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 N.Y. SPOT TIN NOON - APRIL 7 Spot 315.00/317.00 Apr 315.00/317.00 May 316.00/318.00 June 317.00/319.00 July 318.00/320.00 (cts per lb)  | |
Cash bellies are called steady and loins firmer at noon on moderate intrest. However hams are called sharply lower as Easter business came to a close. Cash beef is higher on farily active demand according to private sources. ALL PORK PRICES - FOB MIDWEST BASIS. LOINS BELLIES 14-18 98-100 12-14 60 18-22 96 14-16 60 HAMS 16-18 57 14-17 unq CARCASS BEEF 17-20 73 600/700 98 Reuter | CASH PORK CALLED MIXED, BEEF HIGHER |
 NYMEX PLATINUM 12:05 LAST P SETT APR7 4670 5629 MAY7 JUN7 5663 JUL7 5720 5686 OCT7 5758 5728 JAN8 5825 5771 APR8 5889 5816 JUL8 5900B 5950A 5866  | |
 LONDON STERLING FORWARDS CLOSE - APRIL 7 1 MONTH 3 MONTHS 6 MONTHS ONE YEAR US 52/49 133/128 228/223 407/397 CAN 57/47 140/128 234/217 405/368 DMK 163/152 439/421 810/793 1523/1489 SFR 157/143 384/368 709/685 1326/1271 DFL 138/126 367/348 677/658 1287/1242 FFR 179/128 422/343 642/531 1081/862 YEN 131/119 351/335 650/627 1230/1184 LIT 18/05 -29/+11 -09/+78 70/211 BFC 19/12 46/35 72/58 127/107  | |
Gandalf Technologies Inc said it signed a two-year eight mln dlr agreement with British Telecom to distribute British Telecoms Mezza Voicestation System in Canada and the United States. Gandalf said it will market the system as the Gandalf Voicestation System. Reuter | GANDALF <GANDF>, BRITISH TELECOM IN AGREEMENT |
The board of directors of Manhattan National Corp said it has named Charles Hinckley chairman and chief executive officer of the life insurance holding company replacing Wilmot Wheeler Jr who returns to his former position of vice chairman. Hinckley is also president and chief executive officer of <Union Central Life Insurance Co> a mutual insurer that on March 31 acquired 3.6 mln shares of Manhattan Nationals common stock for 43.2 mln dlrs or 12 dlrs a share a spokesman for Manhattan National said. The spokesman said the purchase coupled with the 900096 Manhattan National shares Union Central already owned brought Union Centrals Manhattan National stake up to 52.2 pct of the outstanding common shares. Manhattan National said it also named five others from Union Central to its board of directors. The spokesman said Union Central now holds seven of Manhattan Nationals thirteen seats on the board of directors. The company also said it named Paul Aniskovich Jr president and chief executive officer of its Manhattan Life Insurance Co and Manhattan National Life Insurance Co units. Aniskovich who fills a vacancy at the units formerly was executive vice president of Union Central Life. Reuter | MANHATTAN NATIONAL <MLC> NAMES NEW CHAIRMAN |
Acme Precision Products Inc said it set its annual meeting for May 14 for shareholders to vote on the proposed management-led leveraged buyout of the company. The record date for the meeting will be April 16 with proxy materials to be sent to shareholders on or before April 20. The buyout proposal which was previously announced will be structured as a one for 100000 reverse stock split. It must be approved by a majority of shareholders. Acme Precision has 1008857 shares outstanding. Reuter | ACME PRECISION <ACL> SETS HOLDER VOTE ON BUYOUT |
The pilots union that has bid 4.5 billion dlrs to buy United Airlines from UAL Inc said it is holding a meeting for all airline employees that will be televised on closed-circuit channels across the country to other locations to present details of the offer. The meeting at a suburban Chicago location is intended to provide information on the offer to buy the airline it said. Lawyer F. Lee Bailey pilot chiefs attorneys and investment bankers from Lazard Freres the pilots financial advisors will speak it said. Reuter | UAL <UAL> AIRLINE PILOTS HOLDING NATIONAL MEETING |
Moodys Investors Services Inc said it upgraded upgraded to B-1 from B-3 National Gypsum Cos 887 mln dlrs of industrial revenue and pollution control bonds. Moodys said a highly leveraged capital structure and thin debt protection continues since the April 1986 leveraged buyout. But the firm is well-positioned in its business segments. As the second-largest U.S. gypsum wallboard producer it generates over 80 pct of operating earnings through wallboard output. This business changes with the construction cycle and so increases Gypsums cash flow vulnerability Moodys said. Reuter | NATIONAL GYPSUM DEBT UPGRADED BY MOODY'S |
Nynex Corps New York Telephone said it will hire 1900 temporary clerical and technical employees to work from April through October with some positions open until December. It said salaries for jobs range from 245 dlrs a week for inexperienced clerical workers to 700 dlrs a week for skilled technicians. N.Y. Telephone said it has been receiving 2000 job applications daily but needs 1000 more applicants a day from which to select the temporary work force. The company also said it will hire nearly 900 permanent directory assistance operators to fill vacancies followed by normal turnover. Reuter | NYNEX <NYN> TO HIRE TEMPORARY WORK FORCE |
L.M. Ericsson Telephone Co said it has received a contract to provide U S West Inc with AXE digital central office switching equipment for use in Idaho replacing 50 older electro-mechanical switches. Value was not disclosed. The company said U S Wests Mountain Bell will place the first AXE in service before year-end and the project is to be completed by the end of 1991. The company said the replacement program follows an agreement between Mountain Bell and the Idaho Public Utilities Commission for conversion of a substantial part of the Idaho telephone network to digital from analog technology over the next five years. Reuter | ERICSSON <ERICY> GETS U S WEST <USW> ORDER |
Spring wheat futures traded unchanged to two cents higher at midsession as firm exporter demand lent support traders said. May stood 1-1/2 cents higher at 2.85 dlrs. The 14 pct spring wheat cash basis was steady at 38 cents over May amid increased receipts of 186 cars. Milling durum was steady at 3.95 to 4.00 dlrs and terminal quality was unchanged at 3.55 dlrs for Minneapolis and 3.80 dlrs Duluth. Other quotes were unchanged with Duluth sunseed at 7.80 dlrs number one and two oats at 1.55 to 1.66 dlrs feed barley at 1.75 dlrs for Duluth and malting barley at 2.00 to 2.05 dlrs. Reuter | MINNEAPOLIS SPRING WHEAT MOSTLY UP AT MIDDAY |
MINNEAPOLIS WHEAT MAY7 285 UP 1 1/2 JUL7 281 1/4 UP 1/2 SEP7 276 1/2 UP 1/2 DEC7 -- -- MAR8 -- -- | MIDWEST GRAIN FUTURES 12:10 EDT |
Federal Reserve Board Chairman Paul Volcker said that he did not believe there was a connection between the Feds policies and the recent rise in the prime interest rate by most major U.S. banks. Asked by reporters following testimony before the Senate Banking Committee whether the Fed had anything to do with the rise to 7-3/4 pct in the prime he replied not that I was able to detect. Reuter | VOLCKER SAYS FED POLICY NOT LINKED TO RATE RISE |
 LONDON SUGAR NO.6 AT 1710 - APR 7 MTH LAST BYR SLR HIGH LOW SALES May 151.2 151.2 151.4 152.0 147.0 1347 Aug 155.0 155.4 155.8 155.8 152.0 495 Oct 159.6 159.8 --- 160.0 155.6 1724 Dec 161.0 161.6 163.0 163.0 161.0 54 TOTAL SALES 3620  | |
