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 jumped 367.87 points, or 4.4 percent, to 8,719.78.
- The dollar was at 99.25 yen from 98.42 yen.
Wednesday’s U.S. Markets...
- The Dow Jones Industrial Average rose 152.68, or 2 percent, to 7,761.60. The Nasdaq Composite Index gained 23.01, or 1.5 percent, to 1,551.60.
- The 10-year Treasury note yield fell to 2.66 percent from 2.67 percent late Tuesday.
- The dollar was at 98.67 yen from 98.95 yen, while the euro was at $1.3232 from $1.3286 late Tuesday.
| Ag futures | Yesterday‘s action and overnight indicators |
- Overnight trade: Check the link for updated prices and/or settlements.
What happened the prior trading day...
- Corn: Futures closed around 8 cents lower, which was near session lows.
- Soybeans: Futures closed narrowly mixed, which was near the middle of today’s range.
- Wheat: Futures finished 6 to 7 cents lower in Chicago, around 7 cents lower in Kansas City and mostly 2 to 4 cents lower in Minneapolis.
- Cotton: Futures closed 11 to 32 points lower on spillover pressure from widespread commodity selling.
- Lean Hogs: Lean hog futures closed steady to moderately lower, which was in the middle of the day’s range.
- Live Cattle: Live cattle futures closed mixed, with nearby live cattle closed 10 to 32 cents lower and deferreds up 2 cents.
Scheduled USDA Reports & Summaries This Week | ||||
|---|---|---|---|---|
Agricultural Marketing Service = (A) | ||||
Monday | Tuesday | Wednesday | Thursday | Friday |
March 30 Grain Inspections (A) | 31 Prospective Plantings (N) | April 1 Broiler Hatchery (N) | 2 | 3 Dairy Product 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)
- Obama Hits Resistance at G-20 In His First Turn on World Stage, President Faces Challenge From France, Germany French and German leaders upped pressure on President Obama relative to the global financial crisis, and UK Prime Minister Gordon Brown acknowledged there were some difficult negotiations ahead at the summit meeting. The White House, however, sought to downplay the situation somewhat.
Related item:
Protesters Greet G-20 Leaders
- Bankruptcy Is Vital to Capitalism The article notes that businesses failing is a part of capitalism and that sometimes that’s what has to happen. He likens the current situation with automakers to that of the late 19th Century which saw a 20% of the nation’s rail lines in the hands of insolvent railroads.
- ECB Rate Cut Is Expected at Meeting. The European Central Bank was expected to lower interest rates again, but some question whether they will change their deposit rate too.
- Stimulus Stance Isolates Sanford Conservative Governor’s Base Questions His Willingness to Forgo Some Federal Aid South Carolina Gov. Mark Sanford has said he won’t request some $700 million in economic stimulus funds from the federal government, angering even some of his supporters who think his stance on the issue is political, not practical.
Related items:
U.S. Ties New Funds to Schools Data
House Passes New, Weaker Bill Curbing Bonuses
- We Can’t Run Deficits Forever Controlling entitlements is the next priority. Opinion item by House Majority Leader Steny Hoyer (D-Md.). The writer touts the current budget plan by Democrats as containing provisions that will help to cut the federal budget deficit in half. He also says that entitlement reform is going to be critical as well.
- Senate Sets Climate Bill Procedures. The Senate voted 67-31 to not allow reconciliation protection to climate change legislation, a move which effectively means backers in the Senate have to have 60 votes in order to overcome any filibuster of the package.
- Auto Makers See a Ray of Hope March Sales Fell 37%, but Drop Was Less Than in February; GM Points to ‘the First Signs of Brightening’. While the percentage drop in auto sales vs. last year is significant, some point out that sales rose in February compared to January.
Related items:
Daimler to Deepen Its Cost
China’s SAIC Using U.S. Parts on Hybrid
GM’s Financing Arm Tries to Drum Up Sales
Car Sales Increase in France, Italy
New York Times (registration to site required)
- In Europe, Obama Faces Calls for Rules on Finances Leaders of France and Germany pressed the United States to accept strict regulations on the finance side, with France’s leader saying he would not back any deal from the summit that puts off stringent new regulations on banks, tax havens, and hedge funds.
