Bush Moves on Offshore Drilling

July 14, 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 shed 2 percent, or 255.60 points, to finish at 12,754.56. 

  • The dollar declined against the yen to ¥105.59. 

Monday's U.S. Markets...

  • The Dow Jones Industrial Average ended down by 45.35 points, or 0.41 percent, at 11,055.19. The Nasdaq Composite Index was down 1.1 percent, or 26.21 points, at 2,214.26.
  • The 2-year Treasury note gained 8/32, pushing its yield to 2.476 percent. The benchmark 10-year note rose 25/32 to yield 3.873 percent. The 30-year bond rose 1-12/32 to yield 4.459 percent.

  • The dollar was at 106.11 yen from 106.38 yen, while the euro $1.5911 from $1.5924 late Friday.

Ag futures Yesterday's action and
overnight indicators

What happened yesterday...

  • Corn: Futures ended mostly 25 to 27 cents lower, which was near session lows.
  • Soybeans: Futures finished mostly 33 to 37 cents lower, which was a mid- to low-range close.

  • Wheat: Futures finished near session lows.
  • Cotton: Futures ended sharply lower and in the lower end of Monday's trading range.
  • Lean Hogs: Lean hog futures closed out a choppy session of trade with prices mixed to mostly lower.
  • Live Cattle: Live cattle futures ended sharply 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)






July 14

Grain Inspections (A)
Livestock and Meat Trade Data (E)
Turkey Hatchery (N)
Rice Outlook (E)
Oil Crops Outlook (E)
U.S. Agricultural Trade Data Update (E)
Cotton and Wool Outlook (E)
Crop Progress (N)


Feed Outlook (E)
Wheat Outlook (E)
Weather - Crop Summary (N)


Meat Price Spreads (E)
Broiler Hatchery


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


Dairy Products Prices (N)
Livestock, Dairy, and Poultry Outlook (E)

Milk Production
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)

  • Paulson Drove Plan to Shore Up Fannie Mae, Freddie Mac Treasury Sec. Henry Paulson told staffers to draw up a plan relative to Fannie & Freddie in late June and the matter had only been discussed briefly between Paulson and Fed Chief Ben Bernanke.
    Related items:
    Plenty of Blame to Go Around for Fannie, Freddie
    Fed Takes New Step In Critical Evolution
    Congress Is Set to Act Fast on Fannie, Freddie

    Paulson's Fannie Test Review & Outlook item
    The Book on Bailouts: They Often Cost Taxpayers and Are Best Done Quickly
    The Fed Boss Can't Escape Crisis Role
  • Bush, in New Tactic, Lifts Ban on Offshore Drilling Move Puts Pressure On Congress to Act; Candidates at Odds Bush removed the executive prohibition on offshore drilling, but the move won't have any effect until a separate congressional prohibition expires or is overturned. However, it does put more pressure on Congress to act on the ban which will expire Sept. 30 and congressional Democrats signal they want some conditions on the lifting of any ban.
    Related item:
    'Free Our Oil'
    Review & Outlook item.
  • As Economy Worsens, Democrats Could Gain The writer says if more things like the Fannie/Freddie situation arise, it could aid Democrats in that it shows that sometimes government intervention -- something Republicans typically don't favor -- is needed.
  • Argentine Tax Plan Lands a Tough Ally. Major protests are set for Argentina today by both sides in the dispute over export taxes, with one of the key organizers of typically unemployed protesters on the side of the government.
  • Reaping What Foreign Growers Sow U.S. Farmers Score Big Profits Selling Crops From Abroad. The U.S.-based cooperative has paid big patronage checks to its co-op members, in part driven by gains made via merchandising foreign grain.

New York Times (registration to site required)

Washington Post

  • Bush Rescinds Father's Offshore Oil Ban Drilling Still Blocked by Congressional Edict Bush shifted gears and removed the executive prohibition on offshore drilling ahead of Congress taking the same step. Bush also urged Congress to approve other steps, such as allowing drilling in the Arctic National Wildlife Refuge in Alaska.
  • Banking Stocks Take a Lashing 'Hot Money' Tactic to Raise Funds Creates Risk Banking stocks suffered losses in the wake of the action by the administration and Fed to shore up things at Freddie Mac and Fannie Mae.
    Related item:
    Rescue or Respite?
Ag media Monitoring the countryside

Omaha World-Herald (Nebraska)

Des Moines Register (Iowa)

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: "Obama's wife, Michelle, pretty distraught when she first heard the news that his plane had problems. Although, not nearly as distraught as Hillary Clinton when she heard everything was okay.”

Jay Leno: "And 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: "And 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.'”

Jay Leno: "And here's a comment many people are calling racist. This is a stupid thing to say. It seems the Republican Party operative, a man named Grover Norquist, told the ‘LA Times' that Barack Obama was just ‘John Kerry with a tan.' … Well, using that logic, if Barack Obama is John Kerry with a tan, then John McCain is George Bush with an enlarged prostate.”

Jay Leno: "Actually, speaking of John McCain, I thought this was nice.” He "went to North Carolina last week to visit 89-year-old Evangelical legend, the Reverend Billy Graham. And he was frail and confused and couldn't visit for long. But Billy Graham looked great.”

Jay Leno: "And President Bush, trying to get up to speed on this energy crisis, and not a moment too soon. This guy is on top of everything. But Bush said, now, he's not just for offshore drilling,” he also "says he's looking for other alternatives. Like, today, he supports drilling for solar energy. See, I don't think he quite understands.”

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