GDP Data Raises Expectations for More Bad Economic News

October 30, 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 lost 452.78 points, or 5 percent, to close at 8,576.98 points.

  • The dollar bought bought 97.52 yen, compared with 97.49 yen late Thursday.

Thursday's U.S. Markets...

  • The Dow Jones Industrial Average rose 189.73, or 2.11 percent, to 9,180.69. The Nasdaq Composite Index rose 41.31, or 2.49 percent, to 1,698.52.
  • The 2-year Treasury note fell 2/32 to yield 1.576 percent. The 10-year note was off 15/32 to yield 3.920 percent.

  • The dollar traded at 98.53 Japanese yen, up from 97.18 yen, while the euro was at $1.2920, down from $1.2941 late Wednesday.

Ag futures Yesterday's action and
overnight indicators

What happened yesterday...

  • Corn: Futures closed mostly around 10 cents lower, which was a mid-range close.
  • Soybeans: Futures saw a choppy day of trade, but favored the downside throughout the day.

  • Wheat: Futures opened weaker and extended losses to finish mostly around 22 cents lower in Chicago.
  • Cotton: Futures closed sharply lower on spillover pressure from losses in the crude oil and gold markets.
  • Lean Hogs: Lean hog futures remained under pressure through the day, with nearbys leading losses.
  • Live Cattle: Live cattle futures closed 45 cents to $1.85 higher, which was off session highs.

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)






Oct. 27

Grain Inspections (A)
Crop Progress (N)


Weather - Crop Summary (N)
US and Canadian Hogs (N)
Poultry Slaughter (N)


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


U.S. Export Sales (F)
Rice Stocks (N)
Fruit and Tree Nuts Yearbook (E)


Dairy Products Prices (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)

  • Banks Owe Billions to Executives The paper analyzed information on pensions, etc., owed to executives of firms that are getting financial help from the government and found them to be sizable. They note in some cases, it exceed what they owe in pensions to their entire work forces.
    Related item:
    Barclays Near Private Deal for Infusion of $9.8 Billion

  • Data Stoke Campaign Battle Over Economy GDP Shrinks 0.3% in Latest Quarter; Debate on Stimulus The latest GDP data and expectations that the information will continue to get worse before it gets better have played into Democrats' hands relative to the election and given them another issue to use in their election battles.
    Related item:
    Paulson Gears Up Transition Plan

  • Japan Unveils $51.5 Billion Stimulus Japan announced its second stimulus package in two months, a move designed to help keep its economy moving.
    Related items:
    German Government Plans Fiscal Stimulus

    Euro-Zone Confidence Slumped in October
  • Hong Kong Adds Tests For Melamine in Food. Given the the lack of a centralized response in China to the melamine contamination situation, Hong Kong has expanded its testing of several raw food products and has asked the central Beijing government to consider certifying eggs are free of melamine.

New York Times (registration to site required)

Washington Post

  • In Tightfisted Turn, Economy Contracts Drop in Spending Is Drag on Growth U.S. GDP data for the third quarter went into negative territory as consumer spending dropped sharply.
  • Former CEO of Iowa Kosher Meatpacking Plant Is Arrested The former CEO of Agriprocessors has been arrested on federal charges of harboring illegal immigrants. The federal charges are in addition to the $10 million in fines levied by the state of Iowa for labor violations.
  • Aso Offers Stimulus, Delays Vote in Japan Japanese Prime Minister Aso unveiled a second stimulus package and also will delay a national election. Indications are the latter may be a wise move as the potential exists that Aso and his government could lose power via such a vote.
Ag media Monitoring the countryside

Des Moines Register (Iowa)

Laughing with, not at From political humorists

David Letterman: "Hillary Clinton turned 61…yesterday. How about that?” Hillary and Bill "shared a quiet birthday dinner, followed by a quiet breakfast, followed by a quiet lunch.”

Craig Ferguson: "Today in the ‘Anchorage Daily News,' Alaska's largest newspaper, endorsed Barack Obama. … That's another newspaper Sarah Palin will never read.”

Conan O'Brien: "The other day, a guy who played a game of basketball against Barack Obama said that Obama spent the whole game trash talking. … He also said Obama's trash talking is ‘eloquent, high-minded, and inspirational.'”

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