Climate Change Deal Reached

May 12, 2009 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 rose 41.88 points, or 0.5 percent, to 9,340.49.

  • The dollar was at 96.19 yen from 96.14 yen.

Tuesday's U.S. Markets...

  • The Dow Jones Industrial Average rose 50.34, or 0.6 percent, to 8,469.11. The Nasdaq Composite Index fell 15.32, or 0.9 percent, to 1,715.92.
  • The 10-year Treasury note yield rose to 3.18 percent from 3.17 percent late Monday.

  • The dollar was at 96.37 Japanese yen, down from 97.42, while the euro was at $1.3640, up from $1.3584 late Monday.

Ag futures Yesterday's action and
overnight indicators

What happened the prior trading day...


  • Corn: Futures gapped higher on the open based on Tuesday morning's tighter-than-expected old- and new-crop corn carryover estimates from USDA Tuesday morning. Corn closed 6 to 8 cents higher.
  • Soybeans: May and July soybean futures closed slightly higher, while far-deferred futures favored slight losses.

  • Wheat: Futures closed 2 to 3 cents higher in Chicago, mostly 1 to 4 cents higher in Kansas City and 4 to 7 cents higher in Minneapolis following a choppy day of trade.
  • Cotton: Futures opened slightly higher, extended gains, but then turned weaker. Futures closed 22 to 127 points lower, with new-crop futures leading losses.
  • Lean Hogs: Lean hog futures closed with slight to strong gains. June hogs led the price advance.
  • Live Cattle: Live cattle futures capped off a choppy day of trade by closing mixed. Feeder futures closed 15 to 70 cents lower, seeing pressure from strength in the corn market and profit-taking.

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

May 11

Grain Inspections (A)
Crop Progress (N)

12

World Agricultural Supply and Demand Estimates (W)
Cotton Ginnings - Ann. (N)
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)
Weather - Crop Summary (N)
Season-Average Price Forecasts (E)
Latest U.S. Agricultural Trade Data (E)

13

Livestock and Meat Trade Data (E)
Broiler Hatchery (N)

Oil Crops Outlook (E)
Aquaculture Data (N)
U.S. Agricultural Trade Data Update (E)
Cotton and Wool Outlook (E)
Rice Outlook
(E)

14

U.S. Export Sales (F)
Wheat Outlook (E)
Feed Outlook (E)
Vegetable and Melons Yearbook Data tables (E)

15

Dairy Products Prices (N)
Meat Price Spreads (E)
Hatchery Production - Ann. (N)
Potato Stocks (N)
Turkey Hatchery (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)

  • EPA Chief Says CO2 Finding May Not 'Mean Regulation' Administrator Lisa Jackson told lawmakers their proposal that carbon dioxide and other greenhouse gasses and danger to human health itself doesn't mean regulation. However, she stressed that should EPA undertake any regulation on that front, "we would be judicious, we would be deliberative, we would follow the science, we would follow the law." The appearance by Jackson also came as a memo was released that noted questions raised by several government agencies about the potential impacts of EPA's proposed finding.
  • House Democrats Reach Accord on a Climate Bill Legislation Lowers Targets for Cutting Emissions and Gives Breaks to Utilities, Auto Makers, Other Industries. One of the key changes that House Energy & Commerce Chairman Henry Waxman (D-Calif.) said he has agreed to is to bring a cut in greenhouse-gas emissions of 17% below 2005 levels by 2020, rather than a 20%. There are also other "concessions" to certain industries relative to the level of carbon credits they receive free. All the changes were aimed at developing enough support for the bill to emerge from the full committee.
    Related item:
    Tax Increases Could Kill the Recovery
    Opinion item by Martin Feldstein. chairman of the Council of Economic Advisers under President Reagan, is a professor at Harvard and a member of The Wall Street Journal's board of contributors.
  • U.S. Eyes Bank Pay Overhaul Administration in Early Talks on Ways to Curb Compensation Across Finance The Obama administration is said to be in the early stages of working on ways to address and change executive compensation in the financial industry, in part to make pay, etc., more linked to long-term performance.
  • China's Exports Fall, Threatening Recovery. China's exports dropped more than 22% in April, a sharper fall than the 17% registered in March. But reports also note government spending rose which is helping production growth which has some expressing concern about whether or not China's economic recovery can be sustained.
  • A Pandemic of Confusion About Flu's Death Rates The CDC's Figure of 100 Influenza Deaths a Day Is Flawed, but That Doesn't Stop People From Spreading It. The article looks at several issues that are at play when it comes to estimates of deaths from influenza and the H1N1 strain in particular.
  • Cheerios' Health Claims Break Rules, FDA Says. The heart and health claims by Cheerios on their boxes contain "serious violations" of federal law, according to the Food and Drug Administration. The agency said the claims of lowering cholesterol can only be made by drugs. Further, the agency requested the company change the Cheerios website relative to information on lowering cancer risk.

New York Times (registration to site required)

  • Recession Drains Social Security and Medicare The Medicare fund is now projected to run out of money in 2017 and the Social Security trust fund by 2037, according to a new report from the trustees of the funds. And, they cite the economic downturn as the key factor. Factors include 5.7 million fewer people working and thus paying in payroll taxes to the two funds.
  • Stimulus Aid Trickles Out, but States Seek Quicker Relief Despite only 6% of the funds spent, administration officials counter claims that things are running slow on getting stimulus dollars into states, noting that they are on the pace that they expected. Still, states dealing with their own financial stresses are pushing to get quicker access to the funds. Although some states are slow in getting some of their requests into the federal government.
  • Many Swine Flu Cases Have No Fever Many of those with the H1N1 flu virus, even those severely ill, may not show signs of a fever. Experts say this could make it more difficult to control the outbreak. The item notes one-third of those at two hospitals in Mexico with the virus didn't have fevers.
  • Document Is Critical of EPA on Clean Air The report notes that Obama administration officials said many of the criticisms of the proposed finding that greenhouse gasses endanger human health were made by Bush administration holdovers and were rejected by the Obama team.
  • Trade Numbers Reflect Scope of Slump The drop in exports is the primary reason that the U.S. trade deficit rose in March for the first time in eight months.

Washington Post

  • Alarm Sounded On Social Security Report Also Warns Of Medicare Collapse Administration officials said they would work on finding a solution to long-term solvency for the Social Security trust fund after they have concluded efforts on health care reform. The report has been released annually with a prediction on when the funds would run out of money, but only three times in the past 15 years have the trustees predicted that Social Security would run out of money sooner than previously expected.
  • Democrats to Relax House Emissions Bill Deal Courts Industrial-State Votes In an effort to attract votes from Midwest and industrial-based states, there have been changes made to climate legislation that the House Energy & Commerce Committee is expected to take up next week.
Ag media Monitoring the countryside

Fargo Forum (North Dakota)

Wichita Eagle (Kansas)

  • Kansas wheat forecast dips 4% While Kansas' wheat crop is seen off 4% from year ago, the downturn in Oklahoma is 50% according to data released by USDA Tuesday morning.

Omaha World-Herald (Nebraska)

Des Moines Register (Iowa)

Laughing with, not at From political humorists

Jay Leno: "Oh, did you see this?" There was a "lot of controversy yesterday for National Prayer Day. It seems that President Obama is the first president in recent years not to have a prayer service at the White House. But, you know, I understand that. Between Jesse Jackson and Jeremiah Wright, he hasn't had the best luck with ministers."

David Letterman: "'Star Trek' opened today." They "have updated" things a bit. In "this one, the Starship Enterprise is hijacked by Somali pirates."


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