Bailout Plan Falters

September 25, 2008 07:00 PM
 
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 lost 113.37 points, or 0.94 percent, to 11,893.16. 

  • The dollar bought fell to 105.63 yen, from 106.24 yen late Thursday.

Thursday's U.S. Markets...

  • The Dow Jones Industrial Average ended up 196.89 points, or 1.8 percent, at 11,022.06. The Nasdaq Composite Index rose 30.89, or 1.43 percent, to 2,186.57.
  • The 19-year Treasury note fell 24/32 point, or $7.50 per $1,000 face value, to 101 4/32 to yield 3.862 percent. The 30-year bond fell 20/32 point to 101 13/32 to yield 4.415 percent. 

  • The dollar traded at 106.37 yen, up from 106.10 yen, while the euro bought $1.4624, up from $1.4620 late Wednesday.

Ag futures Yesterday's action and
overnight indicators

What happened yesterday...


  • Corn: Futures opened weaker and were lifted by strength in the crude oil market around midday, but then drifted lower into the close.
  • Soybeans: Futures saw two-sided trade, but finished 4 to 5 1/4 cents lower on late-session profit-taking.

  • Wheat: Futures saw a two-sided day of trade, but ended firmer on spreading with corn.
  • Cotton: Futures closed slightly firmer amid short-covering, but saw a choppy tone throughout the day due to mixed signals from outside markets.
  • Lean Hogs: Lean hog futures closed mixed in lackluster trade.
  • Live Cattle: Live cattle futures moved to fresh session lows ahead of the close, finishing 75 cents to $1.57 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)

Monday

Tuesday

Wednesday

Thursday

Friday

Sept. 22

Grain Inspections (A)
Catfish Feed Deliveries(N)
Catfish Processing (N)
Cold Storage (N)
Chickens and Eggs (N)
Crop Progress (N)

23

Weather - Crop Summary (N)
Wheat Data (E)
Feed Grains Database (E)

24

Broiler Hatchery (N)

25

U.S. Export Sales (F)
Cotton Ginnings (N)
Strawberries: World Markets and Trade (F)
Potatoes (N)
Citrus Fruits (N)
Monthly Milk Cost of Production (E)

26

Dairy Products Prices (N)
Livestock Slaughter (N)
Quarterly Hogs and Pigs (N)
Fruit and Tree Nuts Outlook (E)

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)

  • Bailout Negotiations in Disarray Treasury's $700 Billion Proposal Hits Stalemate; Dramatic Gesture by Paulson A potential deal that had been at hand Thursday afternoon all but fell apart when lawmakers gathered at the White House late in the day. House Republicans are being blamed -- along with Sen. John McCain (R-Ariz.) -- for torpedoing the potential agreement. Negotiators worked last night but so far no deal has emerged.
    Related item:
    Few Good Scenarios in View as Crisis Spreads

    Bailout Proposal Gets Hung Up Over Central Issue: Will It Work?
    Curbs on Pay Advance in Bailout Plan
    Big Business Wants Deal, Setbacks and All
    Incumbents Face Tough Vote Amid Bailout Backlash
    Bailout Would Add Urgency to Washington Handoff
    Lawmakers Weigh Political Risks of Stance on Bailout Plan
    Rescue Plan Entangles McCain

    How to Restore Trust In Wall Street Op-ed item by Arthur Levitt, chairman of the Securities and Exchange Commission from 1993 to 2001, and Lynn Turner, SEC chief accountant from 1998 to 2001.
    The Public Deserves a Better Deal. Opinion item.

  • WaMu Is Seized, Sold Off to J.P. Morgan, In Largest Failure in U.S. Banking History The purchase by JP Morgan came in the wake of customers pulling nearly $17 billion out of the bank in the last 10 days. JP Morgan agreed to pay $1.9 billion to the government for WaMu's banking operations and will assume the loan portfolio of the thrift, which has $307 billion in assets.
  • WHO Cites Reporting Delays in Milk Crisis A World Health Organization (WHO) official in China said that had information on tainted milk been publicized as soon as it was learned the problem existed, this wouldn't have evolved into the situation that it has.
  • Pilgrim's Pride Sees Big Loss For Quarter, Loan Crunch . The poultry firm blamed higher grain prices in part for its performance, noting grain costs rose $900 million for its 2008 fiscal year. Reports say the firm booked corn futures when they were near $8 a bushel and those positions ended up being "underwater" when futures fell to $5 per bushel.

New York Times (registration to site required)

Washington Post

Ag media Monitoring the countryside

Omaha World-Herald (Nebraska)

Laughing with, not at From political humorists

Jay Leno: "You know, last night, they had the 60th Emmy Awards. What a star-studded affair that was. There were more celebrities there than” at a "Barack Obama fundraiser.”

Jay Leno: "I guess the miniseries ‘John Adams' set a new Emmy record last night” with "13 wins. So, a guy from the 1700s can still win today. That is good news for John McCain.”

Jay Leno: "Now here's how bad the economy is. There are now Americans taking jobs away from illegal aliens.”

Jay Leno: "See, you know the way a bailout works? Here's the way a bailout works. A failed president and a failed Congress invest $700 billion of your money in failed businesses. Believe me, this can't fail.”

Jay Leno: "The first presidential debate will take place this Friday night. They say John McCain's challenge will be to distance himself from President Bush,” while "Obama's challenge will be to answer questions before his supporters can start clapping.”

Jay Leno: "Sarah Palin said, yes, she did watch Tina Fey portray her in that skit on ‘Saturday Night Live.' But she said she watched it with the volume turned down.” That is "right up there with all the other political phrases, isn't it? Remember Clinton's, ‘I smoked, but I didn't inhale.' John Kerry, ‘I was for it before I was against it.' John McCain's, ‘I've fallen and I can't get up.'”

David Letterman: "Everybody was excited about the Emmys,” including John McCain, who, "during the Emmys, said, ‘Uh, ‘Gunsmoke' win anything?'”

David Letterman: "By the way, as the campaign goes on, we're learning more and more about Senator John McCain,” who "apparently…has 13 cars.” But "he can't remember where he parked any of them.”

Conan O'Brien: "President Bush has been speaking out about the Wall Street bailout. And today, a reporter asked him what he planned to do about AIG. … Bush got upset and said, ‘Why does everyone always spell in front of me?'


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