Battle On Oil Drilling Continues

July 10, 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 fell 27.52 points, or 0.2 percent, to close at 13,039.69. 

  • The dollar bought 

Thursday's U.S. Markets...

  • The Dow Jones Industrial Average finished 81.58 points higher, or 0.7 percent, at 11,229.02. The Nasdaq Composite Index rose 22.96 points, or 1 percent, to 2,257.85.
  • The 2-year Treasury note was down 3/32, yielding 2.421 percent. The 10-year note was off 1/32, yielding 3.813 percent. The 30-year bond was off 2/32 to yield 4.418 percent.

  • The dollar traded at 107.04 yen from 106.81, while the euro rose to $1.5779 from $1.5737.

Ag futures Yesterday's action and
overnight indicators

What happened yesterday...

  • Corn: Futures opened weaker and slightly extended losses to finish 7 1/2 to 8 3/4 cents lower.
  • Soybeans: Futures opened near unchanged but sharply extended gains to finish 28 1/4 to 31 1/2 cents higher.

  • Wheat: Futures finished mostly weaker, with Chicago leading losses.
  • Cotton: Futures favored a negative tone for most of the day, but closed slightly higher.
  • Lean Hogs: Lean hog futures closed $1.02 to $1.87 higher on strong spillover support from Wednesday's gains.
  • Live Cattle: Live cattle futures closed 7 to 50 cents lower in all but the June 2009 contract, which closed 12 cents 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)






July 7

Grain Inspections (A)
Noncitrus Fruits and Nuts - Ann. (N)
Crop Progress (N)


Weather - Crop Summary (N)


Broiler Hatchery (N)


U.S. Export Sales (F)
Vegetables (N)


World Agricultural Supply and Demand Estimates (W)
Crop Production (N)
Cotton: World Markets and Trade (F)
Grains: World Markets and Trade (F)
Oilseeds: World Markets and Trade (F)
World Agricultural Production (F)
Dairy Products Prices (N)
Dairy: World Markets and Trade
Mink (N)
Season-Average Price Forecasts (E)
Latest U.S. Agricultural Trade Data (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)

  • Democrats Counter Republicans With a New Alaska-Oil Plan. Democrats are seeking to retake the lead on the domestic oil production issue, countering with a plan to allow for more production in areas already open to production in Alaska via an annual offering of leases in the National Petroleum Reserve.
  • U.S. Consumers Trade Down As Economic Angst Grows Discount stores are seeing a rise in their sales while traditional department stores are seeing declines. The item notes Wal-Mart embarked on a return to its discounting roots and it appears to be paying off for the retail giant.
  • Overhaul of Financial Regulation Gains Momentum Bernanke, Paulson Discuss Oversight, Managing Crises The consensus is growing that more regulation of financial markets is needed, with government regulators and lawmakers on similar pages.
  • Bush Riles U.S. Asparagus Growers. Bush's praise of German asparagus hasn't been met with enthusiasm by the U.S. industry which has shrunk in the face of stepped-up imports from Mexico and other countries.
  • China's Export Growth Softened in June. Merchandise exports in June rose 18% from a year earlier to $121.53 billion, China's customs agency reported Thursday. That was below most forecasts and significantly slower than the 28% jump recorded in May.
  • Cargill, Bunge Raided in Italy Antitrust Enforcers Inspect Offices Of Grain Traders. The raids were conducted as officials said they had reason to believe that the "companies concerned may have violated...rules on cartels and restrictive business practices."
  • Exporting Farmland to Feed Global Demand Concerns Are Growing That Countries' Deals Neglect Local Needs Some countries are seeking to cut deals with importing countries on farmland as nations try to find ways to improve their food supply situation.
  • Dick Durbin and the Chicago Boys. The article notes a CFTC-related bill sponsored by Sen. Dick Durbin (D-Ill.) calls on the CFTC to do more "investigation" of the market, and offers to supply that agency with the funds to hire a whole 100 new employees. His bill has garnered support over more draconian packages that could threaten the futures industry.
    Related item:
    Oil-Futures Players Resist Controls

    Restricting Speculators Will Not Reduce Oil Prices Commentary item.

New York Times (registration to site required)

Washington Post

  • USDA Rule Change May Lead To Crops on Conserved Land The item looks at the issue of whether or not USDA should allow Conservation Reserve Program (CRP) contract holders to exit their contracts early without penalty as some are advocating while others oppose such an action.
Laughing with, not at From political humorists

Jay Leno: "Hey, big scare today for Barack Obama. His airplane had to make an unscheduled landing because of mechanical problems. While the pilot was steering to the left, the plane was apparently drifting to the right."

Jay Leno: "As you know, Barack Obama and Hillary Clinton met last week in Unity, New Hampshire, to campaign together and to show their unity. ... That shows you what a great country this is. Only in America can a woman who married a man from Hope go to a town called Unity and fake something called sincerity."

Jay Leno: "Barack Obama is now denying that he is e-mail pals with the beautiful actress, Scarlett Johansson. ... In fact, his exact words were, 'I did not have textual relations with that woman.'"

Conan O'Brien: "The Democratic convention is being held at a 20,000-seat arena in Denver," but Barack Obama "has decided to give his acceptance speech at Denver's 80,000-seat football stadium. ... Meanwhile, Ralph Nader will be giving his acceptance speech at a Foot Locker." =

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