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 |
- Overnight trade: Check the link for updated prices and/or settlements.
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) | ||||
Monday | Tuesday | Wednesday | Thursday | Friday |
Sept. 22 Grain Inspections (A) | 23 Weather - Crop Summary (N) | 24 Broiler Hatchery (N) | 25 U.S. Export Sales (F) | 26 Dairy Products 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)
- Congress Objects to Lack of Help Aimed at Homeowners Lawmakers in part focused on a lack of help for homeowners in the $700 billion bailout plan that was the subject of a congressional hearing Tuesday.
Related item:
In Bailout Furor, Wall Street Pay Becomes a Target
The Issue Is Payback, Not Bailout
FBI Looks Into 4 Firms at Center of the Economic Turmoil
Obama and McCain Stand Firm on Bailout
Those Selling a Bailout Find a Skeptical Audience in Lawmakers
The Bailout: Questions and Doubts Editorial
- Bill Would End Coastal Oil Drilling Ban The end to the coastal drilling ban is contained in a measure the House will consider to keep the government funded through March 6.
- Iraqi Trade Officials Ousted in Corruption Sweep Three top Iraqi trade officials have been forced out of their positions on the possibility of corruption.
- China Says Complaints About Milk Began in 2007. The complaints came earlier than has been thought and were some 10 months before a recall of products began.
- Investigation Widens Into Unusual Oil Price Rise. The Commodity Futures Trading Commission (CFTC) has subpoenaed trading records of some players in the crude oil market in the wake of Monday’s big gains in the spot month contract ahead of its expiration.
- Economic Fears Give Obama Clear Lead Over McCain in Poll Sen. Obama is shown ahead in the latest Washington Post/ABC News poll, as many view him as more in touch with economic struggles faced by Americans.
- Bailout Proposal Meets Bipartisan Outrage Lawmakers Balk as Officials Press Case For Quick Action Calls for quick action on a bailout package were met with opposition from lawmakers who expressed concern about what they see as a rushed package that lacks details and protections for consumers.
Related item:
Alternative Solutions Diverge From Administration’s Approach
Obama, Capitol Hill Leaders Speak as One on Crisis
Bailout Debate Spawns High-Stakes Lobbying Scramble
The Mother Of All Interventions
FBI Opens Probe of Finance Giants
The Words Left Unspoken in the Bailout Debate
Groups Seek Whistle-Blower Protection in Bailout Legislation
Buffett To Invest $5 Billion In Goldman
- House Democrats to Let Ban on Drilling Expire Senate Approves $100 Billion Tax Break The House will not renew the ban on offshore drilling that will expire next week, although there are provisions in the continuing budget resolution that address the topic.
| 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?’”
