Snapshot of news and events for today
- The 225-issue Nikkei Stock Average was down 3.29 points at 7,457.93.
- The dollar was at 97.84 yen compared to 97.42 yen.
Tuesday's U.S. Markets...
- The Dow Jones Industrial Average declined 80.05 points, or 1.1 percent,
to close at 7,270.89.The Dow is off 19.52 percent from its highest close this
year of 9,034.69, hit on January 2. The Nasdaq Composite Index
slipped 16.40 points, or 1.1 percent, to 1,425.43.
- The 10-year Treasury note fell 1-5/32 to yield 2.936 percent.
- The dollar ose against major rivals. One euro cost $1.2707, down
from $1.2846. One dollar fetched 97.53 Japanese yen, up from 96.81 yen.
What happened the prior trading day...
- Corn: Futures opened choppy, turned lower, but found late-session
buying interest to end mostly around 9 cents higher and posted a high-range
- Soybeans: Futures closed slightly lower for the day, but well off
session lows. In fact, most soybean contracts finished near the top of today's
- Wheat: Futures extended gains into the close to finish with solid
gain and in the upper end of today's range.
- Cotton: Futures posted a two-sided day of trade, but finished 6 to
23 points lower.
- Lean Hogs: Lean hog futures rebounded from a lower start to close
sharply higher and near session highs.
- Live Cattle: Live and feeder cattle futures were under pressure most
of the day, but trimmed losses into the close and finished mixed. Nearby contracts
closed 25 to 50 cents lower, with far-deferred futures slightly higher. Feeder
cattle futures closed 15 to 45 cents lower.
reports affecting agriculture
to top news reports
with potential U.S. ag impact
Street Journal (subscription to site required for access)
- $318 Billion Tax Hit Proposed Obama will propose $634 billion
in upper-income tax increases and cuts in government spending to pay for his
promised health-care expansion. The tax increases would raise an estimated
$318 billion over 10 years.
- Silencing the Lambs: Scientists Target Sheep Belching to Cut Methane
A global effort is being made to keep livestock from belching methane when
they eat grass in hopes of curbing one of the most potent greenhouse gases.
- Bank Capital Gets Stress Test Dark Scenario Includes
Jobless Rate Above 10% and Further 25% Drop in Home Prices he Obama administration,
in unveiling details of its financial-rescue plan, laid out a dark economic
scenario it expects banks to be able to withstand, the starting point for
what could become a significant new infusion of government cash into the banking
- Hopes of Quick Rebound in China Start to Fade Despite
an Increase in Bank Lending, Steel Prices Fall, Demand for Exports Shrinks
and Consumers Buy Fewer Foreign Goods Hopes for an early recovery in
China's economy are starting to unravel, undercutting the optimism that has
helped to make the country's stock market the world's best performer this
- A Compromise Energy Policy Is Within Reach Alternative
fuels and carbon caps, yes -- but we need more drilling too. Commentary
- Japanese Yen Is Less of a Shelter The Japanese yen's status
as a safe haven for investors during times of crisis is under attack as the
global economic malaise hits Japan hard.
- After the Crash, Stocks May Face Long Road Back History
shows that the road to recovery from a catastrophic bear market can be distressingly
York Times (registration to site required)
Proposes $634 Billion Fund For Health Care Aides Call Money
a 'Down Payment' Toward Universal-Coverage Efforts President Obama is
proposing to begin a vast expansion of the U.S. health-care system by creating
a $634 billion reserve fund over the next decade, launching an overhaul that
most experts project will ultimately cost at least $1 trillion.
Ambitious Agenda Will Test Congress In the budget he will submit
to Congress today, President Obama will outline an agenda that confronts the
era's most intractable problems, from a tattered financial system that has
helped fuel a deepening recession to health-care, education and energy policies.
The task: Obama is asking lawmakers to deliver legislation on the scale of
the No Child Left Behind education bill or the Medicare prescription drug
benefit -- two of Bush's signature achievements -- roughly once a month.
President's Budget Plan, Broad Agenda and a Few Gaps President
Obama's spending plan is built on the assumption that lawmakers can resolve
some hugely contentious issues -- and it relies on a few well-worn budget
Budget Expects Limits on Greenhouse Gases to Produce Revenue
A mandatory cap on the nation's greenhouse gas emissions, which President
Obama embraced on Tuesday as central to his domestic agenda, would be designed
to generate badly needed revenue for the government while addressing arguably
the world's most pressing environmental issue.
Rescue Of Banks Outlined U.S. to Help if Firms Can't Find
Capital The Obama administration yesterday detailed its expanded aid
plan for the banking industry, laying the groundwork for the government to
take large ownership stakes in the most troubled banks and giving other banks
up to seven years to repay taxpayers.
with, not at
Jimmy Kimmel: “President Obama gave his first”
speech “to a joint session of Congress tonight. Obama focused on the three
most critical things he wants Americans to understand: First, that the economy
is in a lot of trouble; second, that the road to recovery won’t be easy;
and third, that it’s all President Bush’s fault.”
Jimmy Kimmel: Obama’s speech “was televised on
all the networks. Fox had to move ‘American Idol’ tonight to accommodate
it, which is outrageous. But that’s why it was smart that Obama opened
by singing with ‘Livin’ on a Prayer.’ Even Simon liked it.”