Snapshot of news and events for today
||Major world indicators
Friday's U.S. Markets...
- The Dow Jones Industrial Average slipped 11.72 points, or 0.1 percent, at 11,421.99 -- up 1.8 percent on the week. The Nasdaq Composite Index was up 0.1 percent, or 3.05 points, at 2,261.27 -- up 0.2 percent for the week
- The 2-year Treasury note was unchanged, yielding 2.223 percent. The benchmark 10-year note fell 14/32 to yield 3.698 percent. The 30-year bond shed a full point to yield 4.283 percent.
- The dollar rose to 107.54 yen, up from 107.16 yen, while the euro rose to $1.4154, compared to $1.3947 late Thursday.
||Yesterday's action and
What happened yesterday...
- Corn: Futures closed sharply to limit higher to end the week, allowing the market to post overall gains for the week.
- Soybeans: Futures were sharply higher to end the week thanks to USDA's lower-than-expected crop estimate and the sharp drop in the dollar.
- Wheat: Futures finished the week under pressure after opening higher Friday.
- Cotton: Futures benefited from light short-covering to end a week that featured more liquidation pressure and additional chart damage.
- Lean Hogs: Lean hog futures were pressured sharply this week by continued export concerns and building hog supplies.
- Live Cattle: Live cattle futures supported by short-covering to end the week, but closed lower for the week.
||Other reports affecting agriculture
||Links to top news reports
with potential U.S. ag impact
Wall Street Journal (subscription to site required for access)
- Crisis on Wall Street as Lehman Totters, Merrill Is Sold, AIG Seeks to Raise Cash Fed Will Expand Its Lending Arsenal in a Bid to Calm Markets; Moves Cap a Momentous Weekend for American Finance Barclays PLC and Bank of America both walked away from potentially buying Lehman Brothers, in part due to the government refusing to step in. Bank of America did work out a deal to by Merrill Lynch. The Fed's action to broaden its lending could be an aid to firms as they seek to unwind trades that involved Lehman Brothers. In addition, 10 major commercial and investment banks announced Sunday night that they would pool $70 billion of their own money to create a borrowing facility. The New York Stock Exchange prepared contingency plans over the weekend.
Ultimatum by Paulson Sparked Frantic End
Bank of America to Buy Merrill
The Japan Lesson: U.S. Must Own Up To Its Bank Crisis
Fed Expands Lending Facilities in Bid for Stability
Goldman, Morgan Results Will Say a Lot
Wall Street Reckoning Editorial.
Even the Strongest Will Have to Adjust
Wounded Merrill Wisely Seeks Shelter
Wake-Up Call: Lehman's Mortgage Marks
AIG Scrambles to Raise Cash, Talks to Fed
A Chaotic Sunday Opens Wall Street's Week
- Thriving Texas Is Slowed by Ike Regional Economy Takes Hit as Millions Left Without Power The loss of power was one of the major issues facing Texas areas hit by Hurricane Ike. The Port of Houston reported little damage.
Many Weren't Scared Enough to Flee
- Tainted Milk Sickens 432 Chinese Babies More than 400 infants have been sickened by infant formula tainted with melamine that was made by Sanlu, a major Chinese milk-powder producer that is 43%-owned by Fonterra Co-operative Group Ltd. of New Zealand. Sanlu has already withdrawn more than 8,000 tons of its milk powder and is now trying to pull an additional 700 tons off store shelves.
New York Times (registration to site required)
||Monitoring the countryside
Wichita Eagle (Kansas)
- KSU offers tips for winter planting From Saturday's editions. The KSU extension service says plant growth and development problems later in the growing season can often be related to poor stands and tiller development in the fall.
Des Moines Register (Iowa)
- Corn harvest estimates lowered From Saturday's editions. USDA's September Crop Production Report contained lower production estimates for both corn and soybeans compared to August levels.
|Laughing with, not at
||From political humorists
David Letterman: "Tonight and tomorrow night, Charles Gibson over there at ABC going to interview Sarah Palin. And I believe it'll be her first big time interview. And Charles Gibson, the first question he asks her, he says, ‘Are you ready to be President?' And Sarah Palin said, ‘Oh, fer sure!”
David Letterman: "But, no, seriously, the interview went very well, and during the interview, Sarah Palin actually gave birth to her sixth child.”
Conan O'Brien: "Sarah Palin's been spending the last couple of days being briefed by advisers on what she needs to know to be John McCain's vice president. That's true. Yeah. Apparently, the first thing they taught her was CPR.”