 CBT 12:10 EDT WHEAT MAY7 286 3/4 UP 1/2 JUL7 271 3/4 OFF 1 SEP7 272 1/2 OFF 1/2 DEC7 277 3/4 OFF 1/4 MAR8 277 1/4 UNCH CORN MAY7 159 3/4 UP 1 1/2 JUL7 163 1/2 UP 1 3/4 SEP7 168 1/2 UP 2 1/4 DEC7 176 3/4 UP 2 MAR8 183 3/4 UP 2 OATS MAY7 149 3/4 OFF 1/4 JUL7 138 3/4 UP 1/4 SEP7 129 3/4 UP 1 1/2 DEC7 134 1/2 UP 1/2 MAR8 136 3/4 UNCH BEANS MAY7 502 1/2 UP 2 3/4 JUL7 503 3/4 UP 3 1/2 AUG7 503 3/4 UP 4 1/4 SEP7 500 UP 6 NOV7 502 UP 6 JAN8 509 UP 6 1/2 MEAL MAY7 1463 UP 10 JUL7 1462 UP 11 AUG7 1462 UP 12 SEP7 1464 UP 13 OCT7 1470 UP 19 OIL MAY7 1555 UP 12 JUL7 1590 UP 12 AUG7 1606 UP 11 SEP7 1624 UP 13 OCT7 1640 UP 15  | |
Winnipeg oilseeds were higher with rapeseed gaining 2.10 to 2.50 dlrs a bushel and flaxseed up 1.50 to 2.70. Oilseeds were supported by the rally in the Chicago soy complex trade sources said. Further recently active producer selling subsided while exporters provided underlying support in flaxseed and crushers bought rapeseed they said. Feed grain trade was quiet with locals and commission houses dominating activity. Rye fell 0.10 to 0.20. Barley ranged 0.40 lower to 0.40 higher. Oats ranged unchanged to 0.30 lower. Wheat fell 0.20 to 0.50. Reuter | MIDDAY WINNIPEG OILSEEDS HIGHER |
Dealers quoted No.2 scrap copper at a nominal 51.50 cents up 0.50 cents from Monday. Refiners were willing to pay some 2.00 cents above that level for premium lots of scrap. Reuter | SCRAP COPPER QUOTED AT NOMINAL 51.50 CENTS |
Trading volume on the London Commodity Exchange held steady overall in March according to figures issued by the International Commodities Clearing House. Total volume was 238287 lots against 235665 in March 1986 and 233403 in February 1987. Cocoa volume was down to 62686 lots last month from 82192 lots in March 1986. It totalled 65662 in February 1987. However coffee volume grew to 100597 lots from 93440 a year earlier and 83283 in February this year. Sugar trading totalled 75004 lots up on the March 1986 total of 60033 but below Februarys 84458. For the whole first quarter sugar volume was substantially higher at 232601 against last years 115987 while coffee was down to 269190 from 433487. Cocoa volume in the first quarter this year fell to 190142 from 221899 in 1986 and total volume for the three commodities was down to 691933 from 771373. Reuter | LONDON COMMODITY EXCHANGE VOLUME STEADY - ICCH |
The Bank of Englands effective exchange rate index showed the U.S. Dollar at 101.6 compared with 101.7 previously. Other effective rates were = Australian dlr 55.7 ( 55.9 ) Aus Sch 137.5 ( 137.6 ) BFR con 99.9 ( 100.0 ) CAN 79.3 ( 79.3 ) DKR 92.7 ( 92.7 ) FFR 71.5 ( 71.6 ) DMK 146.4 ( 146.5 ) LIT 47.9 ( 47.9 ) YEN 219.6 ( 218.5 ) DFL 134.3 ( 134.4 ) NKR 79.3 ( 79.2 ) SKR 68.5 ( 68.5 ) SFR 172.3 ( 171.8 ) | BANK OF ENGLAND EFFECTIVE INDEX SHOWS DOLLAR AT 101.6 |
Belgium is launching a euro-commercial paper program for an unlimited amount with the issuance planned immediately after signing in mid-May First Chicago Ltd said as arranger. London - Colombia is in the process of arranging two co-financings for projects in the electrical sector director of public credit Mauricio Cabrera said. Abidjan - The African Development Bank said it increased its lending by 42.1 pct last year to 1.64 billion dlrs from 1.15 billion dlrs in 1985. Manila - The Asian Development Bank said it had approved two loans amounting to 75.7 mln dlrs for agricultural projects in Bangladesh and Nepal. Washington - Federal Reserve Board chairman Paul Volcker said debtor nations have made much progress in laying the groundwork for economic growth but a solution to world debt difficulties was endangered by inaction on new financing. Paris - The French treasury has decided to repay 680 mln francs of debt issued before 1950 the Finance ministry said. REUTER | INTERNATIONAL CREDIT HIGHLIGHTS - APRIL 7 |
 N.Y. COCOA 1200 RING - APRIL 7 MAY 1922 (1934) JLY 1956 (1967) SEP 1981 (1989) DEC 2008 (2015) Mch 2036 (2043) May 2056 (2063) JLY UNQ (unq ) (Please note all prices are nominal)  | |
Toronto stocks prices rose higher into record territory bolstered by the resource sector but slowed the momentum of the four-session climb. The composite index rose 13.30 points to 3894.60 on volume of 19.4 mln shares. Most stock groups joined in the rally with advances outpacing declines 443 to 339. Gold miner Galactic Resources improved 7/8 to 10-1/8. It announced yesterday plans to merge with Quartz Mountain Gold and said Cornucopia Resources granted an option to enter into a Nevada joint venture. In other golds Hemlo Gold gained 7/8 to 27-1/4 and Lacana Mining rose 1-1/8 to 18-1/4. Oil shares provided support for the sessions advance as oils also turned higher on Wall Street. Imperial Oil class A surged 7/8 to 73 dlrs Shell Canada won 3/4 to 42-3/4 and Texaco Canada improved 3/4 to 36-3/4. Dome Petroleum slipped one ct to 1.15 dlrs after gaining eight cts yesterday. Analysts said the stock was attractive on a technical basis adding they were increasingly optimistic that Dome will complete a debt reorganization. Forest products continued higher. Rising issues included Canfor Corp 1-1/4 to 35-3/4 British Columbia Forest Products 1/2 to 21-1/4 and Consolidated-Bathurst 1/4 to 21-1/4. Non-precious metals also joined in the resource-based rally. Alcan added 1/4 to reach 54-1/8 Falconbridge firmed 3/8 to 20-1/4 among actives and Inco firmed 1/8 to 21-7/8. Volume leaders were mixed. Top active Canadian Pacific edged down 1/8 to 24-7/8 and Northern Telecom slipped 1/4 to 59-3/4 while International Thomson rose 1/4 to 16-1/2. Montreals market portfolio index gained 7.67 points to 1942.70 with mining utility and oil stock groups higher. In Vancouver the index rose 8.6 points to 1882.6. Reuter | CANADA STOCKS HIGHER AT MIDSESSION |
Dutch insurer Aegon NV <AEGN.AS> plans to issue 200 mln guilder 6.5 pct six-year bonds at an issue price of 101.00 pct with 200000 warrants lead-manager Amsterdam-Rotterdam Bank NV (Amro) said. From July 16 1990 Aegon may at its option redeem early the bonds in whole or in part. The issue has denominations of 1000 guilders. The warrants give the right to subscribe to a second series of bonds a 200 mln guilder 6.5 pct six-year bullet loan. The issue price of the warrants has been fixed at 30 guilders each. From May 15 this year up to and including July 15 1990 each warrant will entitle the holder to the bullet by surrender of the other bond and a warrant. After July 16 1990 each warrant will entitle the holder to acquire one bullet at a price of 100 pct of the nominal value plus accrued interest from the preceding coupon date. Aegon will pay the holders of unexercised warrants outstanding on July 15 1993 15.00 guilders each. Subscriptions close April 16 and pay date is May 14. Coupon date is July 15. Application will be made for listing on the Amsterdam Stock Exchange. Amro said it was the second time it arranged a bond with debt warrants for Aegon. This type of issue gives the holder the opportunity in times of falling interest rates to ensure himself of a fixed maturity loan while with unchanged or rising rates he has the option not to exercise his warrant Amro said. In the underwriting syndicate are ABN bank Morgan Bank Nederland NMB bank Rabo-bank Pierson Heldring en Pierson Mees en Hope Van Haften en Co Citicorp Investment Bank (The Netherlands) and Swiss Bank Corp Int Holland. REUTER | AEGON ISSUES 200 MLN GUILDER BONDS WITH WARRANTS |
