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Robert Salomon managing director of Salomon Inc said rumors the Wall Street firm suffered bond trading losses in the first quarter are not true. Salomon said the rumors affected the companys stock and are unequivocally denied. The Salomon share price was off 5/8 at 37-1/2 but it had been off more than one dlr on heavy volume earlier in the day. Analysts said the rumors have been circulating in the market for several days. Salomon said the firm will report first quarter results on April 22 or 23. Analysts said the stock would have reacted poorly today even without the rumors because of the decline in the stock and bond markets. Other brokerages were also down today. E.F. Hutton <EFH> fell one to 41-1/4. Bear Stearns and Co <BSC> slipped 3/8 to 19-1/2. PaineWebber Group <PWJ> fell 1/2 to 36 and First Boston Corp <FBC> slid 3/8 to 49-3/4. Merrill Lynch and Co Inc was off 7/8 at 42-3/8. Reuter | SALOMON INC <SB> DENIES RUMORS OF BOND LOSSES |
The U.S. Agriculture Department estimated 1987 spring potato production based on April 1 conditions at 19267000 cwts (100 lbs) vs 19822000 cwts indicated last year. The department estimated spring potato area for harvest at 79100 acres vs 76700 acres estimated last month and 75900 acres harvested last year. Spring potato yield per harvested acre is forecast at 244 cwt per acre vs 261 cwt per acre a year ago USDA said. Reuter | USDA SPRING POTATO ESTIMATES |
The U.S. Agriculture Department made the following revisions for 1986 crop summer potatoes -- Production -- 21003000 cwt (100 lbs) vs 20900000 cwt estimated previously. Acreage for harvest -- 95700 acres vs 95800 acres estimated previously. Yield per harvested acre -- 219 cwt per acre vs 218 cwt per acre previously estimated the department said. Reuter | USDA REVISES 1986 SUMMER POTATOES |
The U.S. Agriculture Department gave projected carryover free stocks of feedgrains corn and wheat under loans with comparisons as follows in mln bushels except feedgrains which is in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Under Regular Nine Month Loan -- WHEAT 225 300 678 678 FEEDGRAINS 52.1 68.1 75.7 75.7 CORN 1800 2400 2589 2589 Special Producer Storage Loan Program -- WHEAT 165 150 163 163 FEEDGRAINS 7.0 6.7 5.3 5.3 CORN 200 200 147 147 Reuter | USDA DETAILS FREE GRAIN STOCKS UNDER LOAN |
Clevite Industries Inc which earlier received a 96 mln dlr takeover offer from J.P. Industries Inc <JPI> said it amended its Shareholder Rights Plan so that certain provisions of the plan cannot occur until the board determines that it is in the best interests of the company and stockholders. The plan adopted in December 1986 permits Clevite to issue shares at half price to existing stockholders and allows stockholders to buy shares of an unfriendly bidder at half price. Clevite said the amendments by its board effectively mean that the so-called flip-in and flip-over provisions of its rights plan can only be triggered by affirmative board approval. The company said it acted inview of the proposed acquisition and because certain debt restrictions could block its ability to redeem the rights. Reuter | CLEVITE <CLEV> AMENDS RIGHTS PLAN |
The following proposed public offerings of securities were filed recently with the Securities and Exchange Commission: Utah Power and Light Co <UTP> - Shelf offering of up to 95 mln dlrs of first mortgage bonds on terms to be set at the time of sale. Underwriters were not named. Conseco Inc <CNC> - Two mln shares of common stock through an underwriting group led by Dean Witter Reynolds Inc. Reuter | RECENT SECURITIES OFFERINGS FILED WITH SEC |
The U.S. Agriculture Department forecast the Soviet 1986/87 wheat crop at 92.30 mln tonnes vs 92.30 mln tonnes last month. It put the 1985/86 crop at 78.10 mln tonnes vs 78.10 mln tonnes last month. Soviet 1986/87 coarse grain production is estimated at 103.30 mln tonnes vs 103.30 mln tonnes last month. Production in 1985/86 is projected at 99.99 mln tonnes vs 100.00 mln tonnes last month. USSR wheat imports are forecast at 15.00 mln tonnes in 1986/87 vs 15.00 mln tonnes last month. Imports in 1985/86 are put at 15.70 mln tonnes vs 15.70 mln tonnes last month. USDA estimated Soviet 1986/87 coarse grain imports at 12.00 mln tonnes vs 10.00 mln tonnes last month and 1985/86 imports at 13.70 mln tonnes vs 13.70 mln tonnes last month. USDA said Soviet coarse grain imports include 1986/87 corn imports which it forecast at 8.00 mln tonnes vs 6.00 mln tonnes last month. Corn imports in 1985/86 are estimated at 10.40 mln tonnes vs 10.40 mln last month. Total Soviet grain imports in 1986/87 at 28.0 mln tonnes include one mln tonnes of miscellaneous grains. Reuter | USDA ESTIMATES SOVIET WHEAT, COARSE GRAINS |
The U.S. Agriculture Department gave the 1986/87 breakdown of supply and distribution for wheats by classes in mln bushels with comparisons as follows. HARD WINTER -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 1009 1009 717 717 Production 1018 1018 1230 1230 Ttl Supply-X 2027 2027 1947 1947 Domestic Use 599 579 543 543 Exports 450 475 395 395 Total Use 1049 1054 938 938 End Stocks 978 973 1009 1009 Note - Season begins June 1. X-Includes imports HARD SPRING -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 498 498 371 371 Production 451 451 460 460 Ttl Supply-X 956 956 838 838 Domestic Use 218 192 174 174 Exports 200 190 166 166 Total Use 418 382 340 340 End Stocks 538 574 498 498 Note - Season begins June 1. X-Includes imports. SOFT RED -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 79 79 64 64 Production 290 290 368 368 Ttl Supply-X 369 369 432 432 Domestic Use 181 193 204 204 Exports 120 120 149 149 Total Use 301 313 353 353 End Stocks 68 56 79 79 Note - Season begins June 1. X-Includes imports WHITE -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 198 198 173 173 Production 232 232 254 254 Ttl Supply-X 433 433 430 430 Domestic Use 82 83 80 80 Exports 170 160 152 152 Total Use 252 243 232 232 End Stocks 181 190 198 198 Note - Season begins June 1. X-Includes imports. DURUM -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 121 121 100 100 Production 95 95 113 113 Ttl Supply-X 221 221 218 218 Domestic Use 54 58 44 44 Exports 85 80 53 53 Total Use 139 138 97 97 End Stocks 82 83 121 121 Note - Season begins June 1. X-Includes Imports. Reuter | WHEAT BY CLASS BREAKDOWN |
The U.S. Agriculture Department forecast Brazils 1986/87 soybean crop at 17.00 mln tonnes vs 17.00 estimated last month. It put the 1985/86 crop at 13.90 mln tonnes vs 13.70 mln last month. The department forecast Argentinas 1986/87 soybean crop at 7.70 mln tonnes vs 7.70 mln last month. It projected the 1985/86 crop at 7.30 mln tonnes vs 7.30 mln last month. Brazils 1986/87 soybean exports were forecast at 2.50 mln tonnes vs 2.50 mln tonnes estimated last month. USDA projected 1985/86 exports at 1.20 mln tonnes vs 1.20 mln last month. Reuter | USDA FORECASTS BRAZIL/ARGENTINE SOYBEAN CROPS |
