Bank Lending Still An Issue

February 2, 2009 06:00 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 fell 48.47 points, or about 0.6 percent, to 7,825.51.

  • The dollar rose to 89.68 yen, up from 89.41 yen.

Monday's U.S. Markets...

  • The Dow Jones Industrial Average fell 64.11, or 0.80 percent, to 7,936.75. The Nasdaq Composite Index rose 18.01, or 1.22 percent, to 1,494.43.
  • The 10-year Treasury note yield fell to 2.72% from 2.85% late Friday.  

  • The dollar was at 89.61 yen from 89.84 yen, while the euro moved to $1.2844 from $1.2805 late Friday.

Ag futures Yesterday's action and
overnight indicators

What happened the prior trading day...

  • Corn: Futures closed 8 to 9 cents lower, which was near the middle of Monday's trading range.
  • Soybeans: Futures finished mostly around 20 cents lower, which was in the middle of Monday's range.

  • Wheat: Futures closed in the middle to upper end of Monday's range, but were unable to hold afternoon gains into the close and finished slightly lower at all three exchanges.
  • Cotton: Futures saw a two-sided day of trade, finishing slightly higher and near session highs as the dollar came off its session high.
  • Lean Hogs: Lean hog futures closed sharply lower in all but the February contract, which posted a moderate 60-cent decline on the day.
  • Live Cattle: Live cattle futures opened higher and sharply extended gains. Live cattle closed $1.70 to $2.20 higher, while feeder cattle futures closed $2.50 to $3.00 higher.

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)






Feb. 2

Grain Inspections (A)
Poultry Slaughter (N)



Weather - Crop Summary (N)


Broiler Hatchery (N)
2007 Census of Agriculture (N)
Dairy Products (N)



U.S. Export Sales (F)


Dairy Products Prices (N)
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)

  • Banks Adopt Tighter Terms for Lending, Survey Says Some two thirds of banks reported to the Fed they tightened lending criteria for businesses the past three months. While it is a slight improvement from prior data, it still shows the difficult credit conditions that exist. Main reason cited for the credit rules: banks "pointed to a less favorable or more uncertain economic outlook as a reason for tightening their lending standards and terms"
  • China's Migrants See Jobless Ranks Soar China's government revealed that about 20 million migrant workers -- nearly a sixth of the total -- lost their jobs in recent months. The main concern is if these workers can't find work it could spawn unrest.
  • Avoiding Japan's Stimulus Miscues Some Republican lawmakers say their opposition to the U.S. stimulus package is that it could repeat the mistakes that Japan did when it tried to boost its economy -- heavy spending which didn't spark their economy but ran up deficits that had to be dealt with.
    Related items:
    Lobbyists Raise Stimulus Price Tag
    Fiat Races U.S. Deadline To Set Deal With Chrysler

  • Policy Makers Weigh Fed Oversight of Derivatives Obama will meet with bipartisan congressional leaders later this week to discuss regulatory actions needed in the financial arena to prevent a repeat of the current financial system woes which many believe were caused by lax regulation in financial/derivatives trading.

New York Times (registration to site required)

Washington Post

Ag media Monitoring the countryside

Omaha World-Herald (Nebraska)

  • Nebraska Beef suing Colorado company in recall Nebraska Beef Ltd is suing Loveland, Colo.-based Meyer Natural Foods LLC, seeking to recover the cost of cattle Nebraska Beef purchased from the firm. Nebraska Beef had to recall 7 million lbs. of ground beef due to E.coli contamination.
Laughing with, not at From political humorists

Jay Leno: "How about this? Just a couple of hours ago, the Republican Party elected Michael Steele as the first African-American chairman of the GOP. So that shows you, the Republican Party isn't just for stuffy old white guys anymore. There's plenty of room for stuffy old black guys too now. As long as you're stuffy, you're in."

Jay Leno: "Happy TGIF! You know what TGIF stands for? The Governor Is Fired, that's what it stands for."

Jay Leno: Former Illinois Gov. Rod Blagojevich is now "out of a job. He's disgraced. He's unpopular. In fact, today, he got a note from President Bush saying, 'Hey, welcome to the club.'"

David Letterman: "I'm very excited" and "I think everybody is about the Obama Administration. I mean they get in there, they're doing stuff. They' They're not reactive. They're actually out there doing stuff, as opposed to being squirrelly and defensive all the time. I mean, we had eight years of defensive squirrels."

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