barrow and gilt prices rose mostly 1.00 dlr in active trade the usda said. top 51.75 dlrs per cwt. us 1-3 220-260 lbs 51.00-51.50 near 100 head 230-240 lbs 51.75. sows - steady/up 0.50 dlr. us 1-3 500-650 lbs 45.50-46.00. Reuter | OMAHA HOGS UP 1.00 DLR - USDA |
Weis Markets Inc said its board declared a three-for-two stock split for holders of record May 1 1987 with a distribution date of May 22 1987. The company also said a regular quarterly dividend of 16 cts per share on the pre-split shares will be paid May 22 to shareholders of record May 1. Reuter | WEIS MARKETS <WMK> IN THREE FOR TWO STOCK SPLIT |
Raytheon Co said it was awarded a 37.5 mln Navy contract to provide engineering and technical services for production of the standard Missle II program. This award provides for engineering support to the 230-missle second source production contract currently under way at Raytheons missile systems divsion facility the company said. Reuter | RAYTHEON <RTN> RECEIVES 37.5 MLN DLR CONTRACT |
Lorimar/Telepictures Corp said its Bozell Jacobs Kenyon and Eckhardt unit has been named the advertising agency for the Lawn Boy unit of Outboard Marine Corp <OMC> replacing Walker and Associates. Annual billings are estimated at four mln dlrs it said. Reuter | LORIMAR <LT> GETS OUTBOARD MARINE <OMC> PACT |
Shr primary 24 cts vs 25 cts Shr diluted 21 cts vs 25 cts Net 530583 vs 493423 Revs 10.2 mln vs 9834578 Reuter | MCCORMICK CAPITAL <MKOR> 1986 YEAR NET |
 N.Y METAL SPOTS NOON - APRIL 7 Merchant copper 65.00/65.25 Platinum free 567.00/569.00  | |
Frozen concentrated orange juice futures ran up as much as 4.40 cents on frantic speculative short covering this morning after local buying triggered buy stops in the May over 132.00 cents. Floor traders said the market has quieted now and prices have come off the highs as Florida trade took profits. May rose to 133.50 cents up 2.3 cents before retreating to 132.90 cents at 1208 hrs EST. July climbed 4.4 cents to 133.50 cents as well but was trading at 131.75 cents at noon. A report showing the speculators went net short the market last week as well as liquidating longs spurred light trade buying in the morning to test speculator resolve. The trade turned sellers at the top floor sources said. Reuter | N.Y. FCOJ FUTURES SURGE, OFF HIGHS MIDDAY |
 N.Y. COMMODITY FUTURES ESTIMATED VOLUMES - APRIL 7 Time 11.00 12.00 Coffee 825 1343 Cocoa 756 1058 Sugar 11 7040 11682 Sugar 14 16 38 Orange ---- --- Cotton ---- --- Sugar 11 options calls 364 655 Sugar 11 options puts 115 233 Reuter  | |
Raw sugar futures rallied from session lows by late afternoon on jobber shortcovering and trade buying posting pared losses from last night of 1.20 to 0.60 dlrs. The rally mirrored a similar upturn in New York after the market had reacted bearishly to the realisation that new raws offtake from China and the Soviet Union was not materialising. However dealers said sentiment was still buoyed by prospective whites buying by India Syria and Pakistan. Tomorrows European Community (EC) tender result was difficult to predict after last weeks authorisation of 102350 tonnes at the highest-ever subsidy of 46.864 Ecus per 100 kilos. Tomorrows EC tender was made all the more difficult to project by the movement last week of nearly 800000 tonnes sugar to intervention by operators protesting about low rebates dealers said. Near Aug was finally quoted at 154.60/154.80 dlrs (bid-asked) from 155.80/156 last night and a session high-low of 155.80/152. Volume late afternoon was 3371 lots including nearly 2000 lots crossed. London Daily Raws prices fell 3.50 dlrs on tone to 147 fob and 171 (105.50 stg) cif and the Whites 2.50 dlrs to 190. REUTER | LONDON SUGAR RALLIES FROM LOWS BY LATE AFTERNOON |
 TORONTO INDICES 1200 - APRIL 7 TSE 300 3895.8 up 14.6 MEATLS/MIN UNAV GOLDS 8714.4 up 83.7 OIL/GAS 4169.1 up 32.2 VOLUME: 19540629  | |
Plexus Resources Corp said it will undertake an 11 mln Canadian dlr equity financing package to allow development of the Rawhide Gold Project in central Nevada. It said the financing will take place upon execution of contracts currently being concluded with <Peter Kiewit Sons Incs> Kiewit Mining Group unit and Standard Oil Cos <SRD> Kennecott unit. Reuter | PLEXUS <PLUSF> SETS EQUITY FINANCING |
Live cattle futures continued to trade unevenly and at midsession prices stood 0.17 cent higher to 0.25 lower with spot April pacing the gain and distant April off most. Mixed profit-taking continued to partly offset demand prompted by further gains in cash cattle and private reports of higher cash beef prices. All months posted new seasons highs early before slipping traders said. Market ready supplies of cattle remain tight and a rising wholesale carcass beef and boxed beef market is prompting good packer interest for cash cattle. Strong stoppers of deliveries added to strength in April they said. Reuter | LIVE CATTLE FUTURES MIXED AT MIDSESSION |
There is no consensus so far among industrial countries on an agreement providing debt relief for the worlds poorest nations a senior U.S. Treasury official said. The official said There has not been a consensus reached yet when asked about reports the Paris club of western creditors had agreed to long-term stretch outs of African debt at concessional interest rates. The official briefing reporters on this weeks semiannual IMF meetings said the issue would be discussed this week and the U.S. had an open mind on the proposal but it did object to concessional interest rate relief. Reuter | U.S. SAYS NO PACT ON RELIEF FOR POOREST STATES |
 CME 12:15 EDT L-CATTLE APR7 69.80 UP 0.40 JUN7 65.17 UP 0.15 AUG7 61.00 UP 0.13 F-CATTLE APR7 69.20 UP 0.10 MAY7 68.32 UP 0.10 AUG7 66.60 UP 0.20 HOGS APR7 50.70 UP 0.88 JUN7 49.60 UP 1.13 JUL7 47.95 UP 1.08 BELLIES MAY7 67.30 UP 0.90 JUL7 65.70 UP 0.85 AUG7 62.60 UP 1.00 FEB8 56.25 UP 0.65  | |
feeder cattle steady instances up 1.00 dlr the usda said. steers - medium and large frame 1 - 500-600 lbs 71.00-78.00 600-700 lbs 67.75-73.25 and 700-800 lbs 66.00-68.25. heifers - medium and large frame 1 - 500-600 lbs 65.75-71.25. Reuter | LOUISVILLE FEEDERS STEADY/UP 1.00 DLR - USDA |
 MONTREAL INDICES 12:00-APRIL 7 INDUSTRIALS 1578.08 off 0.28 UTILITIES 1627.18 up 0.33 BANKS 1662.84 up 0.08 Portfolio 1943.84 up 0.46 VOLUME 5240469  | |
The U.S. Mint said it is seeking offers on 3701000 lbs of electrolytic copper and 629000 lbs of electrolytic cut nickel cathodes or briquettes that it intends to purchase. It said both metals are for delivery in the week of May 11 to Olin Corp East Alton Ill. Offers for the copper are due by 1100 hrs EDT April 21 while offers on the nickel are due at 1100 hrs EDT on April 14. The Mint said that firms in submitting their offers select to receive payment by standard check or be wire transfer. Awards are determined by whichever of the two methods is most cost advantageous based on the cost of money at that time. The minimum acceptance periods for each solicitation is three calendar days for the copper and 10 calendar days for the nickel the Mint said. Reuter | U.S. MINT SEEKING OFFERS ON COPPER, NICKEL |
