Snapshot of news and events for today
||Major world indicators
- The 225-issue Nikkei Stock Average rose 264.37 points, or 3.2 percent, to close at 8,660.24.
- The dollar bought 92.52 yen, compared with 92.60 yen late Tuesday.
Tuesday's U.S. Markets...
- The Dow Jones Industrial Average fell 242.85, or 2.72 percent, to 8,691.33. The Nasdaq Composite Index fell 24.40, or 1.55 percent, to 1,547.34.
- The 2-year Treasury note rose 6/32 to 100 25/32 and its yield fell to 0.85 percent from 0.94 percent late Monday. The 10-year note rose 25/32 to 109 17/32 and its yield fell to 2.65 percent from 2.75 percent. The 30-year bond rose 2 21/32 to 128 5/32 and its yield fell to 3.04 percent from 3.16 percent.
- The dollar was at 92.12, down from 92.97, while the euro was at $1.2929, from $1.2940 late Monday.
||Yesterday's action and
What happened yesterday...
- Corn: Futures posted a choppy day of trade, but finished mostly 1 to 2 cents lower and near session lows.
- Soybeans: Futures finished 7 1/4 to 10 1/2 cents lower, which was near session lows.
- Wheat: Futures finished fractionally to 2 cents lower in Chicago and Kansas City, while Minneapolis wheat closed mixed with most contacts 2 to 4 cents lower.
- Cotton: Futures closed sharply lower after seeing initial strength.
- Lean Hogs: Lean hog futures closed with a mixed tone after favoring the downside in early price action.
- Live Cattle: Live cattle futures traded on both sides of unchanged, but closed slightly to moderately lower and near session lows.
||Other reports affecting agriculture
||Links to top news reports
with potential U.S. ag impact
Wall Street Journal (subscription to site required for access)
- Governor Is Arrested on Graft Charges In Illinois, Blagojevich Is Accused of Seeking to Sell Obama's Senate Seat; Five-Year Corruption Probe Illinois Gov. Rod R. Blagojevich (D) and a top aide were arrested on charges relating to political corruption -- what prosecutors labeled "a political-corruption crime spree," possibly including "selling" the open U.S. Senate seat that was held by President-elect Obama.
Obama Ties in the Spotlight
Tribune Finds Big News on Doorstep
Local Leaders Push for Blagojevich to Resign
- Washington Maps Pact for Bailout of Big Three The plan was labeled an "agreement in concept" and was negotiated between congressional Democrats and the White House. However, prospects for passage remain unclear as Republicans haven't committed to the package as of yet.
The Bailout That Won't
Bush and Detroit Review & Outlook item.
Detroit Aid Gets Tepid Support in Poll
- Specifics of Stimulus Take Shape Democratic Leaders Resist Growing Push for a Package Larger Than $500 Billion Lawmakers are continuing to craft a stimulus package that focuses on jobs and infrastructure spending, although there is some resistance to pushing the package price tag beyond $500 billion. And there are issues on infrastructure spending and how it would be disbursed as President-elect Obama has signaled the old ways of doling out money won't work in his administration.
Pressure Mounts on Merkel for Bigger Fiscal Boost
Squeezed Restaurants Shed Jobs
Panel to Criticize Handling of Bailout
Stimulus Shouldn't Be an Excuse for Pork Commentary item.
- Hong Kong Culls Chickens After Avian Flu Return. Some 80,000 birds were culled in an effort to head off the disease.
- FDA Calls Off Ban on Animal Antibiotics. The FDA reversed course and will not ban the use of cephalosporin drugs in cows, swine, chickens and other animals.
New York Times (registration to site required)
||Monitoring the countryside
Fargo Forum (North Dakota)
- Soggy fall hurts Minn-Dak The article looks at highlights of the company's annual meeting, including wet fall conditions that cost the co-op $36 million.
Wichita Eagle (Kansas)
- Ag expert: Don't count on subsidies An Iowa consultant challenged farmers at a Wichita meeting to put together their budgets without counting on farm subsidies to be a part of the equation. He also urged them to take several other actions, including going more "green."
Omaha World-Herald (Nebraska)
Des Moines Register (Iowa)
- Meat plant oversight is weak, USDA says A report by USDA's inspector general says meat plant inspectors weren't aware of violations that occurred at a Chino, Calif., slaughter plant, as they don't watch all areas of the plant and thus could miss things.
|Laughing with, not at
||From political humorists
Jay Leno: "Insiders say that President Bush and his wife Laura have already bought a home in Dallas, Texas, to move into after they leave the White House. And if this turns out to be true, this would be the first time in his Presidency he's actually had an exit strategy."
Jay Leno: "President-elect Barack Obama was on 'Meet the Press' yesterday, and he told the American people the economy was 'going to get worse before it gets better.' ... See, that's when you know the campaign is really over. Remember before the election? 'The audacity of hope!' 'Yes, we can!' 'A change we can believe in!' Now it's, 'We're all screwed.'"
Jay Leno: "Senator Chris Dodd said the CEO of GM should resign as part of any bailout deal. His feeling is if you run up a giant deficit, and you don't give the American people what they want, you should resign. Wait, how did" Dodd "keep his job?"
David Letterman: "Let me just say a word about these jokes that I am telling right now, ladies and gentlemen. Like President-elect Obama says, 'It's going to get worse before it gets better.'"
Conan O'Brien: "This weekend, at a Kennedy Center Awards ceremony, Barbra Streisand kissed President George W. Bush. Yeah. The ultimate liberal kissed President George W. Bush. Yeah. Afterward, Bush said, 'Who was that guy?'" me: recall, in entirety