The U.S. Agriculture Department forecast Argentinas 1986/87 coarse grain crop at 13.99 mln tonnes vs 15.44 mln tonnes last month. It estimated the 1985/86 crop at 17.06 mln tonnes vs 17.14 mln last month. USDA forecast Argentinas 1986/87 wheat crop at 9.00 mln tonnes vs 9.00 mln tonnes last month while the 1985/86 crop was projected at 8.50 mln tonnes vs 8.50 mln last month. USDA forecast Argentine 1986/87 coarse grain exports at 6.60 mln tonnes vs 7.73 mln tonnes last month and projected 1985/86 exports at 9.43 mln tonnes vs 9.58 mln last month. Reuter | USDA ESTIMATES ARGENTINE COARSE GRAIN, WHEAT |
STOP AND SHOP COS IN 2-FOR-1 SPLIT, HIKES DIVIDEND |
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The U.S. Agriculture Department forecast Australias 1986/87 wheat crop at 16.70 mln tonnes vs 17.30 mln tonnes last month. It estimated 1985/86 output at 16.13 mln tonnes vs 16.13 mln last month. Australian wheat exports in 1986/87 are forecast at 14.50 mln tonnes vs 14.50 mln tonnes last month while exports in 1985/86 are estimated at 15.96 mln tonnes vs 15.96 mln last month. Reuter | USDA ESTIMATES AUSTRALIA WHEAT CROP |
The U.S. Agriculture Department projected Chinas 1986/87 wheat crop at 90.30 mln tonnes vs 88.50 mln tonnes last month. It estimated the 1985/86 crop at 85.81 mln tonnes vs 85.81 mln last month. USDA projected Chinas 1986/87 wheat imports at 7.00 mln tonnes vs 7.00 mln tonnes last month and estimated 1985/86 imports at 6.60 mln tonnes vs 6.60 mln last month. Reuter | USDA ESTIMATES CHINA WHEAT |
The U.S. Agriculture Department estimated Canadas 1986/87 wheat crop at 31.85 mln tonnes vs 31.85 mln tonnes last month. It estimated 1985/86 output at 24.25 mln tonnes vs 24.25 mln last month. Canadian 1986/87 coarse grain production is projected at 27.62 mln tonnes vs 27.62 mln tonnes last month. Production in 1985/86 is estimated at 24.95 mln tonnes vs 24.95 mln last month. Canadian wheat exports in 1986/87 are forecast at 19.00 mln tonnes vs 19.00 mln tonnes last month. Exports in 1985/86 are estimated at 17.72 mln tonnes vs 17.71 mln last month. Reuter | USDA ESTIMATES CANADIAN CROPS |
The U.S. Agriculture Department gave the net change in export commitments including sales cancellations foreign purchases and cumulative exports in the current seasons through the week ended April 2 with comparisons as follows in tonnes except as noted -- 4/2/87 Prev Week All Wheat 119800 368300 Corn 1001900 927000 Soybeans 240500 300900 Soy Cake/Meal 117700 170200 Soybean Oil 2400-x 8100 Cotton-Y 60200 31900 x-minus total. Y-running bales. The indicated totals include reported commitments to both named and unnamed destinations sales on exporters own account and optional origin sales plus actual exports already made during the respective marketing seasons. The USDA cautions that reported outstanding sales are subject to modification deferral or cancellation and it is unlikely that all reported quantities will be exported. USDA gave detailed breakdowns for the 1986/87 and 1987/88 seasons as follows in thousand tonnes unless stated -- (A) - Firm sales to a declared destination. (B) - Ultimate destination not yet declared. (C) - Sales made on exporters own account. (D) - Exporter holds option to fill commitment with supplies from origins other than U.S. (E) - Accumulated exports since season began based on data reported by exporters. (F) - Indicated total for season. (G) - USDA-projected exports for season. Note -- Totals may not add due to rounding. ALL WHEAT 1986/87 1987/88 4/2/87 Prev Wk 4/3/87 Prev Wk Named-A 3157.6 3684.1 1591.4 1635.6 Unnamed-B 143.8 144.3 87.1 57.1 E.O.A.-C 9.5 9.5 nil nil O.O.P.-D nil nil nil nil Gr Total 3310.9 3837.9 1679.0 1692.7 Ay Expd-E 21044.6 20433.4 Ind Ttl-F 24355.5 24271.3 USDAPRJ-G 27900.0 27900.0 SOYBEANS 1986/87 1987/88 4/2/87 Prev Wk 4/2/87 Prev Wk Named-A 1774.7 1780.3 215.9 215.9 Unnamed-B 500.3 524.8 nil 30.0 E.O.A.-C 18.4 18.4 nil nil O.O.P.-D nil nil nil nil Gr Total 2293.4 2323.5 215.9 245.9 Ay Expd-E 14334.2 14183.2 Ind Ttl-F 16627.6 16506.7 USDAPRJ-G 19050.0 19050.0 CORN 1986/87 1987/88 4/2/87 Prev Wk 4/2/87 Prev WK Named-A 8559.8 8684.8 772.1 268.8 Unnamed-B 945.7 920.1 nil nil E.O.A-C 90.8 66.9 nil nil O.O.P-D 138.0 175.0 nil nil Gr Total 9734.3 9846.9 772.1 268.8 Ay Expd-E 20296.0 19293.8 Ind Ttl-F 30030.3 29140.7 USDAPRJ-G 31750.0 31750.0 SORGHUM 1986/87 1987/88 4/2/87 Prev Wk 4/2/87 Prev WK Named-A 875.6 805.1 nil nil Unnamed-B 151.2 151.2 10.2-x nil E.O.A-C nil nil nil nil O.O.P-D 114.5 138.3 nil nil Gr Total 1141.3 1094.6 10.2-x nil Ay Expd-E 3222.5 3149.7 Ind Ttl-F 4363.8 4244.3 USDAPRJ-G 5720.0 5720.0 x-minus total WHEAT PRODUCTS 1986/87 1987/88 4/2/87 Prev Wk 4/2/87 Prev Wk Named-A 321.0 401.9 nil nil Unnamed-B nil nil nil nil E.O.A.-C nil nil nil nil O.O.P.-D nil nil nil nil Gr Total 321.0 401.9 nil nil Ay Expd-E 926.9 840.9 Ind Ttl-F 1348.2 1242.8 Note - Includes bulgur semolina farina rolled cracked and crushed wheat. SOYBEAN OIL 1986/87 1987/88 4/2/87 Prev Wk 4/2/87 Prev Wk Named-A 8.8 10.4 nil nil Unnamed-B 7.0 10.5 nil nil E.O.A-C nil nil nil nil O.O.P-D nil nil nil nil Gr Total 15.8 20.9 nil nil Ay Expd-E 138.4 135.8 Ind Ttl-F 154.2 156.7 USDAPRJ-G 610.0 610.0 SOYBEAN CAKE AND MEAL 1986/87 1987/88 4/2/87 Prev Wk 4/2/87 Prev Wk Named-A 788.0 869.7 50.7 48.4 Unnamed-B 76.0 94.0 nil nil E.O.A-C 2.7 6.1 nil nil O.O.P-D nil nil nil nil Gr Total 866.7 969.8 50.7 48.4 Ay Expd-E 4098.0 3880.6 Ind Ttl-F 4964.7 4850.4 USDAPRJ-G 5760.0 5760.0 COTTONSEED OIL 1986/87 1987/88 4/2/87 Prev Wk 4/2/87 Prev Wk Named-A 7.4 7.2 nil nil Unnamed-B 0.3 0.3 nil nil E.O.A.-C nil nil nil nil O.O.P.-D 7.8 7.8 nil nil Gr Total 15.4 15.2 nil nil ALL UPLAND DOMESTIC RAW COTTON-Y 1986/87 1987/88 4/2/87 Prev Wk 4/2/87 Prev Wk Named-A 2007.9 2076.1 468.2 457.2 Unnamed-B 20.3 20.2 nil nil E.O.A-C nil nil nil nil O.O.P-C nil nil nil nil Gr Total 2028.2 2096.3 468.2 457.2 Ay Expd-E 4333.1 4204.7 Ind Ttl-F 6361.3 6301.0 USDAPRJ-G 6335.0 6335.0 Y-In thousand running bales. BARLEY 1986/87 1987/88 4/2/87 Prev Wk 4/2/87 Prev Wk Named-A 559.5 584.5 nil nil Unnamed-B 12.7 12.7 nil nil E.O.A.-C nil nil nil nil O.O.P.-D 25.0 25.0 nil nil Gr Total 597.1 622.1 nil nil Ay Expt-E 2464.6 2440.7 Ind Ttl-F 3061.7 3062.8 USDAPRJ-G 3270.0 3270.0 OATS 1986/87 1987/88 4/2/87 Prev Wk 4/2/87 Prev Wk Named-A nil nil nil nil Unnamed-B nil nil nil nil E.O.A.-C nil nil nil nil O.O.P.