Family Health System Inc said The Federal Bankruptcy Court in Fort Worth Texas has approved its offer to purchase <Sheppard Dental Centers Incs> assets from a Chapter 7 bankruptcy proceeding for about 300000 dlrs. FHS administers and markets multiple office dental practices in the Dallas metropolitan area as well as dental offices in the Dallas Metroplex. The company said it plans to open 12 locations in Dallas by the end of 1987. Reuter | FAMILY HEALTH SYSTEMS <FHSY> TO MAKE PURCHASE |
The following import levies for white and raw sugar are effective tomorrow in European currency units (ecu) per 100 kilos. White sugar denatured and non-denatured 51.94 versus 51.94 previously. Raw sugar denatured and non-denatured 44.01 versus 43.73 previously. The rate for raws is based on 92 pct yield. Reuter | EC SUGAR IMPORT LEVIES |
Shr 10 cts vs 10 cts Net 131000 vs 135000 Revs 4222000 vs 3656000 Avg shrs 1278529 vs 1356672 Nine mths Shr 31 cts vs 31 cts Net 406000 vs 426000 Revs 12.3 mln vs 11.0 mln Avg shrs 1330511 vs 1361421 Reuter | OLD FASHION FOODS INC <OFFI> 3RD QTR FEB 28 NET |
CBT wheat futures closed from early contract highs in new crop to trade quietly mixed at midsession ranging from up 3/4 cent per bushel in May to down 3/4 in new crop July. After opening higher on follow-through speculative buying after yesterdays technically strong close prices eased on trade-talk that some countries who were holding buying tenders this week have rejected U.S. offers or have taken wheat from other exporting countries traders said. However the strong chart picture probably will limit declines they added. Cargill Grain was the featured seller in new crop July sparking rumors that the U.S. is currently not competitive on the World wheat market even with government programs. Reuter | CBT WHEAT FUTURES EASE TO MIXED BY MIDSESSION |
LME afternoon ring dealings in copper ended with three months Grade A business at 879 stg per tonne a rise of three from yesterdays afternoon kerb close equivalent to 1410 dlrs per tonne up four. However values were off the days highs reflecting the softer tone on Comex while the cash to three months premium narrowed to 32 stg in the absence of followthrough to earlier nearby buying traders said. The breakdown of the spread premium equated to 20 seven and five stg for the first second and third months respectively. Standard metal finished with an indicated backwardation of around two stg. Morning ring dealings ended with forward business at a high of 883 stg per tonne equivalent to 1417 dlrs. Business featured a wave of cash pricing purchases near the official close which established an indicated spread backwardation of 37 stg after earlier borrowing at a premium of 32 unchanged from yesterday afternoon traders said. Forward values extended pre-market gains despite currency factors with short covering and some chart support evident. Ring dealings also included options-linked borrowing interest from end April dates for one month at a backwardation of 23 stg. Analysts said the 870 stg area appears to have provided a minor chart support base although upside potential remains limited against a background of only routine physical demand and a buoyant U.K. Currency. On the morning pre-market activity was mainly dollar-based and within the range 1408 to 1411 dlrs per tonne traders said. Standard grade retained a spread backwardation of 10 stg but was tradeless. REUTER | LME COPPER CLOSES AFTER RETREAT FROM EARLIER HIGHS |
Motorola Inc said it has selected <Oregon Softwares> Pascal-2 compilers as the compiler for its MC68000 family of 16-bit microprocessor chips under the VERSados and SYSTEM V/68 operating systems. Also Motorola said that its Microcomputer Division and Oregon Software will be the sole supplier of the Pascal suppliers. Motorola said the Pascal-2 compiler for SYSTEM V/68 supporting the MC68020 and MC68881 is priced at 2800 dlrs for June delivery. It added that the Pascal-2 compiler for the VERSAdos system is priced at 2800 dlrs for June delivery. Reuter | MOTOROLA <MOT> SELECTS SYSTEM COMPILERS |
 CBT 12:20 EDT WHEAT MAY7 286 3/4 UP 1/2 JUL7 271 3/4 OFF 1 SEP7 272 1/2 OFF 1/2 DEC7 277 1/2 OFF 1/2 MAR8 277 1/4 UNCH CORN MAY7 159 1/2 UP 1 1/4 JUL7 163 1/2 UP 1 3/4 SEP7 168 1/2 UP 2 1/4 DEC7 176 1/2 UP 1 3/4 MAR8 183 3/4 UP 2 OATS MAY7 149 OFF 1 JUL7 138 1/2 UNCH SEP7 129 3/4 UP 1 1/2 DEC7 134 1/2 UP 1/2 MAR8 136 3/4 UNCH BEANS MAY7 502 1/4 UP 2 1/2 JUL7 503 3/4 UP 3 1/2 AUG7 504 1/4 UP 4 3/4 SEP7 499 1/2 UP 5 1/2 NOV7 501 1/2 UP 5 1/2 JAN8 509 UP 6 1/2 MEAL MAY7 1461 UP 8 JUL7 1461 UP 10 AUG7 1461 UP 11 SEP7 1467 UP 16 OCT7 1469 UP 18 OIL MAY7 1554 UP 11 JUL7 1590 UP 12 AUG7 1606 UP 11 SEP7 1624 UP 13 OCT7 1638 UP 13  | |
 MAY DEPARTMENT STORES CO 75000 AT 49-1/4 DOWN 1/8 CROSSED BY FIRST BOSTON  | |
MINNEAPOLIS WHEAT MAY7 285 UP 1 1/2 JUL7 281 1/4 UP 1/2 SEP7 276 1/2 UP 1/2 DEC7 -- -- MAR8 -- -- | MIDWEST GRAIN FUTURES 12:20 EDT |
Feeder Cattle futures traded 0.02 cent lower to 0.25 higher in light midsession dealings. All but distant March posted a new seasons high on general demand before profit-taking developed. Spreading of long deferred cattle futures/short May feeder cattle added to the pressure in May traders said. Although profit-taking weighed on prices strong fundamentals continued to provide support. Cash feeder cattle remain strong on limited supplies and continued gains in live cattle futures prompted spillover demand. The average feeder steer price USFSP rose 10 cents in the past two reporting days traders noted. Reuter | MIDSESSION FEEDER CATTLE FUTURES MIXED |
 CBT 12:20 EDT WHEAT MAY7 286 3/4 UP 1/2 JUL7 271 3/4 OFF 1 SEP7 272 1/2 OFF 1/2 DEC7 277 1/2 OFF 1/2 MAR8 277 1/4 UNCH CORN MAY7 159 3/4 UP 1 1/2 JUL7 163 1/2 UP 1 3/4 SEP7 168 UP 1 3/4 DEC7 176 1/2 UP 1 3/4 MAR8 183 1/2 UP 1 3/4 OATS MAY7 149 OFF 1 JUL7 138 1/2 UNCH SEP7 129 3/4 UP 1 1/2 DEC7 134 1/2 UP 1/2 MAR8 136 3/4 UNCH BEANS MAY7 502 1/4 UP 2 1/2 JUL7 503 1/2 UP 3 1/4 AUG7 504 UP 4 1/2 SEP7 499 1/2 UP 5 1/2 NOV7 501 1/2 UP 5 1/2 JAN8 509 UP 6 1/2 MEAL MAY7 1461 UP 8 JUL7 1461 UP 10 AUG7 1461 UP 11 SEP7 1467 UP 16 OCT7 1469 UP 18 OIL MAY7 1554 UP 11 JUL7 1590 UP 12 AUG7 1606 UP 11 SEP7 1624 UP 13 OCT7 1638 UP 13  | |
 ROTTERDAM MEALS/FEEDS TRADES - APR 7 Dlrs tonne cif Rotterdam unless stated SOYMEAL US High protein (eta midApl Rdam) 209 SOYMEAL PELLETS Brazil Afloat on Topaz (eta Apl 14 Ghent) 202/202.50 Ostria (eta Apl 25 Ghent) 196/198 Cougar (eta unknown Ghent) 198 fob Alchiones (eta unknown Ghent) 192 fob Mch 191 cif Ghent Apl 185.50 May/Sep 181 cif Ghent Jne 181 cif Ghent SOYMEAL PELLETS Argentine Afloat on Continental Lotus (eta Apl 15 Rdam) 197 Standard Ardour (eta Apl 24 Rdam) 196 Ostria (eta Apl 25 Ghent) 196 May/Sep 175/176 cif Ghent LINSEED EXPELLERS Afloat on Standard Ardour (eta Apl 24 Rdam) 159/160 Fa Fa Venture (eta Apl 26 Rdam) 159 SUNMEAL PELLETS Afloat on Seaspeed (eta midApl Rdam) 121 Chubut (eta unknown) 121 Apl 114/114.25/115 TAPIOCA THAI HARD PELLETS (Marks 100 kilos fob Rotterdam customs cleared) Afloat on Astor (eta Apl 19 Rdam) 27.50 North Atlantic (eta Apl 24 Rdam) 27.50 May/Jne 26.75 Oct/Dec 27 Jan/Jne 1988 25 Jan/Dec 1988 25.25 CORNGLUTENFEED PELLETS Unloading from Ideal Progress 136/137/138 Arrived on Akron 135 Mch 134 Apl 130 May/Aug 128/127.50 CITRUSPULP PELLETS Unloading from Philippine Obo 129/130 PALM EXPELLERS Afloat on Walka Mlodych (eta Apl 9 Adam) 118.50 Fjordwind (eta Apl 11 Rdam) 114/116/114 Fully Grain (eta Apl 12 Adam) 114 Radnoti (eta Apl 28 Rdam) 115 Mch/Apl 110 REUTER  | |
