Stimulus Price Tag Rising

January 27, 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 rose 45.22 points, or 0.6 percent, to 8,106.29

  • The dollar was at 89.28 yen from 89.32 yen.

Tuesday's U.S. Markets...

  • The Dow Jones Industrial Average rose 58.70, or 0.72 percent, to 8,174.73. The Nasdaq Composite Index rose 15.44, or 1.04 percent, to 1,504.90.
  • The 10-year Treasury note yield fell to 2.53 percent from 2.65 percent late Monday. 

  • The dollar was flat at 89.02 yen, while the euro was at $1.3189 from $1.3176 late Monday.

Ag futures Yesterday's action and
overnight indicators

What happened the prior trading day...


  • Corn: Futures sharply extended losses into the close to finish mostly around 16 cents lower.
  • Soybeans: Futures opened weaker but quickly extended losses and closed mostly around 30 cents lower to post a low-range close.

  • Wheat: Futures sharply extended losses into the close to finish mostly around 16 cents lower.
  • Cotton: Futures closed slightly to moderately lower, with nearbys leading losses.
  • Lean Hogs: Lean hog futures gapped lower on the open and sharply extended losses, posting fresh contract lows in all contracts and posting a near-session-low close.
  • Live Cattle: Live cattle futures extended early losses to close 95 cents to $1.55, which was a low-range close.

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

Jan. 26

Grain Inspections (A)
Poultry Slaughter (N)

 

27

Weather - Crop Summary (N)
 

28

Broiler Hatchery (N)
Vegetables Annual Summary (N)

29

U.S. Export Sales (F)
Peanut Stocks and Processing (N)
Sugar and Sweeteners Outlook
(E)

30

Dairy Products Prices (N)
Agricultural Prices (N)
Catfish production (N)
Cattle (N)
Egg Products (N)
Sheep and Goats (N)
Potatoes and Sweet Potatoes Final Estimates 2003-2007 (N)

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)

  • Stimulus Bill Near $900 Billion Obama Agrees to Trim Alternative Minimum Tax; Lobbies Rush for Cut of the Pie Senate committee action on the economic stimulus package has swelled its price tag closer to $900 billion, with inclusion of a temporary alternative minimum tax patch.
    Related items:
    Doubts on Obama Stimulus Plan Mount
    Republicans Question Effectiveness of Plan
    Senate Provision Would Let Buyout Firms Defer Taxes on Canceled Debt
    A 40-Year Wish List
    Review & Outlook item.
  • Offshore Drilling on the Table Interior Secretary Salazar indicated the administration is looking at offshore drilling, and said he "didn't know" if the administration was going ban such action. He told the WSJ that the administration was in an "information-gathering" mode right now.
  • FDA Finds Violations by Peanut Firm Investigators say the Georgia peanut processing plant suspected as the source of salmonella contamination found violations at the plant, and say the company sold peanut butter even after discovering salmonella a dozen times during 2007 and 2008. They sold the product after an outside lab cleared the samples.
  • A New Target for Inflation on Tap at Fed? The item previews what could emerge from the conclusion of today's Federal Open Market Committee (FOMC) meeting as policymakers essentially no longer have interest rates as a tool to use. A target for inflation is suggested as one possible tool the Fed may signal it will use.

New York Times (registration to site required)

Washington Post

Ag media Monitoring the countryside

Omaha World-Herald (Nebraska)

  • Ethanol plant to resume operation The Husker Ag ethanol plant in Plainview will resume operations after having worked out arrangements with farmers supplying corn to the plant would be paid on their contracts over a period of years.

Des Moines Register (Iowa)

Laughing with, not at From political humorists

Jay Leno: "And as you know, President Obama has signed an executive order closing Guantanamo Bay. ... Well, the big problem, how do you get these inmates back to their home countries? They're all on the do not fly list."

Jay Leno: "Citigroup" just "got $45 billion of our tax dollars. Did you see what they bought themselves? They spent $50 million on a brand new, French-made private jet for their executives. Has a bar, private entertainment center, seating for 12. ... You know, if there's ever a reason to reopen Guantanamo Bay, this is it, okay."

David Letterman: "But I got to say, so far so good for the Obamas. ... The family is settled in. There's the President and his wife and the kids and the mother-in-law. And they're settling nicely. The only problem, the only complaint -- and they don't want to make trouble -- but the only complaint is they can still hear creepy organ music coming from Dick Cheney's dungeon."


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