OPEC Cut Surprises Market

September 9, 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 0.4 percent, or 54.02 points, to close trading at 12,346.63. 

Tuesday's U.S. Markets...

  • The Dow Jones Industrial Average fell 280.01 points, or 2.4 percent, to 11,230.73 -- down 15 percent on the year.. The Nasdaq Composite Index fell 2.6 percent to 2,209.81 -- down 17 percent on the year.
  • The 10-year Treasury note climbed 26/32 to yield 3.598 percent, and the 30-year bond surged 1-14/32 to yield 4.191 percent. 

  • The dollar fell to 107.09 yen, down from 108.08 yen, while the euro traded at $1.4104, down from $1.4145 late Monday.

Ag futures Yesterday's action and
overnight indicators

What happened yesterday...


  • Corn: Futures closed 2 3/4 to 4 1/2 cents lower, closing nearer session highs.
  • Soybeans: Futures posted a gap-lower open, but around midday turned higher and extended gains into the close to post bullish reversals.

  • Wheat: Futures gapped lower on the open, found spillover from the bean pit to fill in the gap area in many contracts, but then returned to near opening levels by the close.
  • Cotton: Futures closed 107 to 164 points lower, doing additional chart damage.
  • Lean Hogs: Lean hog futures closed $1.35 to $1.95 lower, with the front-month October contract leading daily losses.
  • Live Cattle: Live cattle futures remained on the defensive through the day, closing 40 cents to $1.15 lower.

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

Sept. 8

Grain Inspections (A)
Crop Progress (N)

 

9

Weather - Crop Summary (N)

10

Broiler Hatchery (N)

11

U.S. Export Sales (F)
Latest U.S. Agricultural Trade Data (E)

12

World Agricultural Supply and Demand Estimates (W)
Crop Production (N)
Cotton Ginnings (N)
Dairy Products Prices (N)
Cotton: World Markets and Trade (F)
Grains: World Markets and Trade (F)
World Agricultural Production (F)
Oilseeds: World Markets and Trade (F)
Livestock and Meat Trade Data (E)
Tropical Products: World Markets and Trade (F)
Turkey Hatchery
(N)
Peanut Prices (N)
U.S. Agricultural Trade Data Update (E)
Season-Average Price Forecasts(E)


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)

  • Palin Lifts McCain's Support Polls, including a WSJ/NBC News poll, show the GOP and Democratic presidential nominees are running a virtual dead heat, spurred in part by the choice of Palin as McCain's running mate. The item says this surge in support for McCain could aid other Republican candidates as well if it continues.
  • Report Faults Speculators For Volatility in Oil Prices. A report is to be released today by lawmakers which outlines speculation in the oil market. The report was done by Michael W. Masters of Masters Capital Management and Adam K. White of White Knight Research & Trading.
  • UN Food Chief Warns on Buying Farms Jacques Diouf, the director-general of the Food and Agriculture Organization, is warning Gulf countries from making direct purchases of farmland to avoid a backlash against such transactions. Instead, he favors joint ventures instead of outright purchases.
  • Democrats' New Plan Revives Energy Fight While a new plan by Democrats would would allow expanded drilling off the coast of four states on the Atlantic seaboard, it would also require the affected states to endorse drilling before new production takes place. Republicans have denounced the plan as a "sham."
  • Budget Deficit Likely Doubled for Fiscal '08. The Congressional Budget Office (CBO) now forecasts the FY 2008 budget deficit at $407 billion and sees an even higher level of red ink for FY 2009.
  • The GOP Loves the Heartland To Death . Editorial. The writer blames the downturn in rural America on Republican policies.

New York Times (registration to site required)

Washington Post

  • Federal Shortfall To Double This Year Next President To Inherit Deficit Of $500 Billion The Congressional Budget Office forecast of a $407 billion budget deficit for FY 2008 pushes it to 2.9% of GDP, and a shortfall of around $500 billion could greet the next President.
  • Democrats Start on Energy Plan Bill Would Permit Increased Drilling off Atlantic, Gulf Coasts The package would permit drilling 100 miles off the Atlantic coasts from Virginia to Georgia, and in the Gulf of Mexico off Florida's western coast. Republicans counter the plan would seal off areas closer to shore that could produce the most oil.
Ag media Monitoring the countryside

Fargo Forum (North Dakota)

  • Ag ‘revolution' good for ND Changes in agriculture in other countries should bode well for North Dakota farm equipment manufacturers, an official said at the Big Iron farm show in North Dakota.

Omaha World-Herald (Nebraska)

  • Migrant workers fade from farms The NEbraska Association of Farmworkers is closing the doors of its Omaha office as immigrant workers are no longer as transient as they once were. NAF will still operate six satellite offices in the state.

Des Moines Register (Iowa)

Laughing with, not at From political humorists

Jay Leno: "Last night, John McCain said that under the Democratic healthcare plan, a bureaucrat would stand between you and your doctor, as opposed to the Republican healthcare plan, where an accountant would stand between you and your healthcare.”

Jay Leno: "Well, the ratings are in,” and it "seems 40 million people watched Sarah Palin's speech, and 40 million people watched Barack Obama's speech. … So, the message is pretty clear. Barack Obama needs to run with Sarah Palin.”

Jay Leno: "All the commentators agreed that no, matter who wins the election, history's going to be made with either the first African-American president or the first female vice president, to which Hillary Clinton said, ‘Yeah, you could have had both!'”


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