(Consolidated-Bathurst Inc) said it expects improvement in the pulp and paper sector shown in the second half of 1986 to continue this year. The continued improvement would be due to good market demand better product prices and high operating capacity the company said in its annual report. Consolidated-Bathurst which reported operating profit of 104 mln dlrs last year on sales of 2.02 billion dlrs said its joint-venture acquisition of a market pulp mill at Castlegar B.C. last year broadens its product range and will contribute to equity earnings. Last years results were up from 1985 operating profit of 80 mln dlrs and sales of 1.73 billion dlrs. The company said it views its near-term prospects with improved optimism. It said results from its Bridgewater newsprint mill in the U.K. should improve greatly this year due to stronger capacity and production and more favorable market conditions. It said it anticipates a return to profitability in 1987 for its Diamond-Bathurst Inc (DBH) subsidiary which lost 6.2 mln U.S. dlrs and underwent a reorganization last year and expects higher sales and earnings for its other North American packaging divisions. Consolidated-Bathurst said the outlook for its Europa Carton unit is mixed. It said the effect of trade disputes between the United States and the European Economic Community on the West German economy and the higher value of the mark may lead to increased costs which could not be offset by price increases. Reuter | CONSOLIDATED-BATHURST SEES BETTER MARKET |
Robusta futures closed firmer after a lacklustre session ranging 19 to three stg per tonne higher. Second position July settled up 19 at 1270 stg. The rise mostly reflected a technical consolidation of recent losses dealers said. Roaster interest appeared to be tapering off and origin offers were insignificant providing little trading incentive. Now that Brazil has closed its May registrations the market is awaiting fresh fundamental news they added. Volume totalled 4170 lots including six options and 1600 crosses. REUTER | LONDON COFFEE CLOSES FIRMER IN DULL TRADING |
The following information has been advised by the Bank of England to the International Monetary Fund in Washington to enable calculation of the value of the SDR - middle spot rates at noon today. DMK 1.8216 FFR 6.0612 YEN 145.15 STG 1.6198 | LONDON EXCHANGES - SDR CALCULATION |
More generic grain certificates should be released onto the market in order for the U.S. certificate program to have its full effect on commodities according to a study by Sparks Commodities Inc. The Agriculture Department should make grain deficiency payments and paid land diversion payments in a two-third certificate one-third cash ratio through fiscal year 1989 Carroll Brunthaver president of Sparks Commodities told a House agriculture subcommittee hearing on certificates. Thereafter government payments should be issued in roughly a 50-50 split between cash and certificates Brunthaver said. The Sparks study on certificates examined two possible scenarios through the 1990 growing season -- a zero certificate case where no certificate program was assumed and an alternative case labeled adequate certificate case in which sufficient certificates would be released so that grain prices would not be artificially supported by market shortages due to acreage reduction programs or government holdings. The study showed that total grain use under the adequate certificate scenario would exceed the zero certificate scenario by 11.2 pct. Usage would be markedly more in 1989 and 1990 when grain usage under a certificate program was estimated to exceed the zero certificate case by 15 to 19 pct. For the five-year period examined government expenditures under the adequate certificate case were 7.0 billion dlrs or 7.5 pct less than under the zero certificate case. The Sparks study said that 5.1 billion dlrs or 70 pct of those savings resulted from smaller government storage costs. The study also estimated that government grain stocks under the adequate certificate case would be 4.7 billion bushels below the zero certificate case at the end of the period examined. The Sparks study said that while certificates permit market prices to fall below loan levels these lower prices increase commodity usage and reduce the net costs of certificates versus cash. Reuter | MORE U.S. GRAIN CERTIFICATES NEEDED, STUDY SAYS |
Cummins Engine Co said it told shareholders higher engine orders to the North American heavy-duty truck market will result in improved earnings in the first quarter. Cummins said the company should make progress this year and next toward its goal of five pct profitability. Cummins recorded net income of 3743000 dlrs or 38 cts per share on sales of 516.9 mln dlrs. It said it expects 1987 North American heavy-duty truck production to total 135000 units an 8.5 pct increase from 1986. Cummins said it expects capital expenditures to total about 155 mln dlrs down from 274 mln dlrs the year before. Reuter | CUMMINS ENGINE <CUM> SEES IMPROVED EARNINGS |
North-West Telecommunications Inc said it acquired the assets and customer base of Com-Tel Systems Inc a telephone interconnect firm that operates in La Crosse and Stevens Point Wis. and Rochester Minn. It said the purchase only includes the businesses in La Crosse and Rochester. Terms were not disclosed. Reuter | NORTH-WEST TELECOM <NOWT> MAKES ACQUISITION |
Qtly div 11 cts vs 11 cts prior Pay June 15 Record May 15 Reuter | MILTON ROY CO <MRC> SETS REGULAR DIVIDEND |
 CBT VOLUME AND OPEN INTEREST FOR APRIL 6 (000S BUSHELS) OPEN INTEREST CHANGE VOLUME WHEAT 157660 up 5955 39710 CORN 710395 dn 11045 86235 OATS 31200 dn 380 5355 SOYBEANS 431620 up 5915 72000 SOYMEAL 64558 up 90 6982 SOYOIL 75237 up 76 5528 T-BONDS 242277 dn 4881 187080 T-NOTES 57827 dn 2547 15906 Reuter  | |
Live Hog futures recovered from early profit-taking and ran up to new days highs at midsession. Futures posted gains of 0.80 to 0.12 cent paced by July. Early commercial profit-taking lacked followthrough and prices ran up again on scattered demand. Computer house buying added to strength and futures ran up to new days highs traders said. Light hog runs and expectations of steady to higher cash hogs again tomorrow provided the bulk of support. Farmers are taking to the fields in some areas and sending fewer hogs to market they said. Although cash hams are called sharply lower at noon most traders noted this had been expected as Easter demand abated. Reuter | LIVE HOG FUTURES UP FURTHER AT MIDSESSION |
