know who was there? Kiefer Sutherland. I saw him down there. His job was to head-butt Joe Biden if he got near a microphone.”
Jay Leno: "Actually, there was a performance by Earth, Wind & Fire, which ironically is also the Democratic energy policy -- earth, wind and fire.”
Jay Leno: "Oh, you see that video online of the wind knocking down Joe Biden's teleprompter at the Air Force graduation? … See, that's when you know you're talking to too much -- when even Mother Nature goes, ‘Shut up. Okay? Just shut up.'”
Jay Leno: "The big story here in California -- the Supreme Court has decided to uphold the ban on gay marriage. However, gay unions are still legal. See, that shows how little I know about this subject. I didn't even know gay people had their own union.”
Jay Leno: "Well, actually, according to a new Gallup poll, 52% of people say they're opposed to gay marriage, 45% of people say they're in favor of it. That means the remaining 3% are for gay rights, they just hate going to weddings.”
Jay Leno: "President Obama has picked Federal judge Sonia Sotomayor…as the Supreme Court nominee. So that means the Supreme Court will have seven men and two women. … Like speed dating night at the Burbank Holiday Inn.”
Jimmy Fallon: "Former Presidents Bill Clinton and George W. Bush will appear together in Toronto, on Friday, for a two-hour conversation, where George Bush plans on being the first person ever to lose a conversation.” From Friday