Snapshot of news and events for today
||Major world indicators
- The 225-issue Nikkei Stock Average rose 15.97 points, or 0.2 percent, to 8,727.30.
- The dollar was at 98.22 yen from 98.55 yen.
Tuesday's U.S. Markets...
- The Dow Jones Industrial Average rose 127.83, or 1.6 percent, to 7,969.56. The Nasdaq Composite Index rose 35.64, or 2.2 percent, to 1,643.85.
- The 10-year Treasury note yield was up to 2.90 percent from 2.84 percent late Monday.
- The dollar was at 98.74 yen from 97.84 yen, while the euro was at $1.2939 from $1.2924 late Monday.
||Yesterday's action and
What happened the prior trading day...
- Corn: Futures remained in positive territory through the day, finishing around 4 to 5 cents higher, which was a mid-range close.
- Soybeans: Futures closed 19 1/2 to 30 cents higher to recoup most of Monday's losses.
- Wheat: Futures closed 4 to 5 cents higher in Chicago, 3 to 4 cents higher in Kansas City and mostly 6 to 8 cents higher in Minneapolis.
- Cotton: Futures closed sharply higher, with nearbys up 200-plus points.
- Lean Hogs: Lean hog futures posted slight gains following a quiet day of trading action.
- Live Cattle: Live cattle futures were slightly to moderately higher through the day amid short-covering on ideas the prior day's losses were overdone.
||Other reports affecting agriculture
||Links to top news reports
with potential U.S. ag impact
Wall Street Journal (subscription to site required for access)
- Companies Spy an End To Declines In Earnings Some firms are beginning to signal they think the economy is nearing a bottom, while others still say it is too early to make such a call. While some earnings data is seen as supporting claims of a bottom, the item notes that the figures certainly don't suggest economic growth is at hand.
Caterpillar Posts Loss, Cuts Outlook
DuPont Lowers Forecast as Sales Fall 17%
Delta Offers Mild Hope
- Financial Firms Lobby to Cut Cost of TARP Exit Financial firms are asking the Treasury Dept. to make it less costly to exit from the TARP program, focusing primarily on the warrants the government received when it bought preferred stock in roughly 500 banks over the past six months. But companies have to buy back those warrants if they repay the money from TARP and they argue that they should be let out of their obligation to buy those back as the rules of TARP have changed.
Economists Seek Breakup of Big Bank
Lenders Set to Get Stress-Test Results on Friday
Banks Reject U.S. Terms for Cutting Chrysler Debt
- EPA Previews Carbon Caps' Impact EPA said the impact to a household from proposed climate change legislation would be an extra $98 to $140 a year -- 27 cents to 38 cents a day. The EPA warned, however, there are "a range of uncertainties" surrounding the Waxman-Markey measure that "could significantly affect the results."
- Bank of Canada Lowers Rates -- for a Long Time Canada's central bank cut interest rates to 0.25%, and said they would stay there for 14 months.
New York Times (registration to site required)
- IMF Puts Bank Losses From Global Financial Crisis at $4.1 Trillion An IMF report issued Tuesday says banks and other financial institutions faced losses of $4.05 trillion, with some $2.7 trillion from loans and assets originating in the United States. The report also noted that Western Europe is likely the next front of the crisis, signaling banks there will have to write down $1.19 trillion in loans and securities..
- Caterpillar's Quarterly Loss Was Its First in 17 Years The firm said there should have been more public works, road and bridge projects in the U.S. economic stimulus package as it reported a $112 million quarterly loss, its first in 17 years.
- Banks Sway Bills to Aid Consumers U.S. banks appear to have the "upper hand" in terms of being able to temper consumer-oriented aid efforts in Congress, according to the article. That has prompted Democrats to call on the White House to pressure banking firms.
||Monitoring the countryside
Des Moines Register (Iowa)
- Vilsack: Climate legislation benefits farmers USDA Sec. Tom Vilsack says that farmers will benefit from climate change legislation that Congress is working. But he would take a position on the stance taken by Sen. Chuck Grassley (R-Iowa) that farmers should get "paid" for past practices.
- Iowa's Earth Day grade: B-minus The Iowa Dept. of Natural Resources' "report card" on Earth Day of a B-minus is getting mixed reviews from both environmentalists and farmers alike -- including a below-average score on land management and an above-average mark for managing Iowa deer.
Denver Post (Colorado)
- Bank closure sows fears The closure of New Frontier Bank in Colorado has left many farming operations suddenly without a bank. But in a meeting with account holders, many said their situations were too complex to talk about in public at the meeting.
|Laughing with, not at
||From political humorists
David Letterman: "Earlier this week, there was a reunion" of "Bush Administration officials in Dallas, Texas." Because "there is one team you want to put back together, am I right? You bet, buddy!"
Jimmy Fallon: "Bobby Jindal, the Republican governor of Louisiana," criticized "Dick Cheney today, saying that he shouldn't question" President Obama's "patriotism. In response, Cheney said, 'I respect your opinion. That's cool. Hey, would you like to go on a hunting trip this week?'"