Snapshot of news and events for today
||Major world indicators
- The 225-issue Nikkei Stock Average gained 80.12 points to 12,689.59.
- The dollar traded at $1.4431 per euro at 1:51 p.m. Singapore time from $1.4617 on Sept. 1. It touched $1.4467, the strongest level since Feb. 8.
Tuesday's U.S. Markets...
- The Dow Jones Industrial Average ended down 26.63 points, or 0.2 percent, at 11,516.92. During the day, it swung in a 318-point range from its high to its low. The Nasdaq Composite Index was off 18.28 points at 2,349.24.
- The benchmark 10-year note was up 19/32 point, or $5.9375 per $1,000 face value, at 102 3/32 to yield 3.746 percent. The 30-year bond was up 30/32 point at 102 9/32 to yield 4.362 percent.
- The dollar ended at 1,134 won, its highest since October 2004 and up from 1,116 won Monday. The euro fell as low as $1.4466 Tuesday, its lowest since early February and more than 15 U.S. cents down from a record high of $1.6040 on July 15. The greenback also hit a 12-month high against the Australian dollar Tuesday, a nearly four-year peak against the Korean won and a level versus the Thai baht not seen since early 2007.
||Yesterday's action and
What happened yesterday...
- Corn: Futures gapped sharply lower on the open on spillover from outside market pressure, but trimmed losses into the close to finish 13 1/2 to 16 cents lower.
- Soybeans: Futures closed mostly 25 to 30 cents lower, but was on or near session highs. Meal and soyoil futures also ended lower, but near daily highs.
- Wheat: Futures ended sharply lower at all three exchanges. Chicago wheat was 30-plus cents lower, while Kansas City wheat was 26 to 32 cents lower and Minneapolis wheat was 25 to 37 cents lower.
- Cotton: Futures opened lower and sharply extended losses on pressure from outside markets, but moved into positive territory ahead of the close amid short-covering to finish slightly higher.
- Lean Hogs: Lean hog futures closed higher in all but the Aug. 2009 contract. October through May 2009 lean hog futures closed sharply higher in all but the December contract, which was 40 cents higher.
- Live Cattle: Live cattle futures saw a choppy tone throughout the day and finished mixed. Nearby contracts closed slightly lower after trading firmer around midday. February and April futures closed marginally higher to erase early losses. Feeder futures closed 62 cents to $1.20 higher on support from weakness in the grain markets.
||Other reports affecting agriculture
||Links to top news reports
with potential U.S. ag impact
Wall Street Journal (subscription to site required for access)
- Tide Turns as Financials Rebound, Commodity Prices Sink Concerns about a slowing global economy are trumping investors' worries about the troubled financial system. The shift is sending commodity prices lower, while lifting the dollar and financial stocks.
- Wind Power May Gain Footing Off Coast of U.S. Federal Government Prepares to Lease Tracts for Turbines The Interior Department, the agency that handles oil-and-gas leases in U.S. waters, is preparing to lease swaths of the outer continental shelf to companies that want to erect massive wind turbines. With the public-comment period for the proposal scheduled to end Monday, competition is heating up to develop wind projects on the shelf, the same underwater formation largely covered by an oil-drilling ban that has become a contentious issue in the presidential race.
- For Oil's Drop, Cheers Turn To Jeers The stock market is struggling to figure out where the benefit of cheaper oil ends and the negative implications of falling oil prices begin.
New York Times (registration to site required)
- EPA Vetoes Large Flood-Control Plan The Environmental Protection Agency on Tuesday all but killed a federal plan nearly seven decades in the making to build the world's largest water pump in the Mississippi Delta.
- In Gustav's Wake, Bush Touts Drilling Congress Pressed to Open Coastal Areas President Bush said yesterday that the relatively little damage suffered by oil rigs in the Gulf of Mexico because of Hurricane Gustav should prod Congress to open more coastal areas to offshore oil drilling, sounding a political note in the wake of the storm.
- Dollar Gains Strength Against Euro As European Economies Shrink The dollar on Tuesday rose to the highest level against the euro in almost seven months as crude oil fell and traders speculated that the Federal Reserve's monetary policy would help the U.S. economy outperform Europe's and Asia's.
|Laughing with, not at
||From political humorists
Craig Ferguson: "I was looking up Labor Day on the Google, right. The first Labor Day parade was held back in 1882.” And who was "the grand marshal of that parade? A young senator named John McCain.”