Obama Tries to Reassure Nation

February 24, 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 rose 192.66 points, or 2.7 percent, to 7,461.22. 

  • The dollar was at 97.03 yen from 96.70 yen.

Tuesday's U.S. Markets...

  • The Dow Jones Industrial Average 236.16, or 3.3 percent, to 7,350.94. The Nasdaq Composite Index rose 54.11, or 3.9 percent, Tuesday to 1,441.83.
  • The 10-year Treasury note yield rose to 2.80 percent from 2.76 percent late Monday. 

  • The dollar was at was at 96.81 yen -- its highest 4 p.m. value since Nov. 24 -- from 94.47 yen, while the euro was at $1.2846, up from $1.2700 late Monday.

Ag futures Yesterday's action and
overnight indicators

What happened the prior trading day...

  • Corn: Futures rebounded in late trade to finish slightly higher and on session highs.
  • Soybeans: Futures closed 5 to 8 cents higher, while 2009-crop futures were slightly lower.

  • Wheat: Futures opened lower but ended slightly higher, finishing mostly between 5 to 6 cents higher at all three exchanges.
  • Cotton: Futures finished 12 points higher, while deferred contracts were slightly lower.
  • Lean Hogs: Lean hog futures gapped sharply lower on the open and finished 25 to 90 cents lower, which was well off session lows.
  • Live Cattle: Live and feeder cattle futures posted strong gains and finished in the upper end of the day's range.

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 Seeks to Snap Gloom President Says Economy Will Emerge Stronger; Push on Health, Energy, Education President Obama painted with broad strokes as he addressed a joint session of Congress on his vision for how to get the country out of recession, reform the government and cut the budget deficit. He acknowledged that more money will likely be needed to help out U.S. banks. It also marked a toning down of some of the negative rhetoric that has been coming from the White House since Obama took office.
    Related items:
    President Lifts Tone, Reaches Out to Average Americans
    Obama Needs a 'Not To Do' List

  • Bernanke Eases Bank-Nationalization Fears Fed Chief Says Major Firms Aren't Verging on Failure, Though Some Could Get Government Aid Fed Chairman Bernanke removed some concerns in remarks to lawmakers Tuesday on the topic of nationalizing U.S. banks. That helped feed the downturn in markets on Monday. He also said he doubted any major banks or firms aren't on the edge of failure.
    Related items:
    Twin Crises Feed the Spiral
    Have We Hit Bottom? Answers Short and Long
    Auto Industry Faces Squeeze From Fed Lending Program

  • TARP Said to Be Ripe for Fraud The inspector general for the Targeted Asset Relief Program (TARP) said the program is ripe for fraud. Also, he noted that few of the banking interests that have received money have responded to requests for detailed info on how those dollars are being spent.
  • Europe to Get $15 Billion In China Trade. A Chinese buying mission is exiting Europe after agreeing to purchase $15 billion in goods, including food products. This marked the first such buying mission by China; the country has made several of such trips to the U.S. over the past few years.
  • Brazil's Sugar Exports to Rise Brazil expects sugar exports to rise 21% for 2009-10, in part due to higher shipments to India.

New York Times (registration to site required)

Washington Post

Ag media Monitoring the countryside

Omaha World-Herald (Nebraska)

Laughing with, not at From political humorists

Jay Leno: "And at his trial this week, the Iraqi journalist...who threw his shoes" at former President George W. Bush "said he rehearsed the attack for two years." Well, "how embarrassing is that? Guy practiced for two years and he still missed?

Jay Leno: "I talked to one of my old high school buddies the other day. ... He did something so stupid. Apparently, he bought a house he could afford. He really should have bought one twice as big and let the taxpayers" take care of it. But "he was living within his means. What an idiot."

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