Oil Drilling and Tomatoes Are Safe

July 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 fell 84.25 points, or 0.7 percent, to 12,803.70 

  • The dollar traded above 106 yen. 

Thursday's U.S. Markets...

  • The Dow Jones Industrial Average ended 207.38 points higher, or 1.85 percent, at 11,446.66. The Nasdaq Composite Index rose 1.2 percent, or 27.45 points, to 2,312.30.
  • The 10-year Treasury note slipped 26/32 to yield 4.040 percent. The 30-year bond shed 24/32 to yield 4.635 percent.

  • The dollar traded at 106.70 yen from 105.09 yen, while the euro was at $1.5833 from $1.5817.

Ag futures Yesterday's action and
overnight indicators

What happened yesterday...


  • Corn: Futures briefly traded firmer in early trade but then sharply weakened through the day and finished near session lows.
  • Soybeans: Futures saw choppy, two-sided price action in early trade, but sharply declined and finished near session lows.

  • Wheat: Most contracts at all three exchanges closed around 20 cents lower, which was a low-range close.
  • Cotton: Futures closed slightly lower on spillover pressure from outside markets.
  • Lean Hogs: Lean hog futures posted a highly volatile day of trade before closing mixed.
  • Live Cattle: Live cattle futures closed $1.20 to $1.65 lower to post a low-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)

Monday

Tuesday

Wednesday

Thursday

Friday

July 14

Grain Inspections (A)
Livestock and Meat Trade Data (E)
Turkey Hatchery (N)
Rice Outlook (E)
Oil Crops Outlook (E)
U.S. Agricultural Trade Data Update (E)
Cotton and Wool Outlook (E)
Crop Progress (N)

15

Feed Outlook (E)
Wheat Outlook (E)
Weather - Crop Summary (N)

16

Meat Price Spreads (E)
Broiler Hatchery
(N)

17

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

18

Dairy Products Prices (N)
Livestock, Dairy, and Poultry Outlook (E)

Milk Production
(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)

  • Mortgage Giant Freddie Mac Considers Major Stock Sale Issue of Up to $10 Billion Would Aim to Stave Off Rescue Plan If Freddie Mac were to do the stock sale, it would keep them from coming under increased scrutiny or regulation that would certainly come with a government bailout.
    Related items:
    Troubles May Diminish Fannie And Freddie's Lobbying Clout
    Rescue Plan Is Latest In a Series of Risks Taken On by Taxpayers

  • Democrats and GOP Battle Over Oil Exploration. Republicans continue to push the option of drilling for additional oil as Democrats are seeking to control the energy debate in Congress. And Republicans have seized on an option that has gained support with the public.
    Related item:
    Gore Urges Congress to Maintain Ban on Offshore Drilling

    Democrats Should Let Us Drill. Commentary item by Senate Minority Leader Mitch McConnell (R-Ky.).
  • Hot Peppers Are Focus Of Salmonella Probe. Tomatoes have been given a green light by the Food and Drug Administration as they are now focusing on hot peppers as the potential source of the salmonella outbreak.
  • Tariff Disputes Make Breakthrough Unlikely in Doha Trade Talks. The U.S. and European Union are said to be close to a deal on ag subsidies, but there would remain months of negotiations on that front and there are other areas such as industrial tariffs, etc. that are only to be first discussed next week.
  • Argentina's Kirchner Rebuked In Soybean-Tax Defeat Vice President Helps Senate Reject Plan To Increase Tariff. The country's senate rejected by one vote the tax proposal forwarded by the country's president. The lower house and approved it narrowly July 5.

New York Times (registration to site required)

Washington Post

Laughing with, not at From political humorists

Conan O'Brien: "The Democratic Party announced this week that Barack Obama will give his acceptance speech at an 80,000-seat stadium and that they will not serve fried food at the Democratic convention. … Which begs the question, where are they going to find 80,000 Americans who don't eat fried food?”

Conan O'Brien: "Yesterday at the G8 summit, President Bush met with the prime minister of India. Yeah. There was an awkward moment when Bush told the prime minister, ‘I think I've been in your taxi.'”


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