Stimulus Dominates Early Week Agenda

February 8, 2009 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 107.59, or 1.3 percent, to 7969.03.

  • The dollar was at 91.42 yen, down from 91.83.

Friday's U.S. Markets...

  • The Dow Jones Industrial Average rose 217.52, or 2.70 percent, to 8,280.59 -- up 3.5 percent for the week. The Nasdaq Composite Index rose 45.47, or 2.94 percent, to 1,591.71 -- up 7.81 percent for the week.
  • The 10-year Treasury note yield rose to 2.99 percent from 2.92 percent late Thursday.

  • The dollar was at was at 92.01 yen from 91.24 yen, while the euro was at $1.2926 from $1.2797 late Thursday.

Ag futures Yesterday's action and
overnight indicators

What happened the prior trading day...


  • Corn: Futures mostly 6 cents higher today, and for the week, March corn finished about steady with last week.
  • Soybeans: Futures closed with gains in excess of 20 cents.

  • Wheat: Futures finished with slight losses Friday and for the week.
  • Cotton: Futures closed slightly higher Friday and for the week finished just above week-ago levels.
  • Lean Hogs: Lean hog futures posted slight gains in all but the February contract Friday.
  • Live Cattle: Live cattle futures finished about where they closed on Monday.

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

Feb. 9

Grain Inspections (A)

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)
Weather - Crop Summary (N)
Season-Average Price Forecasts (E)

11

Broiler Hatchery (N)
Rice Outlook(E)
Oil Crops Outlook (E)
Latest U.S. Agricultural Trade Data (E)

12

U.S. Export Sales (F)
Feed Outlook (E)
Wheat Outlook (E)
Livestock and Meat Trade Data (E)
Farm Income and Costs (E)
Farm Numbers and Livestock Operations (N)
Aquaculture Data
(E)

13

Dairy Products Prices (N)
Crop Values (N)
Potato Stocks (N)
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)

  • Bank Bailout Plan Revamped Treasury Secretary to Unveil Private-Sector Partnership to Buy Troubled Assets The plan is now said to focus on four components: fresh cash injections into banks; new programs to help possibly 2.5 million struggling homeowners; a significant expansion of a Federal Reserve program designed to jump-start consumer lending; and, lastly, the mechanism to allow banks to get rid of bad assets. The announcement was to come today but is being delayed until Tuesday.
  • Senate Nears Vote on Stimulus Bill Democrats Target Tuesday for $827 Billion Plan, but Differences With House Remain The Senate is poised to vote on the plan Tuesday which will set the process in motion of ironing out differences between the House and Senate versions of the legislation.
    Related items:
    Real-Estate Sector Cheers Tax Credit
    Partisan Divide Haunts Obama's Push on Policy
    New Grid for Renewable Energy Could Be Costly

  • Pent-Up Demand Could Quickly Pull Economy Out of Its Hole The article notes that the economy could pull out of the recession faster than many think once consumer confidence is restored and there is a lot of demand that is currently on hold that will flood into the marketplace. The item notes 1980 could be a analog. Others note that it still could take longer for the economy to rebound.
  • Finance Ministers Will Try to Measure Obama's Support for Global Initiatives This first-time meeting of G-7 finance ministers since the election of Barack Obama as president will be watched to see what kind of support there is from the U.S. for global initiatives. It will also set the stage for a G20 session in April.
    Related item:
    IMF Chief Says Nations in 'Depression'
    Wondering Who Will Lead the Recovery

    Firms Race To Regain Control Over Inventories
  • Wonder Bread Goes Natural The makers of Wonder Bread are getting into the "natural" arena, planning to unveil Nature's Pride products, which include no artificial flavors or preservatives, no high fructose corn syrup or trans fats.

New York Times (registration to site required)

Washington Post

Ag media Monitoring the countryside

Omaha World-Herald (Nebraska)

Des Moines Register (Iowa)

  • State leaders: Expand fund guaranteeing pay for grain Lawmakers are looking at various proposals to make changes to the state's Grain Indemnity Fund, a pool of money that pays farmers in the event they sell grain to an elevator that goes bankrupt or can't pay its bills.
Laughing with, not at From political humorists

Jay Leno: "This week in Washington, President Obama took time out from his busy day to read a book to a group of second graders. Did you see that on the news? It was a fairy tale about a cabinet nominee who once paid all his taxes.”

Jay Leno: "It came out today that the House Democratic Caucus spent $500,000 of taxpayers' money for retreats at luxury resorts and spas. The Democrats say the time was used for strategic planning for the country. … So, the resorts are being used for strategic planning. Really? Then what is the Capitol building for? Hello?! Hello?! Isn't this work?”

Jay Leno: "Hey, listen to this -- according to ‘The Wall Street Journal,' the city of Las Vegas wants to use $2 million worth of the economic stimulus package for neon signs. … I just hope it doesn't make the city look tacky.”


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