Efforts Focusing on Boosting Consumer Lending

November 25, 2008 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 shed 110.71 points, or 1.3 percent, to 8,213.22.

  • The dollar bought 94.95 yen from 95.55 yen.

Tuesday's U.S. Markets...

  • The Dow Jones Industrial Average rose 36.08, or 0.43 percent, to 8,479.47 -- rising for a third consecutive day for the first time since Aug. 26-28. The Nasdaq Composite Index fell 7.29, or 0.50 percent, to 1,464.73.
  • The 10-year Treasury note yield fell to 3.10 percent -- lowest in at least 31 years -- in late trade from 3.33 percent on Monday. 

  • The dollar bought 95.47 yen, down from 96.98 yen on Monday, while the euro bought $1.3067, up from $1.2902.

Ag futures Yesterday's action and
overnight indicators

What happened yesterday...

  • Corn: Futures closed steady to 1 cent lower, remaining below unchanged throughout the day.
  • Soybeans: Futures saw a very narrow daily trading range, finishing narrowly mixed.

  • Wheat: Futures favored a weaker tone through the day and closed mostly around 4 cents lower at all three exchanges.
  • Cotton: Futures opened firmer but quickly turned negative and extended losses into the close.
  • Lean Hogs: Lean hog futures favored a weaker tone in all but the December contract most of the day.
  • Live Cattle: Live cattle futures finished mixed, seeing some late-session short-covering after trading weaker most of the day.

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)






Nov. 24

Cotton Ginnings(N)
Grain Inspections (A)
Rice Yearbook summary
Monthly Milk Cost of Production (E)
Cotton and Wool Yearbook summary (E)
Crop Progress (N)


Farm Income and Costs (E)
Weather - Crop Summary (N)
Fruit and Tree Nuts Outlook (E)


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


Holiday - Happy Thanksgiving!


U.S. Export Sales (F)Dairy Products Prices (N)
Poultry Slaughter (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)

  • Mortgage Rates Fall as U.S. Expands Rescue Government Vows $800 Billion for Credit Markets in Fresh Salvo on Recession; Could Aid Students, Car Buyers, Small Businesses The Fed plans to purchase  up to $600 billion of debt issued or backed by Fannie Mae, Freddie Mac, Ginnie Mae and Federal Home Loan Banks. And the central bank will provide up to $200 billion in financing to investors buying securities tied to student loans, car loans, credit-card debt and small-business loans.
    Related items:
    Fed Aid Sets Off a Rush to Refinance
    Americans' Gloom Reverberates
    Port Slowdown Hits Charleston

  • Obama Pledges Discipline Even With Stimulus Outlays President-Elect Targets Wasteful Spending As Stimulus Funds Are Set to Strain Budget. Agriculture got a specific mention when President-elect Obama named his choices for the top two posts at the Office of Management and Budget in mentioning a GAO report that USDA had made $49 million in payments to farmers that exceeded income limits to be eligible for such payments.
    Related item:
    Obama to Retain Gates as Defense Secretary
    Volcker Tapped for Advisory Role
    Geithner's Rise Clouds Bair's Prospects
    Obama Gets Depression Scholar in Romer

  • Franken Likely to Pick Up Votes Where No Vote Was Detected. The item updates where things stand in the Minnesota recount and talks about expectations that challenger Al Franken (D) will likely pick up votes in the process.
    Related item:
    The Battle for Minnesota Is Just Getting Started
    Opinion item.
  • When the Turkey's Gone, Some People Are Thankful for What's Left 'Bone Lady' Finds Muse in Skeletal Remains, Turning Them Into Earrings, Necklaces, Toys Okay, this is not your typical Thanksgiving leftover story! This one is about a woman who takes the bones of turkeys (and other animals) and makes jewelry and toys out of it. She also incorporates feathers from the birds into her projects.
  • McDonald's to Raise Burger's Price The item confirms what has been reported: the price of a double cheeseburger will rise and it will fall off the dollar menu.

New York Times (registration to site required)

Washington Post

Ag media Monitoring the countryside

Fargo Forum (North Dakota)

  • Caught in the squeeze Growers who sold little grain at higher prices and are currently holding unpriced bushels are facing crop prices that have declined dramatically from their highs. That could force some sales at these lower prices as farmers seek to meet financial obligations.

Des Moines Register (Iowa)

  • Obama vows to weed out ag aid for wealthy President-elect Obama specifically mentioned payments to farmers that should have been declared too rich as one area he'll look at in terms of cutting government spending.
Laughing with, not at From political humorists

David Letterman: "Here's some fascinating historical info. On this date in 1620,” pilgrims "landed on Plymouth Rock” and "immediately applied for a government bailout.”

Conan O'Brien: "The three auto companies in the United States” are "all scrambling to come up with a plan, some way to reinvent themselves. Well, this week Ford did its part. Ford unveiled a new hybrid, the Ford Fusion, which will get almost 40 miles to the gallon. … Yeah, and when asked how much it would cost, a spokesman for Ford said, ‘$25 billion.'”

Conan O'Brien: "This week, a New York elementary school became the first school in the country to be named after Barack Obama. … Yeah, unfortunately, yeah, no one likes their team's new nickname, the Fighting Husseins.”

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