Delays in Getting Rescue Plan Rolling

October 27, 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 gained 459.02 points, or 6.4 percent, to 7,621.92. 

  • The dollar was mixed against other major currencies. 

Monday's U.S. Markets...

  • The Dow Jones Industrial Average closed down 203.18 points, or 2.42 percent, at 8,175.77 -- its lowest close since April 1, 2003 The Nasdaq Composite Index fell 46.13, or 2.97 percent, to 1,505.90.
  • The 2-year Treasury note fell 1/32 to 100 27/32 and yielded 1.55 percent, up from 1.54 percent late Friday. The 10-year note rose 6/32 to 102 16/32 and yielded 3.69 percent, down from 3.72 percent. The 30-year bond rose 1 2/32 to 107 29/32 and yielded 4.04 percent, down from 4.10 percent Friday. 

  • The dollar bought 93.58 yen, down from 94.60 yen Friday.

Ag futures Yesterday's action and
overnight indicators

What happened yesterday...


  • Corn: Futures closed 12 1/2 to 15 1/2 cents higher.
  • Soybeans: Futures finished mostly 29 to 33 cents higher, which was in the upper end of today's range, but off session highs.

  • Wheat: Futures extended gains into the close to finish on or near session highs.
  • Cotton: Futures finished slightly higher, finding light short-covering support.
  • Lean Hogs: Lean hog futures started under pressure, but rebounded to close 5 cents to $1.10 higher, which was a mid- to high-range close.
  • Live Cattle: Live cattle futures opened higher and extended gains amid short-covering and support from the stock market, but backed off session highs into the close.

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

Oct. 27

Grain Inspections (A)
Crop Progress (N)

28

Weather - Crop Summary (N)
US and Canadian Hogs (N)
Poultry Slaughter (N)

29

Broiler Hatchery (N)
Peanut Stocks and Processing(N)

30

U.S. Export Sales (F)
Rice Stocks (N)
Fruit and Tree Nuts Yearbook (E)


31

Dairy Products Prices (N)
Agricultural Prices (N)
Egg Products (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)

  • Rescue Plan Faces Delays In Hiring Asset Managers Getting the financial rescue plan rolling is now being complicated by a delay in hiring asset managers, those who would determine which assets to buy, when to buy them and whether to sell or hold them. The process is slowed as Treasury is trying to fully vet the candidates and make sure there are no potential conflicts of interest by these key individuals.
    Related item:
    The Fed Takes a Writedown
    Editorial.
    Much Bank Aid May Not Go to Loans
  • Crisis Deals New Blow to Japan Country's Top Bank in Capital Shortfall; Stocks at '82 Levels The rise in the yen and losses in the country's stock market, combined with Mitsubishi UFJ Financial Group saying it would raise as much as $10.7 billion in capital are underscoring the country is facing some difficult financial times and it is fueling worries that Asia may not escape the global downturn.
  • Argentina's Pension Plan Presses On, Driving Down Markets and the Peso Argentina's government is continuing to press lawmakers to approve their plan to nationalize private pension funds. The government says the move is needed to protect those who have contributed to the plans while others say it's merely a move by the government to shore up its cash situation.
  • Stevens Convicted of All Charges Alaska Republican Will Vie for Senate Seat Despite Guilty Verdict in Corruption Case. Sen. Ted Stevens (R-Ak.) vows to keep pushing for re-election despite being convicted on all counts of receiving gifts and concealing them. Some believe this imperils the career of the longest-serving Republican Senator.
  • U.S. Working on Billions in GM Loans. The Bush administration is working on freeing up a portion of the loans that Congress approved for the auto industry that are tied to increases in gas mileage in vehicles.
    Related item:
    More Car Dealers Shut Down

  • Pilgrim's Pride Lenders Grant Temporary Waiver Poultry firm Pilgrim's Pride has been given a second delay to come into compliance with a certain debt covenant. The firm now has until Nov. 26.

New York Times (registration to site required)

Washington Post

  • Central Banks Slashing Rates As Investors Flee Global Pullback Could Affect Currency Markets Central banks around the globe have slashed interest rates in an effort to address the current financial crisis, but it could have an impact on currency markets as well.
  • Stevens Found Guilty on 7 Counts The lawmaker vows to stay on the ballot despite the conviction coming just 8 days before election day.
Ag media Monitoring the countryside

Omaha World-Herald (Nebraska)

Des Moines Register (Iowa)

Laughing with, not at From political humorists

Jimmy Kimmel: "Alaska Governor Sarah Palin is taking heat today because the Republican National Committee has so far spent $150,000 on wardrobe for her and her family." Boy, Palin sure is "representing small town hockey moms, isn't she folks?"

Jimmy Kimmel: "Also yesterday," Sarah Palin "told a bunch of third graders that the vice president 'runs the Senate,' which the vice president does not do. That's a major -- not knowing what the job is. I mean, even President Bush will tell you the vice president doesn't run the Senate. The vice president runs the White House."


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