Financials Hit by Continued Economic Worries

March 2, 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 lost 50.43 points, or 0.7 percent, to 7,229.72. 

  • The dollar was at 97.71 yen from 97.11 yen.

Monday's U.S. Markets...

  • The Dow Jones Industrial Average tumbled 299.64, or 4.2 percent, to 6,763.29, closing below 7,000 for the first time since May 1, 1997, and now down 23 percent for the year. The Dow is off 7,401.24 points from the October 2007 record, a 52 percent drop.The Nasdaq Composite Index ended 54.99 points, or 3.99 percent, lower, at 1,322.85.
  • The 10-year Treasury note yield fell to 2.919% from 3.043% Friday. 

  • The dollar was at 97.43 yen, down from 97.60 yen, while the euro was at $1.2576 late Monday in New York, down from $1.2676 late Friday

Ag futures Yesterday's action and
overnight indicators

What happened the prior trading day...


  • Corn: Futures were under pressure through the day, finishing 7 1/4 to 11 1/2 cents lower, which was off session lows.
  • Soybeans: Futures came off session lows into the close, but still finished 26 to 34 cents lower for the day.

  • Wheat: Futures finished under pressure at all three exchanges, but came off session lows into the close.
  • Cotton: Futures opened lower and extended losses to finish 165 to 191 points lower.
  • Lean Hogs: Lean hog futures closed moderately to sharply lower, but came off session lows to finish mid-range in many contracts.
  • Live Cattle: Live cattle futures were under sharp pressure through the day due to weakness in outside markets.

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

March 2

Grain Inspections (A)

3

Weather - Crop Summary (N)

4

Broiler Hatchery (N)
Dairy Products (N)

5

U.S. Export Sales (F)
Cattle Final Estimates 2004-2008 (N)
Hogs and Pigs Final Estimates 2003-2007 (N)
Livestock Operations Final Estimates 2003-2007 (N)
Milk Cows and Production Final Estimates 2003-2007. (N)
Sheep and Goats Final Estimates 2004-2008 (N)

6

Dairy Products Prices (N)
Livestock Slaughter - Ann. (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)

  • Stocks Hit '97 Level, Signaling Long Slump The Dow's close below 7,000 was its first since April 1997 and the index has lost nearly a quarter of its value this year and has lost more than half its value since its Oct. 2007 peak. One of the factors continues to be dour economic news. The government also reported the personal savings rate jumped to 5% in January -- its highest level in nearly 14 years.
    Related items:
    Treasurys Advance on Fear in Financials
    Dow Is Off 7,401.24 Points From Its Record High in '07

  • Obama Pick for Trade Job Agrees to Pay Back Taxes Former Dallas Mayor Ron Kirk has agreed to pay $10,000 in back taxes, clearing the way for his confirmation hearing to take place. The White House insists the nomination is "on track" despite Kirk now being the fourth Obama nominee to be snared by tax issues.
  • Argentina Plans Squeeze On Dissident Farmers Talk is rising the Argentine government may create a state-run grain export effort as a way to blunt efforts by farmers to keep crops off the market.
  • Wendy's Swings to Loss, as Arby's Struggles Wendy's reported a rise in same-store sales compared to year-ago while its Arby's units reported a decline for those stores open at least a year.

New York Times (registration to site required)

Washington Post

  • Many Hires Needed for Budget Goals Tens of Thousands Could Be Added to Federal Payroll Some estimate that there could be 100,000 or even 250,000 new hires for government jobs to fulfill the Obama budget plan. The White House insists they're not creating a bloated government, but admit there will be hires.
  • Obama's Trade Pick Owes IRS $10,000 The situation arose from his action to donate speaking fees to his alma mater for a scholarship fund and for improperly deducting NBA tickets.
Ag media Monitoring the countryside

Des Moines Register (Iowa)

Laughing with, not at From political humorists

Jay Leno: "Well, let's see what's going on in the world. It was this week in 1854 that the Republican Party was founded with only a handful of true believers. Just like today."

Jay Leno: "Hey, the Obamas are expecting the arrival of the first dog in April. ... Actually, it's Obama's second choice of a dog. The first dog, he had some tax problems."


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