Snapshot of news and events for today
||Major world indicators
- The 225-issue Nikkei Stock Average closed up 6.24 points, or 0.05 percent, at 12,760.80.
- The dollar weakened against the yen to ¥104.19.
Tuesday's U.S. Markets...
- The Dow Jones Industrial Average fell 92.65 points, or 0.8 percent, at 10,962.54 -- its first close below the psychologically important 11,000 level since July of 2006. The Nasdaq Composite Index inched up 2.84 points, or 0.13 percent, to 2,215.71.
- The 10-year Treasury note was up 10/32 point, or $3.125 per $1,000 face value, to yield 3.844 percent, while the 2-year note traded 5/32 higher for a yield of 2.38 percent.
- The dollar traded at 104.63 yen from 106.18 Monday, while the euro was at $1.5903 compared with $1.5909.
||Yesterday's action and
What happened yesterday...
- Corn: Futures closed mostly around 15 cents lower.
- Soybeans: Futures closed 40-plus cents lower, with meal and oil seeing sharp spillover pressure.
- Wheat: Futures closed mostly 5 to 7 cents lower.
- Cotton: Futures closed sharply higher, supported by crop concerns in western Texas.
- Lean Hogs: Lean hog futures saw a choppy day of trade, finishing mixed amid spreading and as traders reevaluated positions.
- Live Cattle: Live cattle futures saw a choppy day of trade, finishing mostly firmer.
||Other reports affecting agriculture
||Links to top news reports
with potential U.S. ag impact
Wall Street Journal (subscription to site required for access)
- SEC Moves to Curb Short-Selling The Securities & Exchange Commission issued an emergency order to halt short selling of stock in Freddie Mac and Fannie Mae and 17 other financial firms. The 30-day order goes into effect on Monday.
- Europe's Economy Takes a Hit U.S. Turmoil Raises Odds of Slump; Bankruptcy Rocks Spain Indications are now that the euro zone economy may be in for a hard landing and the potential for a recession is now being talked about. Some see it as another sign that the U.S. economic slowdown is beginning to spread to other areas of the world.
- Paulson Defends Rescue Plan for Fannie and Freddie Unlimited Lending Of Taxpayer Money Worries Lawmakers Some lawmakers are expressing concern at the administration's move to create an unlimited line of credit for Fannie and Freddie for 18 months that Treasury could invoke as it sees necessary.
Regulators Take Steps To Aid Bank Liquidity
Bush Tries to Allay Financial-Sector Worries
- Bernanke Foresees More Pain Testimony Suggests That Rate Increase Isn't in the Cards Testimony Tuesday by Fed Chairman Ben Bernanke signaled that interest rate increases are not likely to be a tool used by the Fed in the near term.
- Democrats Consider Another Stimulus Bill. Democrats are putting together or at least mulling another economic stimulus package, but it faces an uncertain future as it contains many things that were dumped from the initial package approved earlier this year.
New York Times (registration to site required)
||Monitoring the countryside
Wichita Eagle (Kansas)
- Cargill gives beef cuts new names Cargill Meat Solutions has rolled out an effort to put some new names on lesser expensive cuts of beef in an attempt to woo consumers that think beef is too pricey.
|Laughing with, not at
||From political humorists
Conan O'Brien: "Over the fourth of July -- did you hear this? President Bush gave a speech at the home of former President Thomas Jefferson. … Yeah, there was an awkward moment when Bush said, ‘I would like to salute both Thomas Jefferson and his wife, Weezie.'”
Conan O'Brien: "The Democratic convention is being held at a 20,000-seat arena in Denver,” but Barack Obama "has decided to give his acceptance speech at Denver's 80,000-seat football stadium. … Meanwhile, Ralph Nader will be giving his acceptance speech at a Foot Locker.”