Apr 149.00 149.00 149.25 149.75 147.75 2184 May 147.75 147.50 147.75 148.00 146.25 2000 Jun 146.75 146.25 146.75 147.25 146.00 536 Jul 146.25 146.25 147.00 147.25 146.25 95 Aug --- 146.50 147.50 --- --- --- Sep --- 148.00 151.00 --- --- --- Oct --- 149.00 --- --- --- --- Nov --- 147.00 --- --- --- --- TOTAL SALES 4815 | LONDON GASOIL CALL COMPLETE 1723 - APR 7 |
The Bank of Canada said the U.S. dollar at soon was 1.3053 compared to 1.3074 dollars yesterday. The pound sterling rates at noon 2.1130 compared to 2.1147 yesterday. | bBANK OF CANADA DOLLAR STERLING RATES |
 NY COTTON 12:25 MAY7 5600 UP 20 JUL7 5510 UP 20 OCT7 5525 UP 20 DEC7 5510 UP 35 MAR8 5615 UP 50 MAY8 UNTRD JUL8 UNTRD OCT8 UNTRD  | |
 WALL STREET INDICES 1200 NYSE COMPOSITE 171.40 UP 0.44 NYSE INDUSTRIALS 208.34 UP 0.86 S AND P COMPOSITE 303.00 UP 1.05 NYSE-A VOLUME 126123200 AMEX INDEX 343.99 UP 1.76 AMEX-B VOLUME 8488200  | |
feeder cattle steady amid good demand the usda said. steers - medium few large frame 1 - 540-600 lbs 75.30-81.50 650-700 lbs 70.05-73.90 and 700-800 lbs 70.20-73.20. heifers - medium frame 1 - 550-600 lbs 66.50-71.00 625-700 lbs 66.00-68.10 and 700-800 lbs 64.50-67.80. Reuter | OKLAHOMA CITY FEEDERS STEADY - USDA |
Shr 15 cts vs 15 cts Net 2407000 vs 2393000 Revs 117.2 mln vs 67.1 mln Note: Aggregate judgments in antitrust and other suits of 77 mln dlrs not included in year-ago or 1987 1st qtr results. Company said any portion of this amount including related interest or attorneys fees would be proportionately reflected as a reduction in its minority interest of Sealy recorded on its consolidated balance sheet upon final settlement of litigation. Note: Consolidated balance sheet as of end of 1st qtr reflects after-tax impact of 50 mln dlr settlement won by Sealy licensee in Michigan. 1987 results include all operations of all acquired Sealy-brand licensees and 82 pct of Sealy. Remaining 18 pct of Sealy is recorded as minority interest. Proceeds of 170 mln dlrs from sale of stock and debt were used to reduce balance of revolving credit agreement to 80 mln dlrs. Accordingly 250 mln dlr obligation to banks under credit agreement was recorded as a long-term liability as of end of 1st qtr. Note: In April company intends to acquire Michigan Sealy licensee and fund transaction with 25 mln dlrs in cash and borrow balance required from banks. Reuter | OHIO MATTRESS CO <OMT> 1ST QTR FEB 28 NET |
MOODY'S MAY UPGRADE PUBLIC SERVICE INDIANA'S 1.1 BILLION DLRS OF DEBT |
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World sugar futures pared their losses by midsession when early selling dried up allowing an easy retracement on trade buying brokers said. The market dropped sharply this morning when computer fund pressure entered at 6.60 cents basis May triggering heavy stop-loss selling brokers said. Spot May tumbled to 6.52 cents a lb before recovering to 6.76 cents off 0.03 cent. The sell-off was a continued reaction to the markets inability yesterday to breach resistance levels for a test of 7.0 cents basis May brokers said. There was no fundamental reason for the drop analysts said. Volume at noon EDT was estimated at 11682 lots. Reuter | WORLD SUGAR FUTURES PARE LOSSES BY MIDSESSION |
The executive committee of the Italian national banking association (ABI) representing the countrys major credit institutions approved the setting up of a common reserve fund to guarantee customer deposits in the event of bank failures. ABI chairman Giannino Parravicini told a news conference that the fund would not be operative until the latter part of 1987 and only on condition that 60 pct of banks representing at least 75 pct of total deposits participated. He said the fund would initially have 1000 billion lire available and would cover deposits of up to three billion lire. A statute for establishing a deposit guarantee fund has already been approved by the Bank of Italy and by an interministerial committee on credit and savings. The 1000 billion lire initial funding which will be provided through contributions from banks which opt to join the scheme compares with an originally targetted figure of 4000 billion lire. Parravicini said the fund would be gradually increased to 4000 billion lire by end 1991 and that the decision to achieve this figure gradually rather than immediately was due to fiscal considerations. The fund still to be formally ratified by ABIs steering committee will provide 100 pct coverage on deposits of up to 200 mln lire 90 pct on deposits between 200 mln and one billion lire and 80 pct on those between one billion and three billion lire. Assuming that all banks join the fund contributions would be equivalent to around 0.25 pt of a banks total deposits. The ABIs steering committee later unanimously ratified the executive committees decision to create the common reserve fund. REUTER | ITALIAN BANK DEPOSIT GUARANTEE FUND APPROVED |
Computer Network Technology Corp said after six months of testing American Telephone and Telegraph Co <T> has installed initial orders for six of the companys CHANNELink 5100/R products. The product is used for interconnection of IBM mainframe computers. Reuter | COMPUTER NETWORK<CMNT> MAKES SIX INSTALLATIONS |
LME nickel ended the afternoon rings with three months metal indicated from 2355 to 2360 stg per tonne equivalent to 1.7175 dlrs per lb unchanged from yesterdays afternoon kerb close. The afternoon first ring slipped to the days low of 2355 in very quiet trading which mostly comprised miscellaneous carries traders said. The session high of 2370 stg was reached near the official morning ring close on trade buying before speculative profittaking and hedging operations halted the advance traders said. Analysts said the brief rise above the 1.72 dlr level gave the market a slightly bullish appearance. There was still borrowing interest over the last two delivery months at a narrower contango of five stg. REUTER | LME NICKEL CLOSE SLIPS TO DAY'S LOW |
CBT soybean futures held gains of three to 6-1/2 cents per bushel in moderately light midsession trade with new crop supported by local house buying. Slow country movement steady to firmer cash soybean basis values and a delayed Brazilian harvest combined to support futures from the opening despite a disappointing drop in the weekly soybean export figure yesterday traders said. The advance above the psychologically important 5.00 dlr mark in both old and new crop kept the chart picture bullish which could limit declines when South American sales begin to pick-up later this month they added. However some traders said new crop prices above 5.00 dlrs a bushel could encourage some farmers to plant more soybean acres than they originally planned. Reuter | CBT SOYBEAN FUTURES MOSTLY HIGHER AT MIDSESSION |