Related item:
An Unsure China Steps Onto the Global Stage
Lower Profile for Clinton, but Her Influence Rises
- Pushed to Act, House GOP Pitches a Budget The Republican plan offered up would also freeze most domestic spending for five years, increase Pentagon spending, permanently extend the Bush-era tax breaks and eliminate any taxes on successful investments in 2010 as a way to spur the economy. While acknowledging the plan will not pass, Republicans felt it was needed to offer to counter Democratic complaints that the GOP had no alternative except to oppose the Democratic-proposed budget plan.
- The Forgotten Rich Editorial. The paper argues against a provision offered as an amendment to the Senate’s version of the budget that would put the estate tax exemption at $10 million for a couple and put a rate of 35% on estates beyond that amount.
- Japan Tries to Increase Exports. Businesses in Japan continue to look toward the export market to bolster their financial situations despite a continued push by the government for a focus on demand in their domestic market.
- U.S. Signals New Era for Global Economy Urging Nations to ‘Pick Up the Pace,’ Obama Says U.S. Cannot Go It Alone President Obama called on other countries to accelerate their efforts to help the global economy, saying the U.S. cannot do it all on its own. But European leaders remain mostly resistant to calls for them to spend more on helping the economy.
Related items:
A Whirl of Activity for Obama on First European Trip as President
A Busy Day of Diplomacy
- EPA Can Weigh Cost-Benefits in Environmental Action, Court Says The Supreme Court ruled 6 to 3 that such cost-benefit decisions are allowed under the Clean Water Act as the agency moved to require more than 500 older power plants to upgrade the ways they draw water to cool machinery.
- House Republicans Unveil Revised Budget Proposal Republicans said their plan was a credible alternative but was dismissed by Democrats as not doing enough.
- More Tax Cuts for the Rich?.Editorial The paper derides a Senate-approved amendment that would increase the exemption level for the estate and lower the tax rate to 35% on estates over $10 million. This goes beyond the Obama plan to set the exemption level at $7 million with a 45% rate beyond that.
| Ag media | Monitoring the countryside |
Omaha World-Herald (Nebraska)
- Senators reject Johanns’ fast-tracking plan Sen. Johanns sponsored the amendment which was adopted by the Senate to prevent reconciliation being used on climate change legislation. That means it will take 60 votes, not just a majority, to move the package ahead.
- Midlands farmers borrowing more. An economist with the Omaha Federal Reserve Bank told lawmakers that farmers are borrowing more money now to pay for seed, fertilizer, fuel and other supplies but not for equipment and land.
Des Moines Register (Iowa)
- Refiners: Halt ethanol mandate Oil refiners are calling for ethanol mandates to be halted, citing the limit on how much ethanol can be blended with gasoline. They also criticized efforts to expand the percentage of ethanol that can be blended with motor fuel.
- In hard times, chemical industry is buoyed by agricultural needs. Chemical companies are continuing their focus on products that help maintain as much yield for farmers as possible despite the economic downturn.
| Laughing with, not at | From political humorists |
Jay Leno: “Big day in Detroit. You may have heard about this. The Obama Administration asked General Motors CEO Rick Wagoner to step down, and he agreed,” which “is good news for Obama. You know, the last time he tried to get someone to quit, it took months. And even then, he had to promise her a job as Secretary of State.”
Jay Leno: “According to the government, Rick Wagoner was forced to resign because of poor performance. That’s embarrassing.” You run “an organization that loses billions of dollars and then get fired by a guy who heads up an organization that loses trillions of dollars.”
Craig Ferguson: “Today, President Obama announced he is using his own money to redecorate the White House.” Meanwhile, he “is using...taxpayers’ money to redecorate the houses of AIG executives.”
Jimmy Fallon: “Did you hear this? Some guy is selling a video of Joe Biden’s daughter snorting cocaine. I’m not really interested in that. I mean, if I want to see video of a rambling, incoherent Biden, I’ll just turn on CNN.”
