Snapshot of news and events for today
||Major world indicators
- The 225-issue Nikkei Stock Average lost 126.55 points, or 1.5 percent, to 8,109.53.
- The dollar was at 98.39 yen from 97.34 late Monday in New York.
Monday's U.S. Markets...
- The Dow Jones Industrial Average fell 254.16 points, or 3.3 percent, to 7,522.02. The Nasdaq Composite Index fell 43.40, or 2.8 percent, to 1,501.80.
- The 10-year Treasury note yield fell to 2.72 percent from 2.76 percent late Friday.
- The dollar was at 97.25 yen from 97.92 yen late Friday, while the euro was at $1.3197 from $1.3299.
||Yesterday's action and
What happened the prior trading day...
- Corn: Futures closed marginally to 2 cents lower, unable to garner enough upside momentum to spend more than moments in mixed trade.
- Soybeans: Futures finished sharply lower for the day.
- Wheat: Futures firmed into the close to finish higher at all three exchanges.
- Cotton: Futures started the day under pressure on spillover from outside markets and grain markets, but rallied into the close to finish 100-plus points higher.
- Lean Hogs: April hogs closed 7 cents higher, while deferred futures were slightly to moderately lower.
- Live Cattle: Live cattle futures extended losses into the close to finish $1.10 to $1.50 lower, with nearbys leading losses.
||Other reports affecting agriculture
||Links to top news reports
with potential U.S. ag impact
Wall Street Journal (subscription to site required for access)
- U.S. Threatens Bankruptcy for GM, Chrysler Plan Would Separate 'Bad' and 'Good' Assets of Two Companies; Historic Intervention Carries Big Political Risk for Obama President Obama said they would provide 30 days for Chrysler and 60 days for GM to craft new plans to win government support, with bankruptcy still looming as a possibility. The latter does run the risk of angering labor interests, the item notes.
Detroit's Fate Sealed in West Wing
Tough Auto Measures Carry Political Risks for the President
Blame Is Put on Management, but Hourly Workers, Retirees Face More Pain
Obama Walks a Fine Line
Chrysler Plan Trims Fiat's Stake, Cuts Out Cerberus
Government's Incentives Aim to Keep Buyers in the Fold
Abroad, GM Is Feast, Famine; Chrysler Has Small Footprint
For Wagoner, $21 Million at the Exit
GM Will Replace at Least Six Others on Board
At Peugeot, New Boss Faces Stubborn Woes
Rise and Fall of a Car Town
The Obama Autoworks Editorial
- China Seeks More Involvement -- and More Clout Developed Nations Watch Warily as Beijing, With Vast Foreign-Exchange Reserves, Upgrades Role in Global Affairs China wants to contribute more than money as G20 countries gather to talk about the current global economic crisis. But they also want more voting rights at the IMF if they make good on pledges to provide more cash to the international effort.
An Empowered IMF Faces Pivotal Test
- Night of the Living Death Tax Obama's budget quietly resurrects it in 2010. Editorial. The paper criticizes the Obama budget for including a return of the estate tax which was to have gone to zero in 2010. They also say this will hamper small businesses in particular and may result in the Obama administration not realizing all the job gains they claim in the stimulus package.
- Leaders Favor Domestic Companies, Despite Talk of Free Trade Despite all the clamor for free trade, most countries tend to award government contracts to domestic firms anyway. World trade rules on government procurement are full of loopholes, according to experts.
Minister Says Japan Plans Major Stimulus
- Fargo Now Braces for Wind, Snow Now snow and cold conditions have descended upon Fargo after the city dodged a bullet from flooding on the Red River.
- Moscow Warns on Low Oil Prices The article looks at the views of Deputy Prime Minister Igor Sechin who has a view that Russia's natural resources are there to be utilized and he noted that the oil money Russia reaped when prices were higher is what the country is utilizing now to help support the country.
Russia Promises Auto Aid
New York Times (registration to site required)
||Monitoring the countryside
Fargo Forum (North Dakota)
Des Moines Register (Iowa)
- Menlo to be site of corncob-to-ammonia plant The plant will make anhydrous ammonia and fertilizer from corn cobs and other biomass and will be located near the Hawkeye Renewables ethanol plant at Menlo west of Des Moines.
|Laughing with, not at
||From political humorists
Jay Leno: "President Obama has announced a task force to review the tax code. He's concerned there are too many loopholes and too many people manipulating the system to avoid paying taxes. And that's just in his administration."
Jay Leno: "President Obama said this week that things will get worse before they get better. That's something you never hear before the election, you know? 'Let me tell you, if I get elected it's going to get a lot worse!'"