Day of Celebration Gives Way to Reality

January 20, 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 dropped 164.15 points, or 2 percent, to 7,901.64. 

  • The dollar was at 89.75 yen, compared to 89.87 yen.

Monday's U.S. Markets...

  • The Dow Jones Industrial Average slid 332.13, or 4.01 percent, to 7,949.09 -- the biggest one-day point drop of the year and lowest close since Nov. 20, 2008, as all 30 components declined. The Nasdaq Composite Index fell 88.47, or 5.78 percent, to 1,440.86.
  • The 2-year Treasury note was flat at 100 10/32 to yield 0.71 percent, the five-year note was down 3/32 at 100 4/32 to yield 1.47 percent, while the 10-year note was down 19/32 to 112 1/32 to yield 2.37 percent. 

  • The dollar bought 89.74 Japanese yen, down from 89.77 yen, while one euro cost $1.2905, up from $1.2882 late Friday.

Ag futures Yesterday's action and
overnight indicators

What happened the prior trading day...

  • Corn: Futures opened higher, but turned lower in afternoon trade on spillover from sharp losses in neighboring pits. Corn closed 6 to 7 cents lower, which was near session lows.
  • Soybeans: Futures opened under pressure and sharply extended losses due to outside market influences. Soybeans finished most around 26 to 28 cents lower, with meal and soyoil seeing spillover pressure.

  • Wheat: Futures extended early losses on spillover from the soybean market and due to bearish outside market influences. Chicago wheat closed mostly 27 to 28 cents lower.
  • Cotton: Futures opened mixed and turned sharply lower on outside market influences.
  • Lean Hogs: Lean hog futures saw a choppy day of trade, finishing steady to 32 cents lower.
  • Live Cattle: Live cattle futures opened weaker and sharply extended losses as sell stops were triggered.

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)






Jan. 19



Grain Inspections (A)


Weather - Crop Summary (N)
Broiler Hatchery (N)
Catfish Processing (N)
Feed Grains Database
Wheat Data (E)


Livestock, Dairy, and Poultry Outlook (E)
United States and Canadian Potatoes (N)
Citrus: World Markets and Trade (F)
Catfish Feed Deliveries (N)
Cold Storage


U.S. Export Sales (F)Dairy Products Prices (N)
Livestock Slaughter (N)
Cotton Ginnings (N)
Noncitrus Fruits and Nuts (N)
Chickens and Eggs (N)
Monthly Milk Cost of Production (E)
Cattle on Feed (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)

  • President Barack Obama A Day of History as New Leader Urges Unity Amid 'Raging Storms' of War and Recession President Obama will meet with his economic team and confront military issues in his first full day in office. It came as stocks swooned on renewed concern about financial firms. Per the usual practice, the new Obama administration has halted any uncompleted regs from the Bush administration.
    Related items:
    GOP Calibrates Role as Opposition
    Tax Issue Won't Derail Geithner
    Senate Confirms Raft of Cabinet Picks
    Sen. Kennedy Has Seizure at Congressional Lunch
    When Invitations Are Just Mementos
    A 'Responsibility' Era
    A pragmatic call to Americans to lift our national game. Review & Outlook item
    Hopes for the Obama Presidency.
    The Obama Journey Begins One of several articles in a special section dedicated to the inauguration of President Obama.
  • Russian Gas Reaches Europe, Ending Dispute Russian officials pledged that natural gas supplies to Europe would not be cut off again "if Ukraine will be in compliance with the contract signed," said an official with Russia's Gazprom.
  • EU Reaches Limit on Spending to Boost Economy  European Union finance ministers meeting Tuesday agreed that the bloc shouldn't plan more fiscal-stimulus measures, citing rising government debt that could make it harder for countries to borrow.
  • Chrysler-Fiat Deal Needs U.S. Loans. While Fiat and Chrysler appear to be close to a deal that would give Fiat a 35% stake in the company, the report says Chrysler still needs $3 billion in loans to make the deal work as it is in need of cash.

New York Times (registration to site required)

Washington Post

  • Sell-Off Is Sobering Welcome From Wall Street While much of Tuesday's focus was on the inauguration in Washington, financial/stock markets tumbled as fears about the nation's banking sector continued to fester. And pledges of government help for lenders is almost seen worsening the situation.
    Related item:
    Obama Picks Confirmed, But Clinton Is on Hold
    Her Husband's Foundation Remains an Issue
    Stimulus Projects May Be Slow to Jolt Economy, CBO Says
  • A Historic Inauguration Draws Throngs To the Mall Obama called for America to begin the task of rebuilding as he took the oath of office as President of the United States.
    NOTE: There are a host of articles in today's edition which cover various aspects of the inauguration.

  • Regulators Ordered to Leave Work Unfinished The Obama team took the usual step that new administration's going back to Ronald Reagan have taken -- putting a halt to any pending regulations until a complete review can be conducted by the new administration.
  • U.S. Broadens List of Peanut Foods to Avoid. The Centers for Disease Control and Prevention has linked the salmonella outbreak to products made with peanut paste and peanut butter manufactured after July 1 in a Georgia factory owned by Peanut Corp. of America. None of their products are sold direct to consumers, but they supply long-term-care and other institutions, food service companies and private-label manufacturers.
Ag media Monitoring the countryside

Omaha World-Herald (Nebraska)

  • VeraSun to meet with corn suppliers Representatives of the firm will meet with farmers and other suppliers at the end of the month in Omaha to go over the company's plans and try to answer as many questions as possible.
Laughing with, not at From political humorists

Jay Leno: "Barack Obama plans to issue an executive order on his first full day in office directing the closing of Guantanamo Bay. He said he needs the money for new prisons to hold Democratic mayors and governors."

David Letterman: "On this date in 1991, do you have any idea what happened in 1991 on this date? The United States attacked Iraq to start the Gulf War. I'm so glad that's all behind us aren't you?"

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