Bailout Plan Getting Closer

September 24, 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 closed down 0.9 percent, or 108.50 points, to 12,006.53.

Wednesday's U.S. Markets...

  • The Dow Jones Industrial Average ended 29 points lower, off 0.3 percent, at 10,825.17. The Nasdaq Composite Index was up 0.1 percent, or rose 2.35 points, at 2,155.68.
  • The 10-year Treasury note slipped 1/32 to yield 3.807 percent. The 30-year bond fell 14/32 to yield 4.414 percent. 

  • The dollar rose to 106.15 yen, up from 105.30 yen while the euro fell to $1.4658, compared to $1.4708 late Tuesday.

Ag futures Yesterday's action and
overnight indicators

What happened yesterday...


  • Corn: Futures settled 2 1/2 to 4 cents higher in most contracts.
  • Soybeans: Futures opened higher, but then gains eroded and futures finished narrowly mixed.

  • Wheat: Futures closed 18 1/2 to 21 3/4 cents lower, with Kansas City down 22 1/2 to 27 1/2 lower and Minneapolis 14 3/4 to 23 3/4 cents lower.
  • Cotton: Futures recovered well off session lows, but still closed under pressure.
  • Lean Hogs: Lean hog futures closed 10 to 50 cents higher in all but the December contract, which finished 7 cents lower.
  • Live Cattle: Live cattle futures finished moderately to sharply higher in all but the October contract, which was 2 cents 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 Pact Gains Momentum Amid Push for Tough Controls Lawmakers and the Bush administration are closing in on a plan to move the $700 billion bailout package ahead in Congress. President Bush addressed the country last night, stressing the importance of getting the plan completed and in place.
    Related items:
    Financial Crisis Upends Campaign
    Buffett Drove Hard Bargain With Goldman
    Crisis Stirs Critics of Free Markets
    SEC Presses Hedge Funds
    Economists Look at Ways to Structure Auctions
    Bush Makes Pitch for Plan to the Nation

    Financial Crisis Has Little Sway in Presidential Poll
    Let's Keep People In Their Homes Op-ed item by Sen. Hillary Clinton (D-N.Y.).
  • More Countries Ban Chinese Products Amid Milk Scandal A growing number of countries are banning Chinese dairy products in the wake of tainted infant formula sickening more than 50,000 infants in China.

New York Times (registration to site required)

Washington Post

Ag media Monitoring the countryside

Des Moines Register (Iowa)

  • Disaster aid for farmers won't come until 2009 USDA Deputy Sec. Chuck Conner reminded lawmakers that payouts under the new permanent disaster program won't be made until final market-year data is available -- meaning for many crops fall of 2009.
Laughing with, not at From political humorists

Jay Leno: "Financial experts are saying we are entering a new chapter in the American economy. I believe it's Chapter 11.”

Jay Leno: "Man, things are not looking good. I opened the business section of the paper today. It said, ‘You Don't Want To Know.' That was the headline.”

Jay Leno: "Give you an idea how bad the American economy is -- Mexico is now calling for a fence along the border.”

Jay Leno: "President Bush had a press conference today outside the Oval Office to talk about the economy. He would have had it inside but, you know, the bank has foreclosed on it.”

Jay Leno: "No, President Bush announced…that he will be working with Congress to use hundreds of billions of taxpayer dollars to restore confidence in the market,” but that was his "second choice to fix the problem. First choice, invade Wall Street.”

Jay Leno: "Barack Obama continues to criticize John McCain's economic plan. McCain would like to criticize Obama's economic plan, but nobody knows what it is yet.”

Jay Leno: "President Bush has issued a new warning to Iran that it faces new economic sanctions after reports by the UN atomic watchdog committee that Iran is still enriching uranium. President Bush promising new economic sanctions. And believe me; if there's one thing the President is an expert on, it is ruining a country's economy.”

Jay Leno: "Sarah Palin's husband has refused to testify in an abuse of power investigation in Alaska. He was given a subpoena,” but "he is ignoring it. So it looks like this guy's going to have no trouble fitting into Washington.”

Conan O'Brien: "MoveOn.org has called on…John McCain to release all of his medical records. … In response, McCain told them, ‘Why don't you just come down to the warehouse and look around for yourself? Bring a forklift. It will take time.'”

Jimmy Kimmel: "Yesterday, the federal government announced a massive plan to bail out a number of banking institutions. One expert said it may cost Americans…more than a trillion dollars.” To "put that into perspective,” ten "Bill Gates and 35 Oprahs still don't add up to a trillion dollars


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