Snapshot of news and events for today
||Major world indicators
Tuesday's U.S. Markets...
- The Dow Jones Industrial Average fell 381.99, or 4.62 percent, to 7,888.88 -- its biggest drop since Dec. 1, 2008. The Nasdaq Composite Index fell 66.83, or 4.20 percent, to 1,524.73.
- The 10-year Treasury note yield fell to 2.82 percent from 2.99 percent late Monday.
- The dollar was at 90.29 yen, down from 91.44 yen, while the euro was at $1.2884, down from $1.3013 late Monday.
||Yesterday's action and
What happened the prior trading day...
- Corn: Futures quickly extended early losses, but finished near session highs, closing marginally to 1 cent lower.
- Soybeans: Futures finished mostly 6 to 8 cents lower, which was mid-range for the day.
- Wheat: Futures closed mid-range after seeing sharp losses in morning trade. Chicago wheat closed 7 to 9 cents lower.
- Cotton: Futures finished sharply to limit lower, pressured by Tuesday morning's USDA February S&D Report.
- Lean Hogs: Lean hog futures closed sharply higher in most contracts amid short-covering.
- Live Cattle: Live cattle futures favored gains through the day, with futures finishing 7 to 55 cents higher.
||Other reports affecting agriculture
||Links to top news reports
with potential U.S. ag impact
Wall Street Journal (subscription to site required for access)
- Market Pans Bank Rescue Plan Treasury Secretary's Announcement Short on Details About Bad Assets, Mortgages Officials in the Obama administration say the lack of details in the financial plan unveiled Tuesday by Treasury Sec. Geithner was intentional and said they will work with both Congress and the public to fully develop their plans. Geithner also stressed it will cost money and take time to work, and that policymakers may not always get it right.
Treasury Secretary Gets a Chilly Reception
Wall Street Criticizes 'Bad Bank'
Finding a Way to Stem Foreclosures Proves Tricky
- Obama Seeks to Restore Some Stimulus Spending. President Obama is now trying to bring some spending efforts back into the economic stimulus plan as negotiations get underway with the House and Senate to iron out differences in their plans. But moderate Senate lawmakers stress the plan needs to be around $800 billion and be very close to the Senate plan in order to keep their support.
Tax Break Divides Large, Small Builders
Handful of Firms Benefit in Senate Bill
What It Would Take for Stimulus to Work
Why Markets Dissed the Geithner Plan Opinion item.
- Commodity Price Dive Hits Latin Economies The downturn in commodity prices and drought in portions of Argentina are two factors which are adding to difficulties in Latin America. The item notes Brazil swung to a trade deficit in January on slumping commodity sales.
- Peanut Corp. Shutters Plant in Texas After tests found the presence of salmonella, Peanut Corp. closed their Texas plant, adding to woes for the firm after the FBI raided its Georgia facility and top executives of the firm have been called to testify today to a House panel. Some peanut farmers say they don't have production contracts for the year yet, which is causing some concern on their ability to secure inputs and financing for the growing season.
- China Drought Persists, Threatening Wheat Crop. Even though the drought is labeled the worst in 50 years, officials are still confident that food supplies will not be significantly affected by drought.
- Monsanto Forecasts Profit Increase The company said that success of its latest corn products in Argentina and Brazil would offset an expected dip in its Roundup herbicide business over the next three years.
New York Times (registration to site required)
- Tom Vilsack, The New Face Of Agriculture. The question and answer session with Vilsack sheds more light into what drives the new USDA chief, including a battle with weight since he was a child.
- Wall Street Slams Plan With Sell-Off Geithner Vows Bold Action But Offers Scant Details On Mortgages, Toxic Assets Despite pledging aggressive action by the government when it comes to the second installment of TARP funds, markets slumped after the plan was revealed in part due to a lack of solid details on how the plan would work.
Geithner Plan Lacks Freshness And Clarity
Prospective Buyers of Toxic Assets Wary of Plan
- States Counting on Stimulus Aid to Balance Budgets As Lawmakers Reconcile Two Bills, Governors Root for House Version State officials are said to be pushing for Congress to adopt something like the House version of the stimulus package as it contains more funds for states. The House bill provided $39 billion for state education budgets, $15 billion for incentive grants and innovation, and $25 billion that governors could use at their discretion. The Senate cut the education aid to $31.3 billion and the incentive money to $7.5 billion, and it eliminated the $25 billion in discretionary funding.
- Peanut Company Shuts Second Plant Salmonella Found at Its Texas Facility The company at the center of the salmonella contamination in peanut butter has now shut its Plainview, Tex., plant after salmonella turned up there.
||Monitoring the countryside
Omaha World-Herald (Nebraska)
|Laughing with, not at
||From political humorists
Craig Ferguson: "Another one" of President Barack Obama's nominees "is having tax issues, which proves one thing: The Democrats like raising the taxes," but "they hate paying them."