Resistance To Bailout Plan

September 23, 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 rose 24.44 points, or 0.2 percent, to close at 12,115.03. 

  • The dollar rose to 106.17 yen from 105.65 yen late Tuesday.

Tuesday's U.S. Markets...

  • The Dow Jones Industrial Average 161.52, or 1.47 percent, to 10,854.17 -- now down 4.69 percent for the week. The Nasdaq Composite Index fell 25.65, or 1.18 percent, to 2,153.33.  .
  • The 2-year Treasury note ended up 1/32 point, or $0.3125 for every $1,000 invested, to yield 2.110 percent. The benchmark 10-year note was up 7/32, yielding 3.828 percent. The 30-year bond was up 5/32, yielding 4.412 percent. 

  • The dollar trade at 105.28 yen, compared to 105.19 yen while the euro bought $1.4686, compared to $1.4839 late Monday.

Ag futures Yesterday's action and
overnight indicators

What happened yesterday...


  • Corn: Futures spent most of the day below unchanged, they rallied late to close 1 1/2 to 3 1/4 cents higher.
  • Soybeans: Futures settled mostly 17 to 18 cents lower, which was right in the middle of today's range and near opening levels.

  • Wheat: Futures found late buyer interest to post a high-range close.
  • Cotton: Futures sharply extended losses into the close to finish 200-plus points lower.
  • Lean Hogs: Lean hog futures sharply extended losses into the close to finish 200-plus points lower.
  • Live Cattle: Live cattle futures closed mostly around 50 cents lower amid profit-taking pressure.

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. 22

Grain Inspections (A)
Catfish Feed Deliveries(N)
Catfish Processing (N)
Cold Storage (N)
Chickens and Eggs (N)
Crop Progress (N)

23

Weather - Crop Summary (N)
Wheat Data (E)
Feed Grains Database (E)

24

Broiler Hatchery (N)

25

U.S. Export Sales (F)
Cotton Ginnings (N)
Strawberries: World Markets and Trade (F)
Potatoes (N)
Citrus Fruits (N)
Monthly Milk Cost of Production (E)

26

Dairy Products Prices (N)
Livestock Slaughter (N)
Quarterly Hogs and Pigs (N)
Fruit and Tree Nuts Outlook (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)

  • Buffett to Invest $5 Billion in Goldman Famed Investor's Move Is Seen as a Vote of Confidence in Crisis-Stricken Banking System; Old Ties to Firm Paved Way for Deal The move would give Berkshire a stream of cash and potential ownership of roughly 10% of Goldman. Some say the move should be a sign that the private sector has the means to help out in the current crisis without a turn to the government. Others read it as a vote of confidence in the plan the government is trying to put together.
  • Bernanke, Paulson Face Skeptics On the Hill Despite Dire Warnings Lawmakers Suggest Changes Are Needed for Bailout to Pass The item recaps the hearing Tuesday in which lawmakers grilled Treasury's Paulson and Fed Chairman Bernanke on the proposed $700 billion bailout package. Limits on executive compensation remain a key component some lawmakers want as part of any package.
    Related items:
    Cutting Back the Rescue's $700 Billion Price Tag
    Paulson, Bernanke Describe Mechanics of Auction Proposal
    Provision to Alter Loans Is Sought
    GOP's Shelby Leads Conservatives Against Bailout
    FBI Investigates Four Firms at Heart of the Mess
    Leaders Seek Global Response to Financial Crisis

    Local Officials Press for a Piece of the Rescue Plan
    The Paulson Sale
    Editorial.
    Pandora's Bailout Editorial.
  • Rescue Plan Stirs Calls for Deeper Regulation The tide appears to be rising for additional regulation in financial and banking arenas in the wake of the current crisis and the development of a government plan to address the situation.
  • GAO Questions Plan to Ease Farms' Emissions Rules House Panel Wants EPA to Rethink Disclosure Changes A Gov't Accountability Office (GAO) report to be released today raises questions about EPA's decision to to ease regulations on concentrated animal feeding operations.
  • Got Milk? Chinese Crisis Creates A Market for Human Alternatives In China, Parents Pay a Premium to Hire Wet Nurses; Ms. Zhang's Chubby Baby There has been a rise in the number of women offering to be wet nurses in China in the wake of the tainted milk situation.
  • Caterpillar Calls for Trade Pact . Caterpillar is warning that a trade deal worked out between Canada and Colombia could steer business away from the U.S. for products like wheat. The firm wants the U.S.-Colombia Free Trade Agreement approved by Congress.

New York Times (registration to site required)

Washington Post

Ag media Monitoring the countryside

Omaha World-Herald (Nebraska)

  • Rural emergency workers wanted Rural areas of the state are still struggling with how to provide emergency services such as ambulances when their population base is aging and declining in numbers.
  • Demand to drive labels on meat, USDA says. Some in USDA say they fully expect packers will use the U.S.-origin label as often as they can relative to meat marketed under provisions of mandatory Country of Origin Labeling that starts Sept. 30.
Laughing with, not at From political humorists

Jay Leno: "You know, last night, they had the 60th Emmy Awards. What a star-studded affair that was. There were more celebrities there than" at a "Barack Obama fundraiser."

Jay Leno: "I guess the miniseries 'John Adams' set a new Emmy record last night" with "13 wins. So, a guy from the 1700s can still win today. That is good news for John McCain."

Jay Leno: "See, you know the way a bailout works? Here's the way a bailout works. A failed president and a failed Congress invest $700 billion of your money in failed businesses. Believe me, this can't fail."

Jay Leno: "The first presidential debate will take place this Friday night. They say John McCain's challenge will be to distance himself from President Bush," while "Obama's challenge will be to answer questions before his supporters can start clapping."

David Letterman: "By the way, as the campaign goes on, we're learning more and more about Senator John McCain," who "apparently...has 13 cars." But "he can't remember where he parked any of them."

Conan O'Brien: "President Bush has been speaking out about the Wall Street bailout. And today, a reporter asked him what he planned to do about AIG. ... Bush got upset and said, 'Why does everyone always spell in front of me?'"


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