Rescue Plan Focus Shifts

November 12, 2008 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 fell 456.87 points, or 5.3 percent, to 8,238.64. 

  • The dollar bought 

Wednesday's U.S. Markets...

  • The Dow Jones Industrial Average dropped 411.30, or 4.73 percent, to 8,282.66 -- its lowest close since the 5 1/2-year low reached on Oct. 27.  . The Nasdaq Composite Index lost 81.69, or 5.17 percent, to 1,499.21. 
  • The 2-year Treasury note was at 1.178 percent, after hitting a five-year low of 1.16 percent in the session. The benchmark 10-year note rose 25/32 point, or $7.8125 for every $1,000 invested, to yield 3.666 percent. 

  • The dollar traded at 94.93 yen, down from 97.89 on Tuesday, while the euro was at $1.2480, down from $1.2528.

Ag futures Yesterday's action and
overnight indicators

What happened yesterday...

  • Corn: Futures closed 4 to 6 cents lower, which was off session lows, but in the lower end of the day's range.
  • Soybeans: Futures closed 19 to 22 cents lower, with meal and soyoil also lower.

  • Wheat: Futures trimmed gains late, but still closed higher.
  • Cotton: Futures finished mixed to mostly lower.
  • Lean Hogs: Lean hog futures gapped higher on the open and trimmed gains to close 17 to 62 cents higher.
  • Live Cattle: Live cattle futures ended moderately to sharply lower and in the middle to lower end of the day's trading 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)






Nov. 10

World Agricultural Supply and Demand Estimates (W)
Cotton Ginnings (N)
Crop Production (N)
Cotton: World Markets and Trade (F)
Grains: World Markets and Trade (F)
Oilseeds: World Markets and Trade (F)
World Agricultural Production (F)
Grain Inspections (A)
Season-Average Price Forecasts
Crop Progress (N)


Holiday - Gov't offices closed


Weather - Crop Summary (N)
Oil Crops Outlook (E)


Feed Outlook (E)
Wheat Outlook (E)
Broiler Hatchery (N)
Latest U.S. Agricultural Trade Data (E)


U.S. Export Sales (F)
Dairy Products Prices (N)
Livestock and Meat Trade Data (E)
Turkey Hatchery (N)
U.S. Agricultural Trade Data Update (E)
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)

  • Bailout's Next Phase: Consumers Treasury Sec. Henry Paulson said the focus now on the rescue package will be to address issues with with consumers and not to purchase bad assets from the marketplace. However, the government will continue to invest in financial firms holding bad debt.
  • Obama Team Sheds Light on New Administration The list of folks who will be conducting a review of all government agencies includes second-tier veterans of the Clinton administration and workers in the technology and financial sectors.
  • Bailout Turns on Auto Makers' Viability The Democratic push for a stimulus package is now focusing on aid to the U.S. auto industry, with a hearing set for next Wednesday during what is planned to be a lame-duck session of Congress.
  • Republican Governors Take a Hard Look At How to Rebuild Party After Big Losses. Republican governors are seen as the leading group to potentially reshape the Republican party in the wake of losses the party suffered in the Nov. 4 elections.
    Related item:
    Both Parties Zero In on Georgia Senate-Seat Runoff

  • IEA Says Fading Oil Production Threatens Supply . The group warns that aging oil fields will lose production faster in coming years and that will put further pressure on global oil supplies.
  • Maersk Trims Its Outlook; Shipping Falls . A.P. Moller Maersk AS reported that volumes slipped 3% during the third quarter from a year ago and some say the firm has begun selling off ships it doesn't need and trimming staff.

New York Times (registration to site required)

Washington Post

  • Treasury Redefines Its Rescue Program Consumers are expected to be more of the target for aid as lenders remain still unwilling to lend to consumers, and Treasury Sec. Paulson also said buying up bad assets will no longer be a focus of the rescue effort.
  • Showdown Begins Over Lifeline to Automakers White House opposes use of financial rescue funds. The White House is balking at congressional calls to use funds from the rescue package for the U.S. auto industry, potentially putting a lame-duck session of Congress at risk.
Laughing with, not at From political humorists

Jay Leno: "President Bush and Barack Obama had their big meeting yesterday. And to tell you the truth, they found with all their differences, they had one thing in common. Neither one of them trust the Clintons."

Jay Leno: "There's a new rumor that Hillary Clinton may end up Secretary of State, which means she would have to spend the next four years traveling all around the world, to which Bill said, 'Yes!'"

Jay Leno: "Speaking of young blood, we are very excited. Senator John McCain on the show tonight. And I thought this was very nice. He blew off an interview with Katie Couric to be here."

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