Snapshot of news and events for today
||Major world indicators
- The 225-issue Nikkei Stock Average rose 223.75 points, or 2.7 percent, to 8,462.39.
- The dollar bought 97.08 yen from 97.90 late Thursday in New York.
Thursday's U.S. Markets...
- The Dow Jones Industrial Average rose 552.59, or 6.67 percent, to 8,835.25 -- its third largest point gain on record. The Nasdaq Composite Index rose 97.49, or 6.50 percent, to 1,596.70.
- The 10-year Treasury note was down 18/32 point, or $5.625 for every $1,000 invested, to yield 3.818 percent. The 30-year bond yield was was 4.332 percent. The benchmark yield curve, or the difference in yield between two- and 10-year notes, steepened to 2.60 percentage points, a level last seen in 2003.
- The dollar bought was at 97.82 yen, up from 94.92, while the euro was at $1.2853, from $1.2486 late Wednesday.
||Yesterday's action and
What happened yesterday...
- Corn: Futures opened higher, drifted lower, but then strengthened into the close on spillover from the crude oil market.
- Soybeans: Futures opened higher, but drifted lower and ended slightly lower in all but the front-month contract, which closed slightly higher.
- Wheat: Futures saw two-sided trade, but favored gains through the day. Wheat closed well off session highs.
- Cotton: Futures closed widely mixed.
- Lean Hogs: Lean hog futures closed 40 to 75 cents higher.
- Live Cattle: Live cattle futures favored a firmer tone on the close after a choppy day of trade.
||Other reports affecting agriculture
||Links to top news reports
with potential U.S. ag impact
Wall Street Journal (subscription to site required for access)
- Trade, Jobs Data Paint Gloomy Picture Before Bush's G-20 Economic Summit Trade data showed impacts of the global slowdown in that both the level of exports and imports shrank, with the trade picture turning slightly positive in the form of a narrowing of the trade gap. However, the overall picture on the U.S. and world economy is painting a gloomy backdrop for the G20 summit this weekend.
As Exports Decline, Germany Slips Into Recession
Japan, China Offer Large Financial Aid Packages
Iceland Awaits Loans as Donors Hesitate
China's 4% Fall in Electricity Output May Portend Worse Economic Slump
That G-20 Show Editorial.
- Will Funds Hit Commodities? The item notes there is potential for more hedge-fund liquidation in commodities, noting the rules of many hedge funds require investors to give notification by Nov. 15 if they want to withdraw money by year's end.
- Chances Are Slim for Stimulus, Auto Aid Till '09 Stiff Republican Resistance Could Force Democrats to Wait for Obama and Their Party's Enlarged Majority to Take Office. Democrats are signaling that Republican opposition to providing further aid to the U.S. auto industry may keep that off the table as something Congress pursues until they have bigger majorities in both the House and Senate and control of the White House.
Treasury Draws Fire for Shift in Rescue
Ratings Cut for Makers of Auto Parts
- Budget Blue Dogs Are Still on Guard Letter to the editor by Rep. Jim Cooper (D-Tenn.). The writer disputes an editorial by the paper lamenting the loss of pay-go budget rules, saying his 'blue-dog' Democrat coalition will keep fighting that spending be paid for.
- Wal-Mart Flourishes as Economy Turns Sour. Wal-Mart said earnings for the third quarter rose 9.8% while sales rose 7.5%. At stores open at least a year, sales rose 3%, twice as much as a year before, and far better than nearly every other U.S. retailer.
- Banks Wage Rate War for Deposits Consumers Benefit as Institutions Move to Shore Up Funds, but Profit Margins Suffer A national "price war" is emerging among banks as they seek to boost interest rates on deposits in an effort to woo consumers to deposit their funds there. It creates an interesting situation: Those who don't attract more deposits don't have the funds for loans, but those that do attract deposits by raising interest rates may negatively impact their profit margins.
- OPEC to Meet in Attempt to Halt Oil-Price Decline . OPEC ministers will meet Nov. 29 and most likely will approve reductions in output as oil prices continue to slide. Word of the session came as oil prices hit a 22-month low.
- U.S. Restricts China Milk Products FDA Forces Importers to Prove Shipments Contain No Melamine After Positive Tests FDA took the step of requiring importers to prove that shipments of products contain no melamine. That came after FDA conducted 60 tests of of milk products as candy and crackers found traces of melamine in some and a melamine-related compound in others. Products being held in U.S. ports include baby food, baked goods, breakfast food, candies, chocolate products, cheese, ice cream, beverages, pet food and lab-animal food. However, no illnesses have been reported in the U.S. due to Chinese milk products.
- PacifiCorp Agrees To Remove Dams. The energy company has agreed to remove four dams from the Klamath River, a move which would bring to a close a nasty water fight and could set the stage for resolution of other similar issues in the future.
New York Times (registration to site required)
||Monitoring the countryside
Fargo Forum (North Dakota)
Des Moines Register (Iowa)
|Laughing with, not at
||From political humorists
David Letterman: "Today is Veterans Day. John McCain laid a wreath at the Tomb of the Unknown Plumber."
David Letterman: "John McCain is great, by the way. He's back at his full-time job, yelling at people who park in front of his house."
Jimmy Kimmel: "Obama said his favorite part of the tour was when the President showed him the secret dial under his desk that he uses to control the price of gasoline."