G-8 Leaders and Climate Change

July 8, 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 closed up 19.03 points, or 0.2 percent, at 13,052.13.

  • The dollar bought 

Tuesday's U.S. Markets...

  • The Dow Jones Industrial Average gained 152.25 points, or 1.4 percent, to end at 11,384.21. The Nasdaq Composite Index jumped by 2.3 percent, or 51.12 points, to 2,294.42.
  • The 2-year Treasury note slipped 1/32, yielding 2.463 percent. The benchmark 10-year note rose 6/32, yielding 3.884 percent. The 30-year bond was up 18/32 to yield 4.455 percent. 

  • The dollar traded at 107.48 yen from 107.15 yen, while the euro fell to $1.5655 from $1.5719 Monday.

Ag futures Yesterday's action and
overnight indicators

What happened yesterday...

  • Corn: Futures trimmed losses to close 21 to 24 1/2 cents lower to post a high-range close.
  • Soybeans: Futures gapped sharply lower on the open, extended losses, but then closed near session highs.

  • Wheat: Futures came off session lows and trimmed losses and closed mixed.
  • Cotton: Futures saw a highly choppy day of trade, finishing weaker, but well off session lows.
  • Lean Hogs: Lean hog futures closed mixed, seeing a choppy day of trade as traders reevaluated positions.
  • Live Cattle: Live cattle futures closed 20 to 85 cents lower, seeing spillover pressure from Monday's losses.

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)






July 7

Grain Inspections (A)
Noncitrus Fruits and Nuts - Ann. (N)
Crop Progress (N)


Weather - Crop Summary (N)


Broiler Hatchery (N)


U.S. Export Sales (F)
Vegetables (N)


World Agricultural Supply and Demand Estimates (W)
Crop Production (N)
Cotton: World Markets and Trade (F)
Grains: World Markets and Trade (F)
Oilseeds: World Markets and Trade (F)
World Agricultural Production (F)
Dairy Products Prices (N)
Dairy: World Markets and Trade
Mink (N)
Season-Average Price Forecasts (E)
Latest U.S. Agricultural Trade Data (E)
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)

  • Democrats Open Door to a Deal On Expanded Offshore Drilling Senate Democrats Tuesday signaled they might be open to "drilling and responsible production" of oil from coastal waters. But they also want conditions on any such exploration. Sen. Kent Conrad (D-N.D.) said oil prices were the top issue he heard from constituents over the July 4th holiday.
    Related items:
    My Plan to Escape the Grip of Foreign Oil
    . Commentary item by T. Boone Pickens.
    Conoco Wins Deal to Help Develop Gas In Abu Dhabi
  • Commodities Look Like Tech Bubble. But the item says it's too early to say that the run in commodities is over just yet.
  • Rising Food Costs Further Pressure World Hunger USDA predicts the number of hungry people in the world -- those lacking food "security" -- will continue to rise over the next decade, according to an annual USDA update.
  • Bernanke Moves to Extend Powers as Credit Woes Linger Loan Program May Last Into 2009; Tensions With Treasury The Fed could extend its role in lending to investment banks well into 2009, Fed Chief Bernanke said Tuesday, helping to push stock markets higher.
  • Democrats Discuss Second Stimulus While the issue has been raised, Senate Majority Leader Harry Reid (D-Nev.) said the odds of getting it passed before the August Congressional recess are slim.

New York Times (registration to site required)

Washington Post

  • U.S. Joins G-8 Plan To Halve Emissions 2050 Pledge Marks Shift on Issue for Bush While the G-8 countries are pledging to make the cuts, they also expect developing nations like China and India to promise "meaningful" actions to reduce emissions.
  • Bernanke Endorses Expanded Authority New Tools Needed To Avert Crises, Fed Chairman Says While admitting that the lending the Fed has done to investment banks have created risks, he noted the Fed plans to continue that effort.
Ag media Monitoring the countryside

Omaha World-Herald (Nebraska)

Des Moines Register (Iowa)

  • Grazing OK'd for flooded CRP acres While state officials welcomed USDA's action to allow grazing of CRP acres, they're still asking for haying privileges on those acres which right now can't happen until after Aug. 1.
Laughing with, not at From political humorists

Jimmy Kimmel: "Barack Obama and Hillary Clinton campaigned for the first time together in Unity, New Hampshire, today. Isn't that cute? ... Their tour then, I guess, goes...to Toleration, Rhode Island; then to Annoyed, Arkansas; Getting On My Nerves, Virginia"; and "Screaming Fight, Nevada."

Jimmy Kimmel: "I guess there was one small incident where she jumped behind the wheel of the bus and tried to run him over. Other than that, Hillary and Barack seem to be getting along very well."

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