Yugoslavia which refinanced part of its 19.7 billion dlr debt in talks with creditor governments last week has begun talks with banks on rescheduling its commercial debt the official Tanjug news agency said. The talks began in Washington yesterday and Tanjug said the general attitude of the banks was favourable. At the same time other Tanjug reports showed Yugoslavia is having difficulties in obtaining a 600 mln ECU loan from the European Community (EC) and in receiving money owed to Yugoslav firms by Middle Eastern countries. The Western creditor governments and Kuwait agreed on March 31 to refinance 475 mln dlrs of Yugoslavias debt due in 1987 and 1988. This made possible the talks with commercial banks. Tanjug said sources close to the Yugoslav delegation said the initial reaction of commercial banks was favourable despite their continued insistence on technical and legal elements. It said it was believed that a commercial debt rescheduling would be formally agreed in the next few weeks. Bank debt accounts for about 70 pct of Yugoslavias overall debt which stood at 19.7 billion dlrs at end-1986. Tanjug said Yugoslavia also discussed with its commercial creditors the idea of converting some of Yugoslavias debt into joint venture investments but it gave no details of this. It said Deputy Finance Minister Boris Skapin was holding talks on this with representatives of Manufacturers Hanover Trust Co. Which coordinates the interests of several hundred banks in Yugoslav debt negotiations. In a separate report Tanjug said the EC has so far refused a Yugoslav request for a 600 mln ECU infrastuctural loan and a 100 mln ECU grant from the EC budget. The EC had so far only agreed to provide 380 mln ECUs towards transport modernisation. It said Yugoslav Finance Minister Svetozar Rikanovic yesterday met World Bank and International Monetary Fund officials in Washington. It said the World Bank agreed that infrastructural projects in Yugoslavia should be accelerated and structural adjustment loans should be agreed this year. REUTER | YUGOSLAVIA DISCUSSES COMMERCIAL DEBT REFINANCING |
LME lead prices tended firmer as the market edged towards the higher end of its current narrow trading range aided by a burst of cash metal pricing purchases in the official morning rings delers said. Three months delivery ended the afternoon ring at 301.50 stg up 2.50 stg a tonne from yesterday afternoons kerb close and the dollar equivalent ended around 484 dlrs a tonne. The cash metal buying widened the backwardation to around seven at one stage from three stg a tonne yesterday. REUTER | LME LEAD CLOSES FIRMER |
 NY SUGAR11 1230 MAY7 683 UP 4 JUL7 697 UP 4 SEP7 696 OFF 12 OCT7 718 UP 5 JAN8 UNTRD MAR8 752 OFF 3 MAY8 UNTRD JUL8 780 OFF 3  | |
 NY COFFEE 12:30 MAY7 10235 UP 31 JUL7 10435 UP 35 SEP7 10635 UP 30 DEC7 10900 UNCH MAR8 11100 UP 50 MAY8 11300 UP 50 JUL8 UNTRD SEP8 UNTRD  | |
153.0 147.0 1504 Aug 156.8 156.8 --- 156.8 152.0 495 Oct 160.0 161.0 --- 160.0 155.6 1739 Dec 161.0 161.6 163.0 163.0 161.0 54 TOTAL SALES 3792 | LONDON SUGAR NO.6 AT 1730 - APR 7 |
 CBT SOYBEANS VOLUME/OPEN INTEREST FOR APR 6 000S-BUSHELS-volume/exchange/open-int/change May 87 21665 7410 114990 dn 725 Jly 87 24740 10 156585 up 4075 Aug 87 5270 0 40240 up 1210 Sep 87 1505 0 18670 up 10 Nov 87 17970 195 90095 up 1005 Jan 88 660 0 7170 up 200 Mch 88 65 0 3095 up 25 May 88 70 0 670 up 60 Jly 88 55 0 105 up 55 Total 72000 7615 431620 up 5915 Reuter  | |
BOESKY AIDE DAVIDOFF CONSENTS TO SEC PENALTIES; AGREES TO HELP INVESTIGATION |
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 NY COCOA 12:30 MAY7 1924 OFF 10 JUL7 1957 OFF 10 SEP7 1985 OFF 4 DEC7 2012 OFF 3 MAR8 UNTRD MAY8 UNTRD JUL8 UNTRD SEP8 UNTRD  | |
 NY COMEX SILVER 12:30 APR7 6670 UP 122 MAY7 6710 UP 130 JUN7 6720 UP 103 JUL7 6785 UP 131 SEP7 6865 UP 135 DEC7 6980 UP 142 JAN8 7000 UP 124 MAR8 7070 UP 124 MAY8 7190 UP 165  | |
Gradual warming continued in most regions of Western Soviet Union in the week ended April 4 the Joint Agricultural Weather Facility of the U.S Agriculture and Commerce Departments said. In its International Weather and Crop Summary the agency said most of the regions precipitation fell as rain. The southern snow cover boundary continued to slowly retreat northward and eastward it said. Moderate to deep snow cover the northern half of the Ukraine northern North Caucasus and the lower Volga about one month later than usual it said. The agency said average weekly temperatures were below normal in the southeast near normal in the southwest and northeast and above normal in the northwest. Winter grains remained dormant over the region but warm weather promoted greening in crop areas adjacent to the Black Sea coast it said. Reuter | USSR CROP WEATHER SUMMARY -- USDA/NOAA |
 NY COMEX COPPER 12:30 APR7 UNTRD MAY7 6265 UNCH JUN7 UNTRD JUL7 6245 UP 10 SEP7 6265 UP 15 DEC7 6285 UP 10 JAN8 UNTRD MAR8 6340 UP 15 MAY8 UNTRD JUL8 UNTRD SEP8 UNTRD DEC8 UNTRD JAN9 UNTRD  | |
The dollar remained on the defensive in subdued dealings with few traders willing to take any major risks ahead of this weeks international monetary meetings in Washington dealers said. Everybody is waiting for developments from the talks. In the meantime its just jobbing positions back and forth said a dealer at one U.S. bank. The Group of Five comprising the U.S. Japan West Germany France and the U.K. are scheduled to convene today. The dollar hovered at 145.25/30 yen down from 145.85/90 last night and eased to 1.8255/60 marks from 1.8260/70. The stage for the dollars decline was set overnight in the Far East where the U.S. currency retreated despite steady intervention on its behalf by the Bank of Japan. Dealers in Japan cited speculation that the G-5/G-7 talks are unlikely to produce any significant or lasting measures to stabilize currencies as one reason for the sell-off. No central bank intervention was detected in the U.S. where the dollar kept well within recent trading parameters. Despite the view that trade and economic imbalances dictate a downward course for the dollar few U.S. dealers wished to sell it aggressively before this weeks meetings. Statements by Federal Reserve Board chairman Paul Volcker during testimony before the Senate Banking Committe failed to rouse the market from its inertia. Volcker reiterated that a further sizeable dollar decline may be counter-productive. He also said that currency changes that have occurred so far should be large enough -- in a context of a growing world economy and fiscal restraint in the U.S. -- to support expectations for a narrower U.S. trade gap. There was nothing new or remarkable there said a dealer at one European bank. The dollars brief rise to 1.8270 marks was already underway when Volcker spoke he added. With the dollar becalmed dealers looked to cross-rates especially sterling yen and Swiss franc for interest. Sterling continued to benefit from U.K. public opinion polls indicating a lead for the ruling Conservative party in any general election and following signals of an improved economy. The pound hovered at 1.6175/85 dlrs unchanged from Monday and at 2.955 marks off slightly from about 2.955 last night. The dollar eased to 1.5120/30 Swiss francs from 1.5180/90 and to 1.3048/53 Canadian dollars from 1.3080/85 yesterday. Reuter | DOLLAR SLIGHTLY LOWER AT NEW YORK MIDSESSION |
