Markets Respond to Gov't Plans

September 18, 2008 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 431.56 points, or 3.8 percent, to 11,920.86. 

  • The dollar bought 107.26 yen, compared with 104.88 yen late Thursday.

Thursday's U.S. Markets...

  • The Dow Jones Industrial Average soared 410.03, or 3.86 percent, to 11,019.69 -- its biggest percentage point gain since October 2002. The Nasdaq Composite Index advanced 100.25, or 4.78 percent, to 2,199.10.
  • The 10-year Treasury note was down 7/32 point, or $2.1875 for every $1,000 invested, to yield 3.436 percent. 

  • The dollar traded at 105.65 yen from 104.74, while the euro was at $1.4305 from $1.4352 late Wednesday.

Ag futures Yesterday's action and
overnight indicators

What happened yesterday...


  • Corn: Futures opened slightly higher, but quickly turned lower and sharply extended losses as sell stops were triggered.
  • Soybeans: Futures opened steady to weaker after trading firmer in overnight trade.

  • Wheat: Futures opened mixed but closed sharply lower on spillover from outside markets and neighboring pits.
  • Cotton: Futures saw two-sided trade, but closed slightly lower on spillover from general commodity weakness.
  • Lean Hogs: Lean hog futures opened mostly higher, but then fell on pressure from outside markets.
  • Live Cattle: Live cattle futures opened mostly firmer, but turned sharply lower as sell stops were triggered amid economic concerns.

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

Sept. 15

Grain Inspections (A)
Oil Crops Outlook (E)
Rice Outlook (E)
Cotton and Wool Outlook (E)
Crop Progress (N)

16

Weather - Crop Summary (N)
Feed Outlook (E)
Wheat Outlook (E)
Meat Price Spreads (E)

17

Broiler Hatchery (N)

18

U.S. Export Sales (F)
Milk Production (N)

19

Dairy Products Prices (N)
Livestock, Dairy, and Poultry Outlook (E)
Cattle on Feed (N)
Hop Stocks (N)
Livestock Historical Track Records (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)

  • U.S. Drafts Sweeping Plan to Fight Crisis As Turmoil Worsens in Credit Markets Paulson Briefs Congress on Idea to Buy Bad Assets From Banks, Insure Money-Market Funds; Stocks Rebound Sharply The market recovery came as lawmakers were briefed on a plan by Treasury Sec. Paulson that centers on a mechanism that would take bad assets off the balance sheets of financial companies. The administration said they would like legislation to enact the plan and House Financial Services Committee Chairman Barney Frank (D-Mass.) backed such an idea, saying his panel could vote on a package next week.
    Related items:
    Street Scenes: The Players Remaking Financial World
    Wall Street's Ills Seep Into Everyday Lives
    Bailouts Turn Up Heat on Fed Chief
    U.S. Economy's Prospects Worsen
    Central Banks Pump Out Cash
    Behind the Fed Moves, and What's Next
    Bush Defends U.S. Moves
    Fed Lent $121 Billion on Week

    In Crisis, Fingers Point at Mark-to-Market Rule
    Be It Resolved. Editorial.
  • SEC Is Set to Issue Temporary Ban Against Short Selling The Securities & Exchange Commission (SEC) is expected to at least temporarily ban short selling and could announced that and other steps as soon as today. However, it's not clear if the short selling would be limited and how long it might last.
  • China Seeks to Lift Market by Raising Stake in Major Banks Beijing said an arm of China's $200 billion sovereign-wealth fund will increase its shareholding in the nation's three largest banks with direct purchases on the market, while other government entities will be encouraged to load up on stock in listed companies that they control.
  • FDA Plans Rules for Modified Food Animals Guidelines to Focus on Safety Issues, Claims of Producers. FDA would require regulatory approval before any genetically engineered animals could be sold as food.
  • Democrats Narrow Priorities Stopgap Bill Could Include Some Items From Stimulus Plan Indications are Democrats could include some provisions from their planned economic stimulus plan in a measure to keep the government funded past the end of the fiscal year, lowering expectations a separate stimulus package will become reality.
  • Heartland's Small-Town Decline Started Long Ago. Letters to the editor. The writers all take issue with a column by Frank Thomas in which he blamed Republican actions for the demise in small towns in the United States.
  • Chinese Dairies Face a Worsening Crisis Slow Response to Tainted Formula Fans Consumer Fears. Some Chinese dairies say they are dumping milk as there are no buyers in the wake of tainted infant formula sickening more than 6,000 infants and killing four.
  • ConAgra Hurt by Hedges Food Company Shows Planning Ahead, Sometimes, Can Sting. The firm said its loss "principally a result of decreases in commodity costs for certain inputs being hedged (primarily corn, soybean oil and natural gas)." But they also noted they "expect that hedging gains and losses will be largely offset over time by actual input costs being higher or lower than planned, or by increases or decreases in values of derivative hedge positions."

New York Times (registration to site required)

Washington Post

Laughing with, not at From political humorists

Jay Leno: "I swung by my bank today to make a withdrawal. It's now a nail salon," so that is "not a good sign."

Jay Leno: "The Federal Reserve has just loaned the AIG insurance company $85 billion to keep it afloat." That "is almost as much money as Barack Obama raised last night in Beverly Hills."

Jay Leno: "I had a great dinner last night." Put "on a Barbra Streisand CD, ordered Domino's, saved $28,488."

Jay Leno: "Last night, Barack Obama hosted a dinner with Barbra Streisand singing. It was $28,500 a plate. ... But, to be fair, that did include an all-you-can-eat salad buffet."

Jay Leno: "I guess the food was pretty exotic. The main course was roasted pig in a lipstick glaze."

Craig Ferguson: "The big news story today is...Sarah Palin. Every day, Sarah Palin. And it is not exactly hard-hitting stuff. I haven't seen the media fawn over a celebrity this much since -- Barack Obama."


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