Snapshot of news and events for today
||Major world indicators
- The 225-issue Nikkei Stock Average was down 153.37 points, or 1.6 percent, to 9,298.61.
- The dollar was at 97.69 yen from 97.60 yen.
Monday's U.S. Markets...
- The Dow Jones Industrial Average fell 155.88, or 1.8 percent, to 8,418.77. The Nasdaq Composite Index fell 7.76, or 0.5 percent, to 1,731.24.
- The 10-year Treasury note yield fell to 3.17 percent from 3.29 percent late Friday.
- The dollar was at 97.42 yen from 98.46 yen, while the euro was at $1.3584 from $1.3628 late Friday.
||Yesterday's action and
What happened the prior trading day...
- Corn: Futures settled narrowly mixed and in the upper end of the range after a choppy day of trade.
- Soybeans: Futures saw a choppy day of trade, but found short-covering support into the close to finish mostly stronger.
- Wheat: Futures saw a choppy day of trade and closed mixed. Chicago wheat closed steady to marginally lower, with Kansas City around 1 cent higher in most contracts.
- Cotton: Futures rallied into the close to end higher and post bullish reversals on the daily price charts.
- Lean Hogs: Lean hog futures saw a choppy day of trade, but finished steady to lower.
- Live Cattle: Live cattle futures closed with slight gains and in the upper end of the day's range.
||Other reports affecting agriculture
||Links to top news reports
with potential U.S. ag impact
Wall Street Journal (subscription to site required for access)
- Climate-Bill Breaks Bode Ill for Deficit The Obama administration revised the fiscal 2009 deficit upward by $89 billion to $1.84 trillion, 12.9% of the economy and a level not seen since 1945. Next year's deficit forecast was raised $87 billion, to $1.26 trillion. But the administration also warned that the red ink could swell if lawmakers trim revenue that is supposed to be generated by climate change efforts.
White House Unveils Tax-Rate Details
- Hoping to Make Food Safer, States Decide to Go It Alone. Some states and local governments, frustrated at the pace of action by the U.S. government on food safety issues, have begun to put their own stricter rules in place. The concern is that this could lead to a host of different standards that will create numerous challenges for food companies. Others think it will push the federal government to act.
- Soda Tax Weighed to Pay for Health Care Lawmakers are mulling a tax on sugary sodas and fruit juices as a way to pay for proposed health care reforms. Although the discussions are mostly being held in private right now.
- Central Bankers See Turning Point Near . While not yet ready to forecast when a turnaround will happen, European central bankers said Monday they believe there are signs of a turning point. But a return to growth for the U.S., Japan and Germany may be a ways off yet.
European Banks Take Stress Hit
- U.S. Signals More Scrutiny of Mergers, Antitrust. The Obama administration says signaled a sharp turn from the Bush administration's more forgiving approach, arguing the economic crisis called for more antitrust enforcement.
- Short Selling Dropped in Late April. Data from the New York Stock Exchange and the Nasdaq Stock Market indicate that the level of short selling declined in April.
New York Times (registration to site required)
- Obama's Push for Health Care Cuts Faces Daunting Odds In a session with health care industry representatives, President Obama hailed the gathering as a watershed moment. The industry voluntarily offered $2 trillion in cost reductions over 10 years. But the article points out those commitments of savings may not be realized. And there is still resistance within the industry to some of the administration's proposals on health care reform.
- French Find Safety Nets Multiplying in Pastures Some French are "investing" in dairy cattle as they note the return on the investment can run 4% to 5% via the sale of offspring versus bank interest rates at 1% or below.
- Swine Flu Migrates to China and Japan China and Japan have now confirmed the presence of the H1N1 flu virus in their countries, while Mexico is starting to see some resumption of normal activities such as children returning to school and more.
- Prices Fall To Match A New Frugality Retailers Respond To Shopping Habits Forged in Recession Some retailers are developing products to sell at lower prices as they seek to address the new attitude that consumers have of trying to find more bargains.
- Despite Stimulus Funds, States to Cut More Jobs Budget Shortfalls Prompt Mass Layoffs States are laying off workers as they say their budgets are running behind even though the economic stimulus package $135 billion to limit layoffs in state governments
|Laughing with, not at
||From political humorists
Jay Leno: "Hey," did you "watch 'Oprah' yesterday? Ooh, very exciting. Elizabeth Edwards attacked her husband's mistress. John Edwards' mistress, yeah. Somehow John Edwards convinced his wife it was the mistress' fault and she seduced him. Guys, let me tell you something. Don't try this with your wife, okay? John Edwards is a politician and a trial lawyer. That means he is a professional liar. He knows how to do this. You cannot get away with this. It will not work for you."