-D nil nil nil nil Gr Total nil nil nil nil Ay Expd-E 2.4 2.4 Ind Ttl-F 2.4 2.4 USDAPRJ-G 30.0 30.0 RICE 1986/87 1987/88 4/2/87 Prev Wk 4/2/87 Prev Wk Named-A 347.6 369.1 nil nil Unnamed-B 1.0 1.0 nil nil E.O.A-C nil nil nil nil O.O.P-D nil nil nil nil Gr Total 348.6 370.1 nil nil Ay Expd-E 1718.8 1688.2 Ind Ttl-F 2067.4 2058.3 USDAPRJ-G 2580.0 2580.0 HARD RED WINTER WHEAT 1986/87 1987/88 4/2/87 Prev Wk 4/2/87 Prev Wk Named-A 1738.0 2019.7 893.0 943.0 Unnamed-B 80.5 70.5 107.6 77.2 E.O.A.-C nil nil nil nil O.O.P.-D nil nil nil nil Gr Total 1818.5 2090.2 1000.6 1020.2 Ay Exp-E 8332.1 7974.5 Ind Tl-F 10150.6 10064.8 WHITE WHEAT 1986/87 1987/88 4/2/87 Prev Wk 4/2/87 Prev Wk Named-A 548.5 635.6 58.0 58.0 Unnamed-B 19.0-x 19.0-x 6.0-x 6.0-x E.O.A.-C nil nil nil nil O.O.P.-D nil nil nil nil Gr Total 529.5 616.6 52.0 52.0 Ay Exp-E 3831.5 3757.7 Ind Tl-F 4361.0 4374.3 x - denotes minus figure HARD RED SPRING WHEAT 1986/87 1987/88 4/2/87 Prev Wk 4/2/87 Prev Wk Named-A 576.6 620.6 164.7 164.7 Unnamed-B 29.6 16.0 nil nil E.O.A.-C 0.9 0.9 nil nil O.O.P.-D nil nil nil nil Gr Total 607.1 637.5 164.7 164.7 Ay Exp-E 4312.4 4247.6 Ind Tl-F 4919.5 4885.1 DURUM WHEAT 1986/87 1987/88 4/2/87 Prev Wk 4/2/87 Prev Wk Named-A 166.6 280.3 93.4 93.4 Unnamed-B 52.8 76.9 nil nil E.O.A.-C 2.8 2.8 nil nil O.O.P.-D nil nil nil nil Gr Total 222.2 360.0 93.4 93.4 Ay Exp-E 1842.6 1727.5 Ind Tl-F 2064.8 2087.5 SOFT RED WINTER WHEAT 1986/87 1987/88 4/2/87 Prev Wk 4/2/87 Prev Wk Named-A 127.8 127.8 382.3 376.5 Unnamed-B nil nil 14.0-x 14.0-x E.O.A.-C 5.8 5.8 nil nil O.O.P.-D nil nil nil nil Gr Total 133.6 133.6 368.3 362.5 Ay Exp-E 2726.0 2726.0 Ind Tl-F 2859.6 2859.6 x-minus figure Country and destinations of the identified sales of commodities reported by exporters in week ended April 2 for the respective marketing seasons were detailed by the USDA as follows with comparisons for the previous week in thousands of tonnes except where noted-- ALL WHEAT 1986/87 1987/88 4/2/87 Prev Wk 4/2/87 Prev Wk E.C. nil nil 50.0 50.0 Other West Europe 218.8 236.8 nil nil East Europe 261.0 346.0 25.0 25.0 ALL WHEAT Continued 1986/87 1987/88 4/2/87 Prev Wk 4/2/87 Prev Wk USSR nil nil nil nil Japan 490.4 662.2 nil nil China 90.0 90.0 910.0 910.0 Taiwan 115.0 141.0 144.0 144.0 Other Asia and Oceania 654.9 730.9 28.6 78.6 Africa 959.5 1115.0 167.1 167.1 Western Hemisphere 367.9 362.1 266.7 260.9 SOYBEANS 1986/87 1987/88 4/2/87 Prev Wk 4/2/87 Prev Wk E.C. 302.2 317.7 91.4 91.4 Other West Europe 25.0 25.0 nil nil East Europe 101.0 101.0 nil nil Japan 355.4 330.5 nil nil China nil nil nil nil Taiwan 472.0 499.0 87.0 87.0 Other Asia and Oceania 164.6 187.7 nil nil Africa nil nil nil nil Western Hemisphere 354.4 391.5 37.5 37.5 SOYBEAN OIL 1986/87 1987/88 4/2/87 Prev Wk 4/2/87 Prev Wk E.C. 1.5 1.5 nil nil India nil nil nil nil Other Asia and Oceania nil nil nil nil Africa nil nil nil nil Western Hemisphere 7.3 8.9 nil nil SOYBEAN CAKE/MEAL 1986/87 1987/88 4/2/87 Prev Wk 4/2/87 Prev Wk E.C. 301.7 350.7 47.2 45.0 Other West Europe nil nil nil nil East Europe nil 36.0 nil nil Japan nil 3.5 nil nil Other Asia and Oceania 25.0 40.0 nil nil Africa 30.2 38.0 nil nil Western Hemisphere 431.0 401.5 3.4 3.4 CORN 1986/87 1987/88 4/2/87 Prev Wk 4/2/87 Prev Wk E.C. 82.5 22.5 0.2 0.2 Other West Europe nil 0.8 nil nil E. Europe 94.0 50.0 50.0 50.0 USSR 2432.7 2543.8 nil nil Japan 2767.4 2787.8 52.4 21.0 China 495.0 555.0 nil nil Taiwan 791.0 836.0 390.0 170.0 Other Asia and Oceania 721.7 615.2 250.0 nil Africa 125.0 195.5 nil nil WestHem 1050.5 1114.0 29.4 27.6 UPLAND COTTON (In thousand bales) 1986/87 1987/88 4/2/87 Prev Wk 4/2/87 Prev Wk E.C. 260.9 266.1 97.9 95.0 Other West Europe 62.2 66.2 8.7 8.7 E. Europe 3.1 3.1 nil nil Japan 445.8 484.1 72.3 70.1 Taiwan 377.9 390.4 41.6 39.5 Other Asia and Oceania 741.7 783.4 244.5 241.1 Africa 16.7 13.4 nil nil Western Hemisphere 99.6 69.5 3.2 2.7 Reuter | NET CHANGE IN EXPORT COMMITMENTS -- USDA |
The House Armed Services Committee has voted for a transfer in the management of stockpiled materials for national defense to the U.S. Defense Secretary. The committee also voted for legally-binding quantity and quality requirements on the materials mostly metals. The measures are a part of the Defense Authorization Bill which will be voted on in the House next month. The purpose of the measures passed by the committee yesterday is to improve stockpile management and discourage sell-offs of materials that could jeopardize strategic needs a staff member of the committee told Reuters. They (the stockpiles) stand to gain the most by being managed properly said the staffer. Management of the stockpile over the last 10 years has been atrocious. Responsibility for stockpile management now belongs to a White House agency the Federal Emergency Management Agency. The staffer said that under the measures passed by the committee the Secretary of Defense would have more influence over decisions to keep or sell strategic stockpile materials. The administration has proposed a goal of 700 million dlrs worth of strategic materials to be held in the stockpile. The stockpile now contains around 10 billion dlrs of materials. He said several agencies currently helped FEMA to manage the stockpile and decide how much to sell to help the deficit. These agencies included the Office of Management and Budget and the Departments of Interior and Commerce he said. The committee believed the shared involvement in stockpile management was counter-productive he said. Reuter | HOUSE PANEL WANTS PENTAGON MANAGE U.S. STOCKPILE |
Japanese Finance Minister Kiichi Miyazawa said that further substantial exchange rate shifts could damage the prospects for growth and adjustment and called for cooperation in exchange markets. In a statement to the International Monetary Funds Interim Committee Miyazawa said it was imperative that current account surplus countries follow policies designed to strengthen domestic demand and reduce surpluses while maintaining price stability. He said Japan intended to carry out policies announced at the Paris meeting of finance ministers to stimulate its economy. Miyazawa said that given the massive external imbalances and serious unemployment in some countries there are very real fears of a protectionist uprising. In addition we are most concerned about this very serious problem of exchange rate instability Miyazawa said. Reuter | MIYAZAWA WARNS ABOUT CURRENCY SHIFTS |
The U.S. Agriculture Department forecast the European Communitys 1986/87 wheat crop at 71.60 mln tonnes vs 71.50 mln tonnes last month. It estimated 1985/86 output at 71.70 mln tonnes vs 71.71 mln last month. E.C. 1986/87 coarse grain production is projected at 81.22 mln tonnes vs 81.19 mln tonnes last month. The 1985/86 crop is estimated at 88.21 mln tonnes vs 88.28 mln last month. E.C. wheat exports in 1986/87 are forecast at 28.22 mln tonnes vs 28.31 mln tonnes last month. Exports in 1985/86 are estimated at 27.77 mln tonnes vs 27.62 last month. Reuter | USDA ESTIMATES EUROPEAN COMMUNITY CROPS |
