Obama Calls for Quick Action on Stimulus Plan

January 8, 2009 06:00 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 39.62 points lower, or 0.5 percent, at 8,836.80.  

  • The dollar was at 91.20 yen, down from 91.34 yen.

Monday's U.S. Markets...

  • The Dow Jones Industrial Average ended down 27.24, or 0.31 percent, at 8,742.46. The Nasdaq Composite Index rose 17.95, or 1.12 percent, to 1,617.01.
  • The 10-year Treasury note yield fell to 2.44 percent from 2.50 percent late Wednesday.

  • The dollar was at 91.17 yen from 92.66 yen, while the euro was trading at $1.3726, up from $1.3630 late Wednesday.

Ag futures Yesterday's action and
overnight indicators

What happened yesterday...


  • Corn: Futures slipped to fresh session lows ahead of the close, finishing mostly around 9 to 10 cents lower.
  • Soybeans: Futures posted double-digit gains through midday, but then slipped into the close to finish slightly lower.

  • Wheat: Chicago wheat closed marginally lower. Early pressure came on spillover from yesterday's losses as well as this morning's weekly export sales report, which showed sales well below expectations.
  • Cotton: Futures closed firmer on support from weakness in the dollar.
  • Lean Hogs: Lean hog futures saw a choppy day of trade, but favored losses much of the day. Futures closed weaker in all but far-deferred contracts.
  • Live Cattle: Live cattle futures closed 85 cents to $2.72 lower, as nearby contracts generally led losses.

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

Jan. 5

Grain Inspections (A)
Dairy Products (N)

6

Weather - Crop Summary (N)

7

Broiler Hatchery (N)
Egg Products (N)

8

U.S. Export Sales (F)
Vegetables (N)

9

Dairy Products Prices (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)

  • Plan to Cut Foreclosure Rate Clears Key Hurdle The plan under consideration would let judges set new repayment terms for mortgage holders in bankruptcy court and hopes are that it will be included in the economic stimulus plan. Estimates are the package could keep some 800,000 homeowners in their homes.
    Related item:
    Fannie Mae Tests 'Short Sales' as Alternative to Foreclosures

  • Obama Seeks Fast Action on Plan Passage of Stimulus Within Weeks Is Sought, but Some Lawmakers Are Starting to Chafe President-elect Obama called for quick passage of his economic stimulus package but there is growing resistance in Congress on some of the components. And the size of the package is seen rising from the $800 billion mark the incoming administration has in mind.
    Related item:
    Business Warms to Obama, but Frictions Loom on Climate
    U.S. Recession Stymies Mexico's Growth for 2009

  • Panel Steps Up Criticism of Treasury Over TARP A bipartisan panel today is expected to release a report which heaps criticism of the Treasury Dept. over the Trouble Asset Relief Program (TARP), including that there are "significant gaps" in Treasury's ability to track hundreds of billions of dollars of taxpayer money.
    Related item:
    Geithner's Track Record Cuts Two Ways
    Bailout Pact Of GM, U.S. Would Block A UAW Strike
    Bailouts Miss A Key Step, Group Says
    Next Crisis for U.S. Banks? Integration

  • Europe's Attempt at Gas Deal Stumbles. European efforts to find a solution and get gas moving again from Russia to their countries failed as Russian officials objected to some of the provisions pushed by the European nations.

New York Times (registration to site required)

Washington Post

Ag media Monitoring the countryside

Omaha World-Herald (Nebraska)

  • Vilsack a shoo-in as ag chief, Nelson predicts Sen. Ben Nelson (D-Neb.) predicts an easy confirmation hearing next week for former Iowa Gov. Tom Vilsack (D) to be USDA Secretary and that he should win full Senate approval easily.

Des Moines Register (Iowa)

Denver Post (Colorado)

Laughing with, not at From political humorists

Jay Leno: "In an interview over the weekend, President Bush revealed that he has a prized collection of over 250 autographed baseballs, which would be very impressive if he were 10."

David Letterman: "On this date in 2001," George W. Bush "certified as the winner of the 2000 presidential election. How about that? That turned out pretty well, didn't it?"

Conan O'Brien: "Yesterday," President-elect Barack Obama "described the economy as 'very sick.' ... Historians say it was a childish way to describe a complex problem but still the smartest thing they've heard a president say in eight years."


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