Now Ethanol Blamed for Higher Gas Prices

June 17, 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 ended up 104.45 points, or 0.7 percent at 14,452.82.

  • The dollar bought around 108 yen after retreating from a four-month high of 108.59 yen on Monday.

Tuesday's U.S. Markets...

  • The Dow Jones Industrial Average fell 108.78 points, or 0.9 percent, at 12,160.30. The Nasdaq Composite Index slipped 0.7 percent, or 17.05 points, to 2,457.73.
  • The 2-year Treasury note advanced 8/32 to yield 2.907 percent. The benchmark 10-year note rose 19/32, yielding 4.205 percent. The 30-year bond gained 10/32 to yield 4.777 percent. 

  • The dollar traded at 107.95 yen, compared to 108.08 yen late Monday, while the euro rose to $1.5512, compared to $1.5478.

Ag futures Yesterday's action and
overnight indicators

What happened yesterday...


  • Corn: Futures finished 9 3/4 to 13 1/2 cents higher, which was on or near session highs.
  • Soybeans: Futures saw a mixed start to the day, but then turned sharply higher and posted a high-range close on another round of late-session buying.

  • Wheat: Futures found spillover from neighboring pits and posted high-range closes.
  • Cotton: Futures posted sharp losses and finished on or near session lows.
  • Lean Hogs: Lean hog futures closed 60 cents to $1.75 higher, as nearby contracts led gains.
  • Live Cattle: Live cattle futures ended higher in all but the June contract Tuesday, but managed only a mid-range close in most contracts.

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 16

Grain Inspections (A)
Crop Progress (N)

17

Weather - Crop Summary (N)
Livestock, Dairy, and Poultry Outlook (E)

18

Broiler Hatchery (N)
Milk Production (N)

19

U.S. Export Sales (F)
Feed Outlook (E)
Cherry Production (E)
Wheat Data (E)
Feed Grains Database (E)

20

Dairy Products Prices (N)
Livestock Slaughter (N)
Catfish Feed Deliveries (N)
Catfish Processing (N)
Cattle on Feed (N)
Cold Storage (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)

  • Floodwaters Add to Pressure on Gas Prices Ethanol prices are rising as corn prices have risen on flood waters in the Midwest and that could cause some increases in gasoline prices. But analysts say any such linked increase should be short-lived.
  • Argentine Congress to Debate Grain Tax Argentina's president will send a package containing the export tax which has prompted farmer protests to the country's legislature. Farmer representatives welcomed the move,
  • EU Rethinks Farm Subsidies, Seeks More Production Getting Nations To Cut Their Aid Remains Difficult The European Union is reexamining its policy of paying farmers to idle land based on farm programs that were aimed at preventing a collapse in food prices. Now that those prices are rising, EU officials are searching for ways to bolster production.
  • U.S., China Press for Economic Talks to Continue. U.S.-China talks continue in Annapolis, MD, this week and U.S. Treasury Sec. Henry Paulson hopes that there is enough progress from the sessions to encourage the next administration to keep them going.
  • Senate Panel to Review Conrad's Home Loans. The Senate Ethics Committee is going to investigate the loans Sen. Kent Conrad (D-N.D.) received from Countrywide Mortgage that had a preferential rate.
    Related item:
    Senate Panel to Review Conrad's Home Loans.
    Opinion piece by former Rep. Dick Armey (R-Texas).

New York Times (registration to site required)

Washington Post

  • Mississippi River Towns Brace for the Worst Floodwaters Swell Major Waterway Floodwaters that hit Iowa, Illinois and other parts of the Midwest are now flowing into the Mississippi River and creating issues for those along that major waterway.
  • Senators Deny Knowing Of Home Loan Favoritism Senate Ethics Panel Is Investigating The Senate Ethics Committee is investigating loans that two senators received -- Sens. Dodd and Conrad -- that involved preferential treatment that the two lawmakers deny they had knowledge of.
  • Oil to the Fore in U.S.-China Talks Focus Shifts From Currency The U.S. continued to push China on providing fuel subsidies to its citizens and asked for more information on what the country is doing relative to its oil reserves.
Ag media Monitoring the countryside

Fargo Forum (North Dakota)

Wichita Eagle (Kansas)

  • Ethanol industry refining process Increasing efficiency and finding new ways to raise revenue are two of the areas the ethanol industry is focusing on as it moves forward.

Des Moines Register (Iowa)

Laughing with, not at From political humorists

Conan O'Brien: "Barack Obama said his differences with Hillary Clinton are ‘infinitesimal, tiny, minute, trivial and inconsequential.' … When he heard this, President Bush said, ‘That guy knows way too many words to be president.'”

Conan O'Brien: "CNN reports that John McCain is aggressively trying to win over the independent vote. Yeah, of course, to John McCain, independent means anyone who can make it to the toilet without help.”

Craig Ferguson: "Archaeologists in Jordan have discovered the world's oldest church. It's 2,000 years old. Some of the people who went to this church include King Herod, Moses, and John McCain.”


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