Snapshot of news and events for today
||Major world indicators
- The 225-issue Nikkei Stock Average closed for holiday.
Friday's U.S. Markets...
- The Dow Jones Industrial Average was down 128 points, or 1.49 percent, at 8451.19 -- down a record 18 percent for the week and its lowest close since 2003. The Nasdaq Composite Index rose 4.39 points, or 0.27 percent, to 1,649.51 -- down 15 percent for the week.
- The 10-year Treasury note was down 7/32 point, or $2.1875 per $1,000 face value, to yield 3.861 percent. The 30-year bond was down 9/32 point to yield 4.135 percent.
- The dollar rose to 100.25 yen from 99.91 yen, while the euro was at $1.3413, compared with $1.3609 late Thursday
||Yesterday's action and
What happened yesterday...
- Corn: Futures opened sharply lower and quickly locked limit down.
- Soybeans: Futures closed limit lower today, with pressure continue from outside markets and this morning's USDA reports.
- Wheat: December Chicago wheat finished the week about 75 cents below last week's close as traders are growing increasingly concerned about the global financial crisis.
- Cotton: Futures gapped lower on the open and extended losses to limit-down levels.
- Lean Hogs: Lean hog futures closed sharply lower today, with deferred contracts leading losses.
- Live Cattle: Live and feeder cattle opened sharply lower and extended losses to close limit lower.
||Other reports affecting agriculture
||Links to top news reports
with potential U.S. ag impact
Wall Street Journal (subscription to site required for access)
- Europe Raises Stakes in Bank Bailout Race UK to Rescue RBS, HBOS, as Germany Plans Up to €400 Billion to Aid its Institutions; U.S. Is Considering Similar Moves The UK is expected to take over two banks and Germany is planning a major cash infusion. Other countries have also taken steps to address the financial crisis that involve hefty government involvement. The UK is also poised to ease "mark-to-market" rules.
Treasury Hones Next Rescue Tool
Slow-Motion Crash Leaves Investors Scrambling
Mexican Crisis Holds Lessons for U.S.
Reality Reaches Latin America
IMF Nations Vow to Prevent New Failures
Global Action Needed, Says World Bank
China Grapples With Response to Global Crisis
Gulf Countries Unveil Measures to Back Banks
In Australia, New Measures Add Liquidity
EU Writes Menu of Options
A Crash Heard Around the World
In Emerging Economies, Consumers Feel the Pinch
Fed to Name Trustees for AIG Stake
Hong Kong Sets Plan to Bolster Its Banks
- Restaurants' Gloom Spreads. Restaurants are feeling the effects of consumers staying at home more and not eating out as much. Many firms have reported dramatic drops in revenues.
- In Virginia, McCain Struggles To Hold the South for GOP The usually strong Republican base of the South appears to be a question mark as the presidential contest continues. The McCain campaign is putting some new efforts into usually Republican states.
- Importers Snatch Up USDA's Credit Guarantees USDA's GSM export credit guarantee program is seeing a strong wave of usage of the credits just days into the new fiscal year.
New York Times (registration to site required)
||Monitoring the countryside
Fargo Forum (North Dakota)
Omaha World-Herald (Nebraska)
- Fertilizer prices defy laws of economics Via the Minneapolis Star-Tribune. Despite commodity prices falling and claims of a surplus, farmers are finding fertilizer prices haven't turned down with the price of corn or soybeans.
Des Moines Register (Iowa)
|Laughing with, not at
||From political humorists
David Letterman: 10. Three times Straight Talk Express has "accidentally" knocked over Obama's mailbox 9. Next debate will be moderated by Jerry Springer 8. McCain keeps referring to opponent as Senator Barack Hussein Obama Bin Laden 7. Sarah Palin says she can see Joe Biden's hair plugs from her house 6. Desperate attempt to connect Obama with the last eight years of Regis 5. No number 5 -- economy so bad, writer putting everything he owns up on eBay 4. They have resorted to "your Vice President's so dumb" jokes 3. Obama claimed McCain's irresponsibility caused the 1929 stock market crash -- he's that old, people! 2. Even Dick Cheney thinks they're being cruel 1. Obama's gloves are off, McCain's teeth are out