Cocoa futures ended a moderate days trade narrowly mixed from last night at one stg down to two up in a 2227 lot volume including 523 crossed and 278 switches. Dealers said contrasting bearish and bullish factors kept the market in narrow range trading leaving July quoted at 1319 stg from 1318 asked yesterday and a high-low of 1324/1316. Prices were pressured early by firm sterling against the dollar as well as overhead West African new crop offers. Opposing support was seen from prospective ICCO buffer stock buying (possibly next week) and recent Bahia Temperao crop forecasts at down to 1.5 mln bags dealers said. The Ivory Coast was believed to have sold new crop yesterday around 1325 French francs per 100 kilos cif while Ghana was also reported to be offering new crop at 1460 stg a tonne cif. Such offers were still available although the fall from earlier highs would have made them out of reach dealers said. Resale physicals were basically quiet although some book-squaring was likely to have taken place in the run-up to buffer stock buying they said. REUTER | LONDON COCOA CLOSES NARROWLY MIXED |
barrow and gilt prices rose 1.50 dlr to mostly 1.75 dlr in active trade amid very good demand the usda said. top 52.00 dlrs per cwt. us 1-3 220-250 lbs 51.75-52.00 210-220 lbs 51.50-52.00 and some near 200 lbs 50.50. sows - up 0.50 dlr. us 1-3 500-650 lbs 46.00-46.50 and few 600-650 lbs 47.00. Reuter | SIOUX FALLS HOGS UP 1.50/1.75 DLR - USDA |
 CME 12:30 EDT L-CATTLE APR7 69.75 UP 0.35 JUN7 65.17 UP 0.15 AUG7 61.07 UP 0.20 F-CATTLE APR7 69.22 UP 0.12 MAY7 68.30 UP 0.08 AUG7 66.65 UP 0.25 HOGS APR7 50.70 UP 0.88 JUN7 49.60 UP 1.13 JUL7 47.90 UP 1.03 BELLIES MAY7 67.05 UP 0.65 JUL7 65.55 UP 0.70 AUG7 62.55 UP 0.95 FEB8 56.27 UP 0.67  | |
 CBT SILVER 12:30 EDT 1000 OUNCE APR7 6700 UP 130 MAY7 6730 UP 130 JUN7 6740 UP 100 AUG7 6850 UP 130 OCT7 6900 UP 100 DEC7 7000 UP 120 FEB8 7070 UP 110 APR8 7150 UP 110 JUN8 7250 UP 130 AUG8 7370 UP 170  | |
MINNEAPOLIS WHEAT MAY7 285 UP 1 1/2 JUL7 282 UP 1 1/4 SEP7 277 1/2 UP 1 1/2 DEC7 -- -- MAR8 -- -- | MIDWEST GRAIN FUTURES 12:30 EDT |
 CBT 12:30 EDT WHEAT MAY7 286 1/4 UNCH JUL7 271 1/2 OFF 1 1/4 SEP7 272 1/4 OFF 3/4 DEC7 277 1/4 OFF 3/4 MAR8 277 OFF 1/4 CORN MAY7 159 1/2 UP 1 1/4 JUL7 163 UP 1 1/4 SEP7 168 UP 1 3/4 DEC7 176 1/2 UP 1 3/4 MAR8 183 1/2 UP 1 3/4 OATS MAY7 148 1/2 OFF 1 1/2 JUL7 138 OFF 1/2 SEP7 129 UP 3/4 DEC7 134 1/2 UP 1/2 MAR8 136 3/4 UNCH BEANS MAY7 502 UP 2 1/4 JUL7 503 1/4 UP 3 AUG7 503 UP 3 1/2 SEP7 499 1/2 UP 5 1/2 NOV7 501 3/4 UP 5 3/4 JAN8 508 1/2 UP 6 MEAL MAY7 1460 UP 7 JUL7 1459 UP 8 AUG7 1460 UP 10 SEP7 1465 UP 14 OCT7 1467 UP 16 OIL MAY7 1555 UP 12 JUL7 1589 UP 11 AUG7 1606 UP 11 SEP7 1624 UP 13 OCT7 1638 UP 13  | |
 CME 12:30 EDT L-CATTLE APR7 69.72 UP 0.32 JUN7 65.15 UP 0.13 AUG7 61.05 UP 0.18 F-CATTLE APR7 69.22 UP 0.12 MAY7 68.30 UP 0.08 AUG7 66.65 UP 0.25 HOGS APR7 50.60 UP 0.78 JUN7 49.70 UP 1.23 JUL7 47.85 UP 0.98 BELLIES MAY7 66.95 UP 0.55 JUL7 65.50 UP 0.65 AUG7 62.55 UP 0.95 FEB8 56.15 UP 0.55  | |
 NY COMEX ALUMINUM 12:31 LAST CHANGE APR7 UNTRD MAY7 6150 UNCH JUN7 UNTRD JUL7 UNTRD SEP7 5795 UP 15 DEC7 UNTRD JAN8 UNTRD FEB8 UNTRD MAR8 UNTRD MAY8 UNTRD JUL8 UNTRD SEP8 UNTRD DEC8 UNTRD JAN9 UNTRD  | |
House Democratic leader Thomas Foley said he thought the House would approve a budget resolution calling for 22 billion dlrs of new revenues including 18 billion dlrs of new taxes. I think we will have enough votes to pass the budget resolution and implement it Foley told reporters. Asked why he thought a majority of the House was willing to support higher taxes Foley said The deficit problem has become more apparent. President Reagan has said he will veto any legislation raising taxes. The House is expected to act on the budget resolution this week. Reuter | U.S. HOUSE LEADER THINKS TAX HIKE WILL PASS |
Wall Street demonstrated its perseverance today as it recovered from an early wave of selling and posted a strong advance at midday. The gain was fueled by a strong auto sector as investors accumulated the stocks in anticipation of bullish news later this week. The Dow Industrials down 10 in the first minutes of the session when a weak dollar and falling bond prices underscored the markets lingering interest rate anxieties recovered to stand at 2417 up 11 points at midday. The broader market showed less vigor however as advances eked out a lead over declines. Volume was a strong 106 mln shares. Ford up over a point for most of the session stood at 90-5/8 up 1/2. Traders said that speculation that the company will announce a stock split and dividend increase at its board meeting on Thursday encouraged the buying. Ford rose 2-5/8 yesterday. General Motors rose 1-5/8 to 83-1/8 in anticipation of bullish news coming out of an analysts meeting scheduled for Thursday and Friday traders said. Chrysler not expected to make any major announcements this week fell 1/2 to 57-3/4. With the bonds weak this morning the blue chips have been holding the market up and that advance was sustained by an influx of foreign money analyst Charles Jensen of MKI Securities said. But poor breadth and poor performance by the transport and utility averages and the fact the market is at the top of its trading band supported in large part by foreign cash makes this market vulnerable he said. Traders noted that Federal Reserve chairman Paul Volckers remarks today concerning the dollars performance and its bearing on monetary policy injected caution into many investors. Reuter | WALL STREET STOCKS HIGHER AT MIDSESSION |
 ENGELHARD SILVER PRICES - APR 7 Base price 669.50 (660.50) Fabricated 716.40 (704.10)  | |
Cotton planting continued progressing in the week ended April 5 but cold wet weather in the South hampered seedbed preparation the Joint Agricultural Weather Facility of the U.S. Agriculture and Commerce Departments said. In a summary of its Weather and Crops Bulletin the agency said planting increased in California as soil temperatures improved. Texas planted 10 pct compared with an average of eight pct. Arizona and Georgia planted 35 pct and two pct respectively it said. Oklahoma farmers prepared 10 pct of their cotton seedbeds 15 points below average the agency said. Reuter | U.S. WEATHER/COTTON SUMMARY -- USDA/NOAA |
Comex silver futures held sharply higher morning levels at midday but further advances were checked by overseas and commercial selling. May was up 12.5 cents at 6.705 dlrs as of 1223 hrs EDT. July was up 13.1 cents at 6.785 dlrs both exactly as they were at 1000 hrs EDT this morning. Traders said locals remain long and speculative interest continues. But profit taking has intensified on expectations of a corrective downward move if the market becomes overbought. Some interest has been drawn away from silver by a further record-setting stock market advance. Reuter | COMEX SILVER FUTURES HOLD GAINS AT MIDDAY |
Pork belly (bacon) futures fell for net losses after starting higher but firmed again at midsession to post gains of 0.25 to 0.60 cent paced by February. Strength in other meat pits especially live hog futures stimulated renewed local demand. Higher cash hog markets light runs as farmers take to the fields and possibly light slaughter prompted support. Technical buying after yesterdays reversal action added to the advance traders said. Commission house profit-taking selling prompted by expectations of a negative out of town storage report this afternoon weighed on prices early. Guesses on the report ranged from in 1.0 to 2.25 mln lbs they noted. Reuter | PORK BELLY FUTURES HIGHER AT MIDSESSION |
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