Snapshot of news and events for today
||Major world indicators
- The 225-issue Nikkei Stock Average rose 80.04 points, or 0.9 percent, to 8,560.03.
- The dollar was at 97.76 yen from 97.63 yen.
Wednesday's U.S. Markets...
- The Dow Jones Industrial Average closed up 89.94, or 1.17 percent, at 7,749.81 -- up 18.4 percent since March 9. The Nasdaq Composite Index rose 12.43, or 0.82 percent, to 1,528.95.
- The 10-year Treasury note yield rose to 2.77 percent from 2.71 percent late Tuesday.
- The dollar was at 97.43 yen from 97.78 yen, while the euro was at $1.3597 from $1.3451 late Tuesday.
||Yesterday's action and
What happened the prior trading day...
- Corn: Futures finished 7 to 8 cents lower, which was on or near session lows.
- Soybeans: Futures were hit with profit-taking pressure through the day, posting double-digit losses in the teens in most contracts
- Wheat: Futures posted 20-plus cent losses in most contracts at all three exchanges, finishing near session lows as sell stops were triggered on today's violation of short-term uptrending support.
- Cotton: Futures managed to finish slightly higher despite price-negative trade in most outside markets.
- Lean Hogs: Lean hog futures closed 10 to 42 cents lower in all but the May contract, which finished 12 cents higher.
- Live Cattle: Live cattle futures closed moderately lower, while feeder cattle finished moderately to sharply lower in most contracts.
||Other reports affecting agriculture
||Links to top news reports
with potential U.S. ag impact
Wall Street Journal (subscription to site required for access)
- Geithner Wants New Rules to Check Risks Treasury Sec. Geithner today will propose tougher rules on how big companies manage their finances as well as tighter controls on some hedge funds and money-market mutual funds.
Geithner's Gaffe Briefly Hits Dollar
China and the Dollar Editorial
- Obama Asks Democrats to Preserve Budget Priorities President Obama called on lawmakers to maintain the priorities forwarded to the Hill in his budget plans, but lawmakers are making some changes. They won't include reconciliation for climate change legislation and whether that will apply to health care reform legislation remains to be seen.
- White House Leans Toward Tighter Enforcement of Taxes Administration officials laid out their priorities for tax policy, and signaled they will explore ways to better enforce the current code as well as improve it by eliminating corporate subsidies and untangling its many complexities.
Obama Administration Revives Tax Battle With Oil Industry
- Beef Industry Fights for Room at the Table Recession-Related Weakness Drives the Promotion of New, Cheaper Cuts and a Harder Push Overseas The industry is grappling with consumers eating less in restaurants but an increase in in-home beef consumption. Beef-industry representatives are also working with retailers to provide them with marketing alternatives designed to move meat out of coolers more quickly -- such as packaging four smaller steaks together instead of two larger ones. They're also encouraging supermarkets to put beef on sale.
- Auto Task Force Set to Back More Loans -- With Strings The task force set up to come up with a plan to help auto makers is said to be close to their recommendations, and don't back letting the car manufacturers go to bankruptcy. Rather, they are expected to call for sacrifices from management, unions and GM's bondholders.
- Gasoline Prices Creep Upward Along With Demand A slight uptick in demand is being noted for gasoline along with an upward move in prices.
Investors Link Rising Oil Prices To Improved Global Demand
New York Times (registration to site required)
- U.S. to Detail Plan to Rein In Finance World The plan is to be unveiled today by Treasury Sec. Geithner at a hearing and would focus on granting the administration powers over "systemically important” banks and other financial institutions that are so big that their collapse would jeopardize the economy as a whole. But traders are also keying on an expected provision that would require hedge fund, private equity and venture capital fund advisers to register with the S.E.C.
Geithner Reaffirms the Dollar's Role in the World
- Optimism Grows in Congress for Retooled Budget's Prospects While Democrats have retooled slightly the Obama budget plan in their initial work on it, they say it still maintain's the priorities sought by the administration -- green jobs, climate change-global warming, health care reform.
Budget Has Obama Courting Fellow Democrats
- Fargo Works to Hold Back Rapidly Rising River Residents were struggling to add another foot of sandbags to an already 12-mile long stack of them on top of a levy to try and keep the Red River from breaching the structure and threatening to flood the city.
- Investigators Find Source of Many Foods Untraceable Investigators found a quarter of food facilities were not even aware that they were supposed to be able to trace their suppliers. After buying 40 products, here's what the investigators found: Investigators successfully traced the source for only 5 of the 40 products, the report stated. Three of the traced products were egg cartons whose supply chain included only a farm and a retailer. For a tomato, a bag of ice, a bottle of fruit juice and a bottle of water, investigators were not able to even guess the product's supply chain. For 31 other products, investigators were able to identify only the likely suppliers.
||Monitoring the countryside
Fargo Forum (North Dakota)
- Flood coverage. This link takes you to the paper's News Section where a host of stories on efforts to address the rising floodwaters on the Red River are covered in depth.
|Laughing with, not at
||From political humorists
Jay Leno: "Earlier today, President Obama filled...three of the remaining top jobs at the Treasury Department. Their job" will be "to collect taxes from all the other cabinet members that haven't paid them yet."
Jay Leno: "Hey," you "hear about this? Very...strange incident at JFK Airport in New York City today. An AIG executive going through security had to empty out all his pockets. You know what fell out? Senator Chris Dodd."
Craig Ferguson: "President Obama held a big press conference earlier tonight. ... He's on TV a lot these days. The only way Obama could get more TV time is if he had eight babies."
Jimmy Kimmel: "Obama also repeated his support for Treasury Secretary Geithner, who unveiled his plan yesterday for the government to buy up the so-called 'toxic assets' from troubled banks and sell them to China, which will then make them into children's toys" and that "should solve the problem entirely."