Geithner In As Treasury Sec.

January 26, 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 jumped 378.93 points, or 4.9 percent, to 8,061.07.

  • The dollar was at 89.14 yen from 89.25.

Monday's U.S. Markets...

  • The Dow Jones Industrial Average rose 38.47,or 0.48 percent, to 8,116.03, only the sixth day up for the Dow this month. The Nasdaq Composite Index rose 12.17, or 0.82 percent, to 1,489.46.

  • The 10-year Treasury note yield rose to 2.65 percent from 2.62 percent late Friday. 

  • The dollar was at 89.02 yen from 88.85 yen, while the euro was at $1.3176 from $1.2985 late Friday.

Ag futures Yesterday's action and
overnight indicators

What happened the prior trading day...


  • Corn: Futures saw trade on both sides of unchanged, but closed mostly around 3 cents higher, which was mid-ranged for the day.
  • Soybeans: Futures opened higher and sharply extended gains before profit-taking entered the market. Futures closed steady to around 2 cents higher.

  • Wheat: Futures finished mostly around 9 cents higher, which was mid-range for the day.
  • Cotton: Futures opened mixed but ended sharply higher, posting a high-range close.
  • Lean Hogs: Lean hog futures opened with a mixed tone but quickly moved lower and extended losses, finishing 82 cents to $1.62 lower.
  • Live Cattle: Live cattle futures opened higher, but closed slightly lower, finishing 20 to 45 cents lower.

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

Jan. 26

Grain Inspections (A)
Poultry Slaughter (N)

 

27

Weather - Crop Summary (N)
 

28

Broiler Hatchery (N)
Vegetables Annual Summary (N)

29

U.S. Export Sales (F)
Peanut Stocks and Processing (N)
Sugar and Sweeteners Outlook
(E)

30

Dairy Products Prices (N)
Agricultural Prices (N)
Catfish production (N)
Cattle (N)
Egg Products (N)
Sheep and Goats (N)
Potatoes and Sweet Potatoes Final Estimates 2003-2007 (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)

  • Price Cuts Spur Home Sales Largest Monthly Gain Since 2002, but Economists Warn of Sluggish Season Ahead While home sales rose 6.5% from month ago, they were still down from year-ago levels and economists say with more layoffs announced recently, the trend of improvement may not last long.
  • White House Aims to Defuse Furor Over China's Yuan Policy. The Obama administration was seeking to calm the waters in the wake of comments by Treasury Sec. Geithner in his confirmation hearing that President Obama believes China manipulates its currency.
  • Postpartisan Era Gets Early Test The item notes the real test is going to be the economic stimulus package and that the best hope for bipartisanship may actually lie in the Senate as House Republicans are already attacking Democrats on the stimulus plan.
    Related item:
    Obama's EPA Move Likely to Spur Fight

  • Tyson Posts Loss, but Outlook Is Plucky Tyson Foods reported a loss in its most recent quarter but said efforts to address the situation will return the firm to profitability within the next two quarters.
  • Humane Husbandry Is Good All Around Letter to the Editor by Michael Markarian with the Humane Society of the U.S. The writer dispute charges that California's new law on raising livestock will cost the industry dearly.

New York Times (registration to site required)

Washington Post

  • Layoffs Cut Deeper Into Economy As Recession Hits Most Industries, Corporate Giants Slash Jobs In all, 22 of the 30 companies that are part of the Dow Jones industrial average have announced job cuts since the economy took a nosedive in October
  • Stimulus Bill Sends Thrill Through Region Local Officials Drawing Up Wish Lists The states around Washington, DC, are eying the stimulus plan as a potential source of funds for road projects and other things.
  • The Effort to Roll Back Bush Policies Continues The article chronicles some of the regulatory changes the Obama administration has taken this week as it seeks to rollback some of the Bush admin. regulations.
    Related item:
    Obama Issues Orders Toward More Fuel-Efficient Cars

  • House Plan Offers 'Noticeable Impact' CBO Sees 65% Spent by End of Fiscal 2010 An analyst from the Congressional Budget Office said that two-thirds of the spending and tax cuts in the House stimulus plan would be into the U.S. economy by the end of fiscal 2010. But that would be just short of the goal some want of getting 75% of the month out the door in the next 19 months.
Ag media Monitoring the countryside

Omaha World-Herald (Nebraska)

  • Ethanol not so wasteful, report says Research by the University of Neb. (Lincoln) indicates ethanol production is more efficient and produces more energy than previously expected.

Des Moines Register (Iowa)

  • USDA seeks to hone subsidy rules The Obama administration will have another 60-day comment period on the issue of actively engaged in farming. The Bush administration had published its determination on this issue, but the Obama team wants to take another look at the situation.
Laughing with, not at From political humorists

Jay Leno: "You all heard about that, how" Supreme Court Chief Justice John Roberts "screwed up the oath of office. Then the other night, Roberts went to the White House, and they did it over again, which is completely unprecedented. That's never happened. Not messing up the oath, having someone in government actually go back and fix something."

Jay Leno: "Illinois Governor" Rod Blagojevich's, "impeachment trial is scheduled to begin on Monday," so it "looks like Illinois is going to break even." They will "have one politician sitting in the White House," and the "other one sitting in the big house."

Craig Ferguson: "And of course this was the inauguration week in Washington," and they "have been hauling rubbish out" in its wake. In fact, "130 tons of garbage" have been "hauled out of Washington. And that's not including the previous administration."


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