The U.S. Agriculture Department made the following supply/demand projections for the 1986/87 seasons in mln bushels with comparisons unless noted -- CORN -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Acreage (mln acres) -- Planted 76.7 76.7 83.4 83.4 Harvested 69.2 69.2 75.2 75.2 Yield (bu) 119.3 119.3 118.0 118.0 Supply (mln bu) -- Start Stock 4040 4040 1648 1648 Production 8253 8253 8877 8877 Total-X 12295 12295 10536 10536 X-Includes imports. CORN (cont.) 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Usage: Feed 4500 4300 4095 4126 Other 1180 1150 1160 1129 Ttl Domest 5680 5450 5255 5255 Exports 1375 1250 1241 1241 Total Use 7055 6700 6496 6496 End Stocks 5240 5595 4040 4040 Farmer Reser 1400 1300 564 564 CCC Stocks 1700 1500 546 546 Free Stocks 2140 2795 2930 2930 AvgPrice 1.35-1.65 1.35-1.65 2.23 2.23 Note - Price in dlrs per bu. Corn season begins Sept 1. ALL WHEAT - 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Acreage (mln acres) -- Planted 72.0 72.0 75.6 75.6 Harvested 60.7 60.7 64.7 64.7 Yield 34.4 34.4 37.5 37.5 Supply (mln bu) -- Start Stcks 1905 1905 1425 1425 Production 2087 2087 2425 2425 Total Supply-X 4007 4007 3865 3865 X - Includes imports. ALL WHEAT 1986/87 1985/86 (cont.) 04/09/87 03/09/87 04/09/87 03/09/87 Usage: Food 700 690 678 678 Seed 84 90 93 93 Feed 350 325 274 274 Ttl Domest 1134 1105 1045 1045 Exports 1025 1025 915 915 Total Use 2159 2130 1960 1960 End Stocks 1848 1877 1905 1905 Farmer Reser 475 450 433 433 CCC Stocks 950 950 602 602 Free Stocks 423 477 870 870 Avg Price 2.30-40 2.30-40 3.08 3.08 Note - Price in dlrs per bushel. Wheat season begins June 1. SOYBEANS - 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Acreage (mln acres) -- Planted 61.5 61.5 63.1 61.1 Harvested 59.4 59.4 61.6 61.6 Yield (bu) 33.8 33.8 34.1 34.1 Supply (mln bu) -- Start Stocks 536 536 316 316 Production 2007 2007 2099 2099 Total 2543 2543 2415 2415 SOYBEANS (cont.) 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Usage -- Crushings 1130 1115 1053 1053 Exports 700 700 740 740 Seed Feed and Residual 103 93 86 86 Total Use 1933 1908 1879 1879 End Stocks 610 635 536 536 Avg Price 4.60-4.80 4.60-4.80 5.05 5.05 Note - Average price in dlrs per bushel. Soybean season begins June 1. FEEDGRAINS - X 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Acreage (mln acres) -- Planted 119.8 119.8 128.1 128.1 Harvested 102.0 102.0 111.8 111.8 Yld (tonnes) 2.48 2.48 2.45 2.45 Supply (mln tonnes) -- Start Stocks 126.4 126.4 57.5 57.5 Production 252.4 252.4 274.4 274.4 Imports 0.6 0.6 0.9 0.9 Total 379.4 379.4 332.7 332.7 X - Includes corn sorghum barley oats. FEEDGRAINS - X (cont.) 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Usage: Feed 140.6 136.2 134.8 135.5 Other 35.8 35.0 35.0 34.3 Ttl Domest 176.4 171.2 169.8 169.8 Exports 43.9 40.8 36.6 36.6 Total Use 220.3 211.9 206.4 206.4 End Stocks 159.1 167.5 126.4 126.4 Farmer Reser 39.0 36.5 16.6 16.6 CCC Stocks 55.2 49.5 20.4 20.4 Free Stocks 64.8 81.5 89.3 89.3 X - Includes corn sorghum oats barley. Seasons for oats barley began June 1 corn and sorghum Sept 1. SOYBEAN OIL - 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Supply (mln lbs) -- Start Stcks 947 947 632 632 Production 12263 12103 11617 11617 Imports Nil Nil 8 8 Total 13210 13050 12257 12257 Note - 1985/86 production estimates based on October year crush of 1060 mln bushels. SOYBEAN OIL (cont.) - 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Usage (mln lbs) -- Domestic 10500 10500 10053 10053 Exports 1350 1350 1257 1257 Total 11850 11850 11310 11310 End Stcks 1360 1200 947 947 AvgPrice 14.5-16.0 15.0-17.0 18.00 18.00 Note - Average price in cents per lb. Season for soybean oil begins Oct 1. SOYBEAN CAKE/MEAL in thousand short tons -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 212 212 387 387 Production 26558 26203 24951 24951 Total 26770 26415 25338 25338 Note - 1985/86 production estimates based on October year crush of 1060 mln bushels. SOY CAKE/MEAL (cont.) - 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Usage (thous short tons) -- Domestic 20000 19750 19090 19118 Exports 6500 6350 6036 6008 Total 26500 26100 25126 25126 End Stcks 270 315 212 212 AvgPrice 145-150 145-150 154.90 154.90 Note - Price in dlrs per short ton. Season for soybean cake and meal begins Oct 1. COTTON -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Area (mln acres) -- Planted 10.06 10.06 10.68 10.68 Harvested 8.49 8.49 10.23 10.23 Yield (lbs) 549 553 630 630 Supply (mln 480-lb bales) -- Start Stks-X 9.35 9.35 4.10 4.10 Production 9.70 9.79 13.43 13.43 Ttl Supply-Y 19.06 19.14 17.57 17.57 X - Based on Census Bureau data. Y - Includes imports. COTTON (cont.) - 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Usage -- Domestic 7.10 7.01 6.40 6.40 Exports 6.66 6.76 1.96 1.96 Total 13.76 13.77 8.36 8.36 End Stocks 5.40 5.49 9.35 9.35 Avge Price 51.7-X 51.7-X 56.50 56.50 X - 1986/87 price is weighted average for first five months of marketing year not a projection for 1986/87. Average price in cents per lb. Cotton season begins August 1. RICE 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Acreage (mln acres) -- Planted 2.40 2.40 2.51 2.51 Harvested 2.38 2.38 2.49 2.49 Yield (lbs) 5648 5648 5414 5414 Supply (mln cwts) -- Start Stcks 77.3 77.3 64.7 64.7 Production 134.4 134.4 134.9 134.9 Imports 2.2 2.2 2.2 2.2 Total 213.9 213.9 201.8 201.8 RICE (cont.) 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Usage (mln cwts) -- Domestic 67.0 67.0 65.8 65.8 Exports 80.0 80.0 58.7 58.7 Total-Y 147.0 147.0 124.5 124.5 End Stocks 66.9 66.9 77.3 77.3 CCC Stocks 42.9 42.9 41.5 41.5 Free Stocks 24.0 24.0 35.8 35.8 AvgPrice 3.45-4.25 3.45-4.25 6.53 6.53 Note - Average price in dlrs per CWT. Y-Rough equivalent. N.A.-Not Available USDA revising price definition due to marketing loan. Rice season begins August 1. SORGHUM 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Yield (bu) 67.7 67.7 66.8 66.8 Supply (mln bu) -- Start Stcks 551 551 300 300 Production 942 942 1120 1120 Total 1493 1493 1420 1420 Usage (mln bu) -- Feed 550 575 662 662 Other 30 30 29 29 Ttl Domest 580 605 691 691 SORGHUM (cont.) - 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Exports 225 225 178 178 Total Use 805 830 869 869 End Stocks 688 663 551 551 Avge Price 1.30-50 1.30-50 1.93 1.93 Note - Price in dlrs per bushel. Sorghum season begins Sept 1. BARLEY 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Yield (bu) 50.8 50.8 51.0 51.0 Start Stocks 325 325 247 247 Production 610 610 591 591 Imports 5 5 9 9 Total 941 941 847 847 BARLEY (cont.) 1986/87 1985/86 04/09/87 03/15/87 04/09/87 03/15/87 Usage (mln bu) -- Feed 300 300 333 333 Other 175 175 167 167 Ttl Domest 475 475 500 500 Exports 150 150 22 22 Total Use 625 625 522 522 End Stocks 316 316 325 325 AvgPrice 1.45-65 1.45-65 1.98 1.98 Note - Average price in dlrs per bushel. Barley season begins June 1. OATS - in mln bushels 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Yield (bu) 56.0 56.0 63.7 63.7 Start Stcks 184 184 180 180 Production 385 385 521 521 Imports 30 30 28 28 Total 598 598 729 729 OATS in mln bushels (cont.) 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Usage -- Feed 400 400 460 460 Other 85 85 83 83 Ttl Domes 485 485 543 543 Exports 2 2 2 2 Total 487 487 545 545 End Stcks 111 111 184 184 AvgPrice 1.00-20 1.00-20 1.23 1.23 Note - Average price in dlrs per bushel. Oats season begins June 1. LONG GRAIN RICE in mln CWTs (100 lbs) -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Harvested -- Acres (mln) 1.83 1.83 1.94 1.94 Yield (lbs) 5358 5358 5168 5168 Start Stks 49.3 49.3 37.7 37.7 Production 97.8 97.8 100.4 100.4 Ttl Supply 148.6 148.6 140.1 140.1 Note -- Starting Stocks does not include broken kernels -- Supply minus use does not equal ending stocks in breakdowns. Total Supply includes imports but not broken kernels. LONG GRAIN RICE in mln CWTs (100 lbs) cont. -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Domestic Use 43.0 43.0 48.8 48.8 Exports 65.0 60.0 42.0 42.0 Total Use 108.0 103.0 90.8 90.8 End Stocks-X 40.6 45.6 49.3 49.3 AvgPric 3.45-4.25 3.45-4.24 6.86 6.86 Note - Average price in dlrs per cwt. X-Broken kernels not included -- supply minus use does not equal ending stocks in breakdowns. Rice season begins August 1. MEDIUM SHORT GRAIN RICE - in mln CWTs (100 lbs) -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Harvested -- Acres (mln) 0.55 0.55 0.55 0.55 Yield (lbs) 6651 6651 6258 6258 Start Stks 26.7 26.7 25.7 25.7 Production 36.6 36.6 34.5 34.5 Ttl Supply 65.3 65.3 61.7 61.7 Note -- Starting Stocks does not include broken kernels -- Supply minus use does not equal ending stocks in breakdowns. Total Supply includes imports but not broken kernels. MEDIUM SHORT GRAIN RICE in mln CWTs (100 lbs) cont. -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Domestic Use 24.0 24.0 17.0 17.0 Exports 15.0 20.0 16.7 16.7 Total Use 39.0 44.0 33.7 33.7 End Stocks-X 24.5 19.5 26.7 26.7 AvgPric 3.45-4.25 3.45-4.25 5.91 5.91 Note - Average price in dlrs per CWT. X-Broken kernels not included - supply minus use does not equal ending stocks in breakdowns. Rice season begins August 1. NOTES ON U.S. SUPPLY/DEMAND TABLES -- N.A. - Not available. -- Totals may not add due to rounding. -- Figures for 1986/87 are midpoint of USDA range. -- Feed usage for corn wheat soybean feedgrains sorghum barley oats includes residual amount. -- Residual amount included in rice and medium/short grain rice domestic usage. -- Rice long grain and medium/short grain rice average price for 1985/86 estimates and 1986/87 projections are market prices and exclude cash retained under the marketing loan since April 1986. Reuter | U.S. SUPPLY/DEMAND DETAILED BY USDA |
The U.S. Agriculture Department forecast the Soviet 1986/87 cotton crop at 11.20 mln bales (480-lbs net) vs 11.20 mln bales forecast last month. The department also estimated the 1985/86 Soviet cotton crop at 12.10 mln bales vs 12.10 mln bales last month. Reuter | USDA ESTIMATES USSR COTTON CROP |
The U.S. Agriculture Department forecast South Africas 1986/87 corn crop at 8.50 mln tonnes vs 9.50 mln tonnes last month. It estimated the 1985/86 crop at 8.08 mln vs 8.08 mln last month. USDA forecast South African 1986/87 corn exports at 2.10 mln tonnes vs 3.00 mln tonnes last month and 1985/86 exports at 2.75 mln tonnes vs 2.75 mln tonnes last month. Reuter | USDA ESTIMATES SOUTH AFRICA CORN CROP, EXPORTS |
The Stop and Shop Cos Inc said its board voted a two-for-one stock split payable July One to stockholders of record May 29. It also said it was raising its quarterly cash dividend 16 pct to 32 cts per share from 27.5 cts per share prior. As a result of the split the number of outstanding shares will increase to 28 mln from 14 mln the company said. The dividend is payable July One to shareholders of record May 29 it said. Reuter | STOP AND SHOP COS <SHP> IN TWO-FOR-ONE SPLIT |
<National Beverage Corp> said it agreed to acquire <Faygo Beverages Inc> for an undisclosed amount of cash. Faygo has revenues in excess of of 100 mln dlrs National Beverage said. Reuter | NATIONAL BEVERAGE TO ACQUIRE FAYGO BEVERAGES |
Salomon Brothers Inc said it was altering the management structure of its London operation Salomon Brothers International Ltd following a similar move in New York last October. Under the new structure Charles McVeigh who currently heads the London operation will be chairman while Miles Slater will be president and chief executive officer. Slater will continue to be in charge of the firms international fixed income commitment taking and international capital markets services. Bruce Koepfgen manager of the London office will be U.K. and European sales manager and general manager of the office. A board of directors also is being introduced consisting of seven managing directors involved in key areas of the firms business. They are Peter Clarke George Hutchinson Koepfgen McVeigh Sheldon Prentice Slater and Daniel Tyree. Reuter | SALOMON BROTHERS RESTRUCTURES LONDON OPERATION |
Shr 17 cts vs 28 cts Net 2668000 vs 3655000 Revs 93.9 mln vs 83.8 mln Avg shrs 15.7 mln vs 13.2 mln 12 mths Shr 48 cts vs 58 cts Net 7510000 vs 7482000 Revs 228.8 mln vs 181.9 mln Avg shrs 15.7 mln vs 12.9 mln NOTE: full name of company is audio/video affiliates Inc. Reuter | AUDIO/VIDEO AFFILIATES <AVA> 4TH QTR JAN 31 NET |
Memory Metals Inc said that at a special meeting of the board of directors it removed M. Brian OShaugnessy as chairman president and chief executive officer. The company said it replaced OShaugnessy as president with Stephen Fischer formerly senior vice president and chief operating officer. The other two positions have not been filled yet a spokesman for the company said. Reuter | MEMORY METALS <MRMT> REMOVES CHAIRMAN |
VLSI Technology Inc said it plans to file a registration statement with the Securities and Exchange Commission in mid-April covering a proposed underwritten public offering of 50 mln dlrs principal amount of convertible subordinated debentures. The company said it plans to use proceeds from the offering to fund growth and for capital expenditures associated with increasing manufacturing capacity. Reuter | VLSI <VLSI> PLANS DEBT OFFERING |
Procter and Gamble Co said its Swiss subsidiary Procter and Gamble AG has concluded an agreement with Mintax Deterjan Sanayii AS to establish a joint venture in Turkey. The venture 50 pct owned by Procter and Gamble has been approved by the Turkish government. It will market consumer products in Turkey. Other terms were not disclosed. Privately held Mintax based in Istanbul has 900 employees and makes laundry detergents dishwashing products shampoo fabric softeners and deodorant. Its 1986 sales about 50 mln dlrs. Reuter | PROCTER AND GAMBLE <PG> SETS TURKISH VENTURE |
Fluorocarbon Co said it signed a definitive agreement to acquire Eaton Corps Industrial Polymer division for an undisclosed price. The polymer division based in Aurora Ohio had 1986 sales of 86 mln dlrs Fluorocarbon also said. Reuter | FLUOROCARBON <FCBN> BUYS EATON <ETN> DIVISION |
Shr 71 cts vs 61 cts Net 78.5 mln vs 64.6 mln NOTE: Current qtr includes gain of seven cts/shr from sale of securities. Year-ago restated. Reuter | FIRST UNION CORP <FUNC> 1ST QTR NET |
The American Stock Exchange said a seat on the exchange sold for 380000 dlrs a record price that is 5000 dlrs higher than the previous sale on Feb 17. The current bid is 330000 dlrs and the offer 425000 dlrs the exchange said. Reuter | AMEX SEAT SELLS FOR RECORD 380,000 DLRS |
Qtr ended February 28 Shr six cts vs three cts Net 765138 vs 311388 Rev 8.3 mln vs 3.7 mln Avg shares 12272265 vs 11377491 Six months Shr 17 cts vs five cts Net 2073057 vs 515229 Rev 15.0 mln vs 7.4 mln Avg shares 12295934 vs 11200000 Reuter | FINANCIAL NEWS NETWORK INC <FNNI> 2ND QTR NET |
Shr 41 cts vs 35 cts Net 2362000 vs 1613000 Avg shrs 5567300 vs 4070700 Reuter | FIRST COLONIAL BANKSHARES CORP <FCOLA> 1ST QTR |
Exports of the following commodities between start of current seasons and April 2 with comparisons as reported to USDA by exporters in thousand tonnes unless noted -- 4/2/87 Prev Wk 4/3/86 Wheat 21044.6 20398.3 19725.8 Soybeans 14334.2 14063.5 14698.4 Corn 20296.0 19194.6 25182.6-x Sorghum 3222.5 3149.7 3168.9-x Soybean Oil 138.4 135.8 179.9 Soybean Meal 4098.0 3880.6 3141.3 Cotton 4333.1 4204.7 1510.4 X-2059300 tonnes of corn and 763800 tonnes of sorghum added to reflect change in marketing year to Sept-Aug. Reuter | SEASONAL EXPORTS REPORTED BY U.S. EXPORTERS |
Utilization of offshore mobile rigs in the European/Mediterranean area continued to show strong gains last week increasing nearly two percentage points to 46.1 pct Offshore Data Services said. The total number of working rigs in Europe and the Mediterranean region was 71 reflecting an increase of three during the week compared to a total of 111 working rigs at this time last year. In the previous week the area also gained three working rigs. Offshore Data Services said the worldwide utilization rate for the week remained steady at 53.9 pct reflecting a total of 392 working rigs. Last year a total of 479 rigs were working throughout the world. In the Gulf of Mexico the utilization rate decreased slightly to 35.5 pct from 35.6 pct the previous week because of the addition of one rig to the Gulf fleet. A total of 83 rigs were working last week in the Gulf out of a fleet of 234. Reuter | EUROPEAN OFFSHORE RIG COUNT CONTINUES TO CLIMB |
Hawaiian Electric Industries said it has entered a letter of intent to buy the Hawaiian Insurance Companies. The transaction is subject to a definitive agreement and government and board approvals. The Hawaiian Insurance Companies ad assets at the end of 1986 of 137.4 mln dlrs and earned premiums of 46.1 mln dlrs. Hawaiian Electric said it plans to operate the comapny which has 226 employees with current management. Reuter | HAWAIIAN ELECTRIC <HE> TO BUY HAWAIIAN INSURANCE |
The U.S. Agriculture Department increased its estimate of 1986/87 grain purchases by the Soviet Union to 28 mln tonnes up two mln tonnes from last month. In its monthly report on the Soviet grain situation the USDA said imports will be higher than earlier estimated because Soviet grain buyers have been actively purchasing in the last month. USDA said the increased purchasing is somewhat surprising because of recent higher Soviet crop estimates. All of the increase in estimated imports will be in corn USDA said. Of the 28 mln tonnes total 15 mln tonnes will be wheat 12 mln tonnes coarse grains and the remaining one mln tonnes miscellaneous grains and pulses USDA said. USDA noted that the Soviet winter grain crop suffered through a severe winter and spring field work has been delayed. The severe winter is believed to have resulted in above average winter-kill USDA said. Some grain trade analysts have said abnormal winter losses maybe one reason why the Soviet Union has been actively buying grain recently. USDA said Moscow already has purchased over 25 mln tonnes grain for delivery in 1986/87 including 14 mln tonnes wheat and 12 mln tonnes coarse grain. Reuter | SOVIET UNION TO IMPORT MORE GRAIN IN 86/87-USDA |
The Roy Disney family disclosed in a filing with the Securities and Exchange Commission that it made a bid to acquire Holly Sugar Corp for a package of cash and securities. Shamrock Holdings of California Inc a Disney family company said it submitted the bid on April 8 to Salomon Brothers Inc Holly Sugars investment banker. The offer was for 45 dlrs in cash securities with a face value of 70 dlrs and a contingent payment certificate that would pay out as much as 70 dlrs over a 20-year period for each share of Holly Sugar outstanding. The Disney family already holds 101300 Holly Sugar shares or 9.0 pct of the total outstanding following purchases of 12500 shares March 13-April 17 Shamrock told the SEC. Shamrock said it had asked for certain information about Holly Sugars financial condition but had been turned down. It said its offer was therefore subject to further discussions. Once we have had an opportunity to complete our due diligence evaluation of the company including inspections of certain facilities and meetings with key management personnel we would be prepared to negotiate all aspects of our proposal including price it said in its April 8 letter. REUTER^M | DISNEY FAMILY MAKES BID FOR HOLLY SUGAR <HLY> |
U.S. EXPORTERS REPORT 200,000 TONNES WHEAT SOLD TO JORDAN FOR 1987/88 DELIVERY |
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Shr 26 cts vs nil Net 2244000 vs nil Rev 3.4 mln vs nil NOTE: Companys full name is Universal Health Realty Income Trust. Quarter is companys first full quarter of earnings. Reuter | UNIVERSAL HEALTH REALTY <UHT> 1ST QTR NET |
Semi-annual div seven cts vs six cts prior Pay June One Record May One . Reuter | FROST AND SULLIVAN INC <FRSL> INCREASES PAYOUT |
C.O.M.B. Co said it acquired for 8.7 mln dlrs the principal assets of National Tech Industries Inc and Telkon Corp. The companies are engaged in servicing sales and telemarketing of consumer electronic merchandise. Reuter | C.O.M.B. <CMCO> MAKES ACQUISITION |
SHr one cts vs 14 cts Net 17806 vs 328290 Revs 1.3 mln vs 2.2 mln Nine months Shr 27 cts vs 26 cts Net 640156 vs 622251 Revs 5.6 mln vs 5.6 mln NOTE:1986 net includes loss of 49040 in nine months from discontinued and gain of 15598 dlrs in 3rd qtr. Reuter | RAI RESEARCH CORP <RAC> 3RD QTR FEB 28 |
Centel Corp said it completed the acquisition of Welbac Cable Television Corp which serves more than 2500 cable television subscribers in east central Michigan. Terms were not disclosed. With the addition of Welbac customers Centel Cable Television Co of Michigan serves more than 83000 customers. Overall Centel has nearly 495000 customers in seven states. Reuter | CENTEL <CNT> COMPLETES ACQUISITION |
Qtrly div 10 cts vs 10 cts prior Pay April 30 Record April 21 Reuter | JAMES RIVER CORP <JR> SETS REGULAR PAYOUT |
Class A qtly div 2-1/2 cts vs 2-1/2 cts prior Class B qtly div 1-1/2 cts vs 1-1/2 cts prior Pay May 8 Record April 24 Reuter | THREE D DEPARTMENTS INC <TDD> SETS PAYOUT |
U.S. EXPORTERS REPORT 300,000 TONNES SOYBEAN MEAL TO IRAQ FOR SPLIT DELIVERY |
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U.S. EXPORTERS REPORT 100,000 TONNES CORN SOLD TO ALGERIA FOR 1986/87 DELIVERY |
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Banque de Financement Immobilier SOVAC BFIM-SOVAC launched an offer to repurchase its 14.30 pct 1980 bond issue at a price of 2180 francs per bond a Paris Bourse statement said. The repurchase offer managed by Lazard Freres et Cie opens April 10 and closes April 27. The 140 mln franc issue comprised 70000 bonds of 2000 franc nominal value each. Reuter | BFIM-SOVAC OFFERS BOND REDEMPTION |
The U.S. Agriculture Department made the following 1986/87 projections in its world Supply/Demand report with comparisons in mln tonnes except where noted -- Total World Grain 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Produc 1682.31 1686.11 1663.69 1663.70 Total Supply 2025.71 2028.45 1919.18 1920.13 Trade-X 212.15 211.89 204.42 203.92 Usage 1635.01 1630.40 1575.78 1577.79 End Stks 390.70 398.05 343.40 342.34 X-Based on export estimate. All Wheat 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stks 137.05 136.48 125.54 125.87 Production 529.20 528.40 498.97 498.81 Imports 97.57 98.27 94.56 94.36 Feed Use 101.79 100.82 90.19 90.56 Total Domes 517.26 514.89 487.45 488.20 Exports 101.08 101.20 95.92 95.76 End Stocks 148.99 149.99 137.05 136.48 Note - World imports/exports may not balance due to differing marketing years grains in transit and reporting discrepancies. Coarse Grain 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 181.64 181.10 107.80 108.40 Production 835.21 838.82 844.60 844.84 Imports 95.66 93.77 95.70 95.18 Feed Use 514.07 510.20 510.20 510.80 Total Domes 796.33 793.64 770.76 772.14 Exports 98.97 98.47 96.02 95.76 End Stocks 220.52 226.28 181.64 181.10 Note - World imports/exports may not balance due to differing marketing years grain in transit and reporting discrepancies. Corn (Mln Tonnes) 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 123.08 123.11 61.09 61.75 Production 477.26 480.29 481.86 481.92 Imports 61.03 58.59 62.12 62.08 Feed Use 295.49 289.47 286.53 287.42 Ttl Domes 444.78 439.80 419.88 420.55 Exports 62.80 62.10 62.53 62.15 End Stocks 155.56 163.61 123.08 123.11 Note - World imports/exports may not balance due to differing marketing years grain in transit and reporting discrepancies. Soybeans 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 23.03 22.84 17.59 17.58 Production 99.98 99.43 96.74 96.53 Imports 26.21 26.27 27.08 27.08 Crushings 79.69 79.33 76.16 76.15 Ttl Domes 97.53 96.40 92.36 92.34 Exports 26.45 26.43 26.02 26.01 End Stocks 25.23 25.71 23.03 22.84 Note - Imports and exports do not balance due to differing marketing years and time lags between reported exports and imports. Soybean Meal 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 2.55 2.47 2.79 2.74 Production 62.71 62.40 60.09 60.09 Imports 23.47 23.49 23.48 23.47 Consumption 62.69 62.49 61.06 61.10 Exports 23.51 23.39 22.76 22.74 End Stocks 2.52 2.47 2.55 2.47 Note - Imports and exports may not balance due to differing marketing years and time lags between reported exports and imports. Soybean Oil 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 1.61 1.51 1.37 1.36 Production 14.20 14.13 13.65 13.66 Imports 3.31 3.29 3.08 3.05 Consumption 14.02 14.03 13.33 13.40 Exports 3.33 3.35 3.15 3.16 End Stocks 1.78 1.54 1.61 1.51 Note - Imports and exports do not balance due to differing marketing years and time lags between reported exports and imports. Cotton (Mln Bales) 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 45.87 48.14 42.70 43.11 Production 69.53 69.66 78.94 78.92 Imports 23.07 23.07 21.49 21.45 Mill Use 80.72 77.08 76.84 74.79 Exports 23.37 23.50 20.25 20.28 End Stocks 34.16 39.99 45.87 48.14 Note - Imports and exports may not balance due to cotton in transit and reporting discrepancies in some countries. Rice (Milled Basis) 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 24.71 24.75 22.16 22.16 Production 317.90 318.90 320.12 320.05 Imports 10.56 10.63 11.68 11.70 Dom. Use 321.41 321.87 317.58 317.46 Exports 12.11 12.22 12.49 12.39 End Stocks 21.19 21.78 24.71 24.75 Reuter | WORLD SUPPLY/DEMAND ESTIMATES ISSUED BY USDA |
RAI Research Corp said it appears that the reduced level of sales may continue for the near term. Earlier RAI reported that third quarter net declined to 17806 dlrs on sales of 1.3 mln dlrs from net income of 328290 dlrs on sales of 2.2 mln dlrs a year ago. It said sales declined as a result of reduced sales of permion battery separators to Japanese customers and it does not know the duration or extent of these factors. Reuter | RAI RESEARCH <RAC> SEES LOWER SALE IN NEAR TERM |
Shr 22.50 dlrs vs 21.74 dlrs Assets 546.9 mln vs 485.2 mln Shrs out 24.3 mln vs 22.3 mln NOTE: lastest assets after capital gain distributions of 28 cts a share in February 1987 and 2.55 dlrs a share in December 1986 Reuter | ADAMS EXPRESS CO <ADX> MARCH 31 ASSETS |
Shr 31.36 dlrs vs 25.23 dlrs Assets 286.5 mln vs 253.0 mln Shrs out 9138526 vs 8839695 NOTE: latest assets after capital gain distributions of 50 cts a share in February 1987 and 83 cts a share in December 1986 and with 29955000 stated value 1.676 dlr convertible preferred stock outstanding. Reuter | PETROLEUM AND RESOURCES CORP <PEO> MARCH 31 |
The U.S. Agriculture Department detailed world supply/demand data for major importers and exporters of corn by country as follows in mln tonnes -- USSR CORN 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks N.A. N.A. N.A. N.A. Production 12.50 12.50 14.40 14.40 Imports 8.00 6.00 10.40 10.40 Domes Use 20.50 19.50 24.40 24.40 Exports Nil Nil Nil Nil End Stocks N.A. N.A. N.A. N.A. N.A. - Not Available. SOUTH AFRICA CORN in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 1.20 1.20 1.87 1.87 Production 8.50 9.50 8.08 8.08 Imports Nil Nil 0.01 0.01 Domes Use 6.10 6.20 6.00 6.00 Exports 2.10 3.00 2.75 2.75 End Stocks 1.50 1.50 1.20 1.20 EC-12 CORN in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 5.17 5.28 2.89 2.89 Production 25.00 25.03 25.70 25.78 Imports 10.69 10.61 12.82 12.82 Domes Use 28.20 29.00 29.46 29.60 Exports 7.91 7.94 6.78 6.61 End Stocks 4.75 3.98 5.17 5.28 ARGENTINA CORN in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 0.52 0.39 0.39 0.39 Production 10.00 11.00 12.10 12.10 Imports Nil Nil Nil Nil Domes Use 4.60 4.60 4.60 4.60 Exports 5.70 6.50 7.37 7.50 End Stocks 0.22 0.29 0.52 0.39 THAILAND CORN in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 0.43 0.33 0.11 0.11 Production 4.10 4.10 5.35 5.15 Imports Nil Nil Nil Nil Domestic Use 1.55 1.35 1.35 1.25 Exports 2.80 3.00 3.67 3.67 End Stocks 0.18 0.08 0.43 0.33 JAPAN CORN in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 1.24 1.24 1.06 1.06 Production Nil Nil Nil Nil Imports 15.50 15.44 14.55 14.55 Domes Use 15.51 15.45 14.37 14.37 Exports Nil Nil Nil Nil End Stocks 1.24 1.24 1.24 1.24 Reuter | CORN SUPPLY/DEMAND BY COUNTRY -- USDA |
The U.S. Agriculture Department said private U.S. exporters reported sales of 200000 tonnes of wheat to Jordan 300000 tonnes of soybean meal to Iraq and 100000 tonnes of corn to Algeria. The wheat for Jordan includes 165000 tonnes of hard red winter and 35000 tonnes of soft red winter and is for delivery during the 1987/88 marketing year. The soybean meal sales to Iraq includes 180000 tonnes for delivery during the 1986/87 season and 120000 tonnes during the 1987/88 season the department said. The 100000 tonnes of corn sales to Algeria are for delivery during the 1986/87 season it said. The marketing year for wheat begins June 1 corn September 1 and soybean meal October 1. Reuter | USDA REPORTS EXPORT SALES ACTIVITY |
International American Homes Inc said it entered into a conditional contract to acquire the <Maione-Hirschberg Cos Inc> and affiliated entitles for 19 mln dlrs. International American whose stock was halted on Nasdaq earlier said the purchase price is payable 12 mln dlrs in cash and the balance in its own common shares. Selling shareholders may earn an additional amount up to a maximum of eight mln dlrs payable in cash based on the future performance of the companies acquired during the three years ending March 31 1990 International said. The acquisition is subject to certain conditions such as satisfactory results of due diligence investigations the company said. Reuter | INTERNATIONAL AMERICAN <HOME> TO ACQUIRE COS |
Sony Corp <SNE.T> chairman Akio Morita said Sonys profits would be sharply down in 1987 as a result of the dollars decline. Sony Corp posted net consolidated income of 41.89 billion yen (290 million dollars) in 1986 42.6 pct down on 1985s 73.02 billion yen (506 million dollars). But Morita added that Japan would benefit from the strong yen by saving on its energy import bill and he expected profits to recover from 1988 onwards. He was speaking to reporters at a sony factory opening here. Reuter | SONY CHAIRMAN FORECASTS LOWER PROFITS THIS YEAR |
The U.S. Agriculture Department detailed world supply/demand data for major importers and exporters of coarse grains by country as follows in mln tonnes -- USSR COARSE GRAIN 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks N.A. N.A. N.A. N.A. Production 103.30 103.30 99.99 99.99 Imports 12.00 10.00 13.70 13.70 Domes Use 112.30 112.30 111.99 111.99 Exports NIL NIL NIL NIL End Stocks N.A. N.A. N.A. N.A. N.A. - Not Available. EC-12 COARSE GRAIN in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 14.91 14.93 10.53 10.53 Production 81.22 81.19 88.21 88.28 Imports 16.58 17.26 18.29 18.24 Dom Use 79.64 81.27 82.38 82.55 Exports 19.90 19.96 19.73 19.56 End Stocks 13.18 12.15 14.91 14.93 EASTERN EUROPE COARSE GRAIN mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 4.07 3.72 5.14 5.14 Production 73.95 74.50 68.28 68.38 Imports 4.90 4.47 5.58 5.26 Dom Use 73.04 73.23 72.65 72.77 Exports 3.55 3.55 2.28 2.28 End Stocks 6.34 5.46 4.07 3.72 JAPAN COARSE GRAIN in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 2.32 2.23 1.91 1.91 Production 0.35 0.35 0.39 0.39 Imports 21.56 21.50 21.51 21.51 Dom Use 21.79 21.73 21.49 21.49 Exports NIL NIL NIL NIL End Stocks 2.44 2.44 2.32 2.32 ARGENTINA COARSE GRAIN in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 0.78 0.53 0.83 0.83 Production 13.99 15.44 17.06 17.14 Imports 0.02 NIL NIL NIL Domes Use 7.73 7.75 7.76 7.87 Exports 6.60 7.73 9.43 9.58 End Stocks 0.46 0.49 0.78 0.53 CANADA COARSE GRAIN in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 6.19 6.19 4.66 4.61 Production 27.62 27.62 24.95 24.95 Imports 0.30 0.30 0.31 0.31 Dom Use 19.80 19.80 18.99 18.96 Exports 7.41 7.21 4.74 4.72 End Stocks 6.90 7.10 6.19 6.19 THAILAND COARSE GRAINS in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 0.49 0.38 0.16 0.16 Production 4.40 4.40 5.67 5.47 Imports NIL NIL NIL NIL Domes Use 1.57 1.37 1.40 1.30 Exports 3.10 3.30 3.94 3.95 End Stocks 0.22 0.11 0.49 0.38 Reuter | COARSE GRAIN SUPPLY/DEMAND BY COUNTRY -- USDA |
AMR Corps American Airlines said it is prepared to shift a total of 1010 flights and add more than 33 hours a day in flying time to assist the process of reducing flight delays in the nations air transport system. American said it proposes to make the changes on June 15 at its two major conecting hubs Dallas/Fort Worth and Chicago which have been the focal points for wide-ranging schedule experiments by the airline over the past several weeks. Reuter | AMR <AMR> AMERICAN AIR OFFERS TO SHIFT FLIGHTS |
The Commodity Credit Corporation (CCC) accepted eight bonus offers from two exporters on sales of 190000 tonnes of hard red winter and 35000 tonnes of soft red winter wheat to Jordan the U.S. Agriculture Department said. The department said the bonuses awarded averaged 38.08 dlrs per tonne and the wheat is for delivery May-November 1987. The bonus awards were made to Louis Dreyfus Corp (200000 tonnes) and Continental Grain Co (25000 tonnes) and will be paid in the form of commodities from CCC stocks. The purchases of U.S. wheat completes the Export Enhancement Program initiative announced on December 31 1986. Reuter | EXPORT BONUS WHEAT FOR JORDAN --USDA |
Argentine grain board preliminary figures show 1986/87 crop export registrations of grains and oilseeds in the week to April 8 were as follows in tonnes compared with the previous week and the comparable week a year earlier. BREAD WHEAT nil nil nil MAIZE 113500 21800 51300 SORGHUM 13600 nil 26500 SOYBEAN 30000 36000 72000 SUNFLOWERSEED nil nil 19100 Cumulative figures export registrations for the 1986/87 crop to April 8 1987 with comparative figures for the 1985/86 crop up to April 9 1986 in brackets were in thousands of tonnes. BREAD WHEAT 26924 (4161.0) MAIZE 2305.1 (5200.0) SORGHUM 220.5 (625.7) SOYBEAN 561.3 (524.5) SUNFLOWERSEED 45.7 (213.2) REUTER | ARGENTINE 1986/87 GRAIN OILSEED REGISTRATIONS |
Winn Enterprises Knudsen Foods