GM Enters Bankruptcy

May 31, 2009 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 155.25 points, or 1.6 percent, to 9,677.75.

  • The dollar was at 94.55 yen from 95.33 yen in late New York trading Friday.

Friday's U.S. Markets...

  • The Dow Jones Industrial Average rose 96.53, or 1.2 percent, to 8,500.33 -- up 2.9 percent for the week and 4.1 percent for the month. The Nasdaq Composite Index rose 22.54, or 1.3 percent, to 1,774.33 -- up 4.9 percent for the week and 3.3 percent for the month.
  • The 10-year Treasury note yield fell to 3.46 percent from 3.62 percent late Thursday after hitting a six-month high of 3.75 percent on Wednesday.

  • The dollar was at was at 95.27 yen from 96.92 yen, while the euro was at $1.4140 from $1.3941 late Thursday.

Ag futures Yesterday's action and
overnight indicators

What happened the prior trading day...


  • Corn: Futures "marked time" this week in the choppy consolidation phase.
  • Soybeans: Spread unwinding was seen again this week, as gains for new-crop futures outpaced old-crop.

  • Wheat: Chicago wheat has followed Kansas City and Minneapolis futures higher, as quality concerns in SRW country aren't enough of a production scare to support the market.
  • Cotton: Futures extended the decline after the Memorial Day holiday, as buying was limited to short-covering.
  • Lean Hogs: Lean hog futures faced sharp pressure to end the week, with contracts posting fresh contract lows.
  • Live Cattle: Live cattle futures faced spillover pressure from the hog pit, with June cattle finishing the week about $1.20 below the prior week's close to return to the bottom of the choppy trading range.

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

June 1

Grain Inspections (A)
Crop Progress (N)

2

Weather - Crop Summary (N)
Sugar and Sweeteners Outlook (E)

3

Broiler Hatchery (N)

4

U.S. Export Sales (F)
Dairy Products (N)

5

Dairy Products Prices (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)

  • New Era in Autos as GM Set for Bankruptcy A host of scenarios are discussed as the automaker is expected today to file for Chapter 11 bankruptcy in a process that presents many potential potholes for the government as it would at least initially emerge as the key owner.
    Related items:
    GM Bondholders Back Debt for Equity
    GM Closes In on Sale of Hummer
    Potential Conflicts Abound in Government Role
    •Remnants of 'Old GM' to Linger
    Ford Seeks to Gain Amid Rivals' Pain
    Workout Will Produce Shared Stress Throughout the Auto Business
    Filing Has Potential to Lift Economy in Long Term
    Fallout to Reach Consumers
    The Obama Motor Co.
    Editorial.
  • Cuba, U.S. Reopen Talks. Cuba has said it is willing to restart talks with the U.S. on the issues of legal immigrants and direct mail service between the island nation and the U.S.
  • Retailers Feel Mixed Impact From Foreclosures Officials from companies like Home Depot and Lowes see some potential plusses to foreclosures in terms of updating that needs to be done in homes, but some note the level of foreclosures is still on the rise and that is potentially a negative for those in the business of selling products to homeowners.
    Related item:
    Home Builders' Losses Expected to Narrow

  • Investor Hopes for Rising Oil Demand Aren't Borne Out by Reality While investors appear to be betting on improved demand for oil as they push oil prices higher, forecasts for demand are still not that robust which is prompting some to fear the
  • Biomass Power Generates Traction A growing number of non-traditional electricity production methods are gaining ground, including solar and wind.
    Related item:
    Surplus, Price to Aid Homes

New York Times (registration to site required)

Washington Post

  • U.S. Gets Majority Stake in New GM Firm's Investors Cry Foul Over Bankruptcy Plan The storied automaker has started the bankruptcy process with a total infusion of money from the government between prior and new aid of $50 billion. However some say the effort favors the labor union over investors.
  • In Cox Years at the SEC, Policies Undercut Action Red Tape Halted Cases, Drove Down Penalties The item looks at how things ran at the Securities & Exchange Commission during the tenure of Christopher Cox.
  • In 2010 Senate Races, Democrats Keep Beating Up on Bush Democrats are continuing to pursue a strategy for 2010 elections that keeps tying Republican candidates to former President George W. Bush.
Ag media Monitoring the countryside

Omaha World-Herald (Nebraska)

Des Moines Register (Iowa)

Laughing with, not at From political humorists

Jay Leno: "As you know, this is our last show. ... I want to thank all the people that made it possible: Michael Jackson; Monica Lewinsky; Bill Clinton."

Jay Leno: "Do you realize when I started this show, my hair was black and the President was white?"

Jay Leno: "There were some tense moments yesterday here in Los Angeles with President Obama. A female reporter...carried, kicking and screaming, away from Air Force One after she insisted on handing President Obama a letter. They picked the woman up, forcibly, carried her away. Same thing they did when Joe Biden tried to get on the plane."


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