Obama Budget

February 26, 2009 06:00 PM
Roger Bernard


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 rose 110.49 points, or 1.5 percent, to 7,568.42

  • The dollar was at 97.36 yen from 98.27 yen.

Thursday's U.S. Markets...

  • The Dow Jones Industrial Average fell 88.81, or 1.2 percent, to 7,182.08. The Nasdaq Composite Index fell 33.96, or 2.4 percent, to 1,391.47.
  • The 10-year Treasury note yield rose to 3 percent from 2.93 percent late Wednesday. 

  • The dollar was at 98.35 yen from 97.54 yen, while the euro was at $1.2739 from $1.2713 late Wednesday.

Ag futures Yesterday's action and
overnight indicators

What happened the prior trading day...

  • Corn: Futures saw a two-sided day of trade, finishing mostly around a penny lower and near session lows.
  • Soybeans: Futures futures posted a highly choppy day of trade, finishing near session lows. Nearbys closed 8 to 11 cents lower, with deferreds mixed.

  • Wheat: Futures saw a choppy day of trade, but finished lower on spillover from neighboring corn and soybean pits.
  • Cotton: Futures posted slight to moderate gains, supported by outside markets.
  • Lean Hogs: Lean hog futures saw a choppy day of trade, finishing 5 to 27 cents lower.
  • Live Cattle: Live cattle futures remained in positive territory through the day, with live cattle posting a mid-range close and feeders posting a high-range close.

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)






Feb. 23

Grain Inspections (A)


Weather - Crop Summary (N)


Poultry Slaughter (N)
Poultry Slaughter - Ann. (N)
Broiler Hatchery (N)
Vegetables and Melons Outlook (E)


U.S. Export Sales (F)
Outlook for U.S. Agricultural Trade (E)
USDA Outlook Forum
Chickens and Eggs - Ann. (N)
Trout Production (N)


Dairy Products Prices (N)
USDA Outlook Forum
Agricultural Prices (N)
Chickens and Eggs (N)
Egg Products (N)
Honey (N)
Peanut Stocks and Processing (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)

  • Obama Budget Pushes Sweeping Change $3.6 Trillion Plan Would Raise Taxes Sharply on the Affluent, Open Battles on Health, Education; The 'Trickle Up' Agenda The Obama budget plan shifts dramatically from prior budget plans and targets more affluent taxpayers and includes a start toward a national health insurance plan. eliminating cotton storage payments, estimated to save $570 million over 10 years and $279 million over five years; -- cutting the subsidy to farmers and insurers for crop insurance via a fee increase (savings would begin in 2011 and total $2.1 billion over five years, $5.2 billion over 10 years
    Related item:
    Government Sets 'Placeholder' for More Bank Losses
    Business Braces for a Big Hit
    The Wealthy Lose Out as Many Others Gain
    Carbon Trading to Raise Consumer Energy Prices
    Mortgage Deduction Looks Less Sacred
    Blueprint Finds Support, Unease on Capitol Hill
    Rosy Assumptions Hold Down Deficit
    U.S. Would Take Over Federal Student Loans

    The Obama Revolution Editorial
    An Inconvenient Tax Editorial
  • UK, U.S. Expand Bank Rescue Bids An agreement between the government and Citibank is expected to be announced today that would keep the bank afloat, while Europe was close to a deal to keep the Royal Bank of Scotland in business as well.
    Related items:
    Red Ink Clouds Role of Fannie, Freddie
    Regulators Missed Woes at IndyMac
    Data Signal Deepening Recession

  • Safeway Says It Will Push Its Labels If Brands Fail to Cut Prices for Foods If food makers don't start reducing prices on their products, grocery firm Safeway says it will start pushing its own store brands more. Officials of the firm are criticizing food companies for not lowering prices in the wake of declining input prices.

New York Times (registration to site required)

Washington Post

Ag media Monitoring the countryside

Des Moines Register (Iowa)

Laughing with, not at From political humorists

David Letterman: Top Ten Things Hillary Clinton Wants To Accomplish On Her Trip Overseas Top Ten 10. Exchange U.S. dollars for currency that's worth something 9. Win respect defeating Japan's top-ranked sumo wrestler 8. Shift world's perception of America from "hated" to "extremely disliked" 7. Personally thank all of her illegal campaign donors 6. Three words: stylish Indonesian pantsuits 5. Visit burial site of revered Chinese military leader, General Tso 4. Get drunk with that Japanese finance minister guy Convince 3. China to switch from lead-tainted products to mercury-tainted products 2. Catch Chinese screening of Benjamin Button entitled "The Strange Adventures of Freaky Grandpa Baby" 1. Pick up carton of duty-free smokes for Obama

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