| A Heyday In The Heartland
Welcome to the corn vs. soybean smackdown, part two. Soybeans ceded the first round when an early 2007 spike in corn prices prodded farmers to snap up corn seed and dedicate more acres to corn instead of soy. The result: a record-breaking corn crop. Soybean markets slid from surplus into shortage. Now soybeans are back and badder than ever. Both corn and soy prices are spiking, once again, to record levels. But short supplies have driven soy prices way beyond expectations, leaving farmers struggling with a lucrative dilemma. "I can't get a good feel for what farmers in Iowa are going to do," said John Sawyer, Extension Soil Fertility Specialist with Iowa State University. "They are, in essence, clamoring to be planted to soybeans and corn both." Fertilizer producers benefit either way.
Nasdaq Ekes Out a Gain; Dow Slides
Stocks finished mixed Friday amid heavy selling in financial and retail stocks. The Dow Jones Industrial Average and S&P 500 index declined following news of more turmoil for bond insurers and a statement from a Federal Reserve official that a recession may be unavoidable. The Nasdaq received a boost from an Amazon stock-and-debt buyback announcement and from bargain hunters scooping up undervalued techs. .
Stocks End Higher On Fed Minutes - U.S. Commentary
The markets shrugged off inflation fears, taking comfort from the minutes of the Federal Reserve's latest meeting.
Stocks saw early weakness after the Labor Department released its report on consumer price inflation for the month of January, which is one of the best indicators of inflation within the U.S.
The Labor Department's consumer price index rose 0.4 percent in January, matching the increase seen in the previous month. Economists had been expecting a slightly more modest increase of about 0.3 percent. The core consumer price index, which excludes food and energy prices, increased by 0.3 percent, exceeding economist estimates of a 0.2 percent increase.
Later in the day, the major averages moved into positive territory, as the Federal Open Market Committee released the minutes from its last meeting in January.
Pak Lah: Don’t be racial
SIBU: Malaysians must not harbour racial prejudice in their hearts, said Datuk Seri Abdullah Ahmad Badawi. The Prime Minister said there should not be any confrontation among the races as it would jeopardise peace and stability. I want Malaysia to be a peaceful country. We must maintain the good reputation of our country, he added when opening the RM7mil-SMK St Elizabeth Mill Hill Franciscan Centennial Hall at Jalan Oya yesterday. Abdullah said Malaysians should respect and help each other to live in harmony and urged teachers to instil in their students love for the country and goodwill to one another. .
Australian stock market closes lower after US dip and inflation ...
At the 4.15pm AEDT close, the benchmark S&P/ASX200 index was 1.6 points lower at 5980.0 while the All Ordinaries index fell 13.5 points to 6040.9. On the Sydney Futures Exchange, the March share price index futures contract was down 23 points to 5981 on a volume of 21,062, according to preliminary calculations. Today, the monthly inflation gauge prepared by TD Securities-Melbourne Institute rose by 0.6 per cent in December, and by 3.7 per cent in the 12 months to December. The annual reading was the highest since December 2006. On the local bourse, the big miners and major banks were weaker. In the resources sector, global miner BHP Billiton was down six cents at $38.24, and Rio Tinto was off 60 cents at $125.00. Takeover target Allegiance Mining slipped 0.5 cents to $1.045 as it said a recent vote of support from its largest shareholder, China's Jinchuan Group, was a sign of the strength of the relationship between the companies.
JAC member alleges harassment by police
At the meeting, PUDA had proposed to give Rs 7 lakh per acre to farmers as compensation for the land that was being acquired by the authority. The MLA said PUDA had acquired land falling under Jagatpura and Kambala villages some years ago. Farmers were given Rs 6 lakh per acre as compensation. He said later PUDA sold about 16 acres of the acquired land to the Railways as a railway line from Chandigarh to Ludhiana had to be laid. PUDA sold those 16 acres of undeveloped land, part of it falling in a choe, to the Railways for Rs 4.50 crore. The MLA argued that when PUDA could sell undeveloped land for Rs 28 lakh per acre, why were farmers only being given Rs 7 lakh per acre as compensation. He said he had recommended that farmers should be given a respectable amount (not less than Rs 28 lakh per acre) as compensation if PUDA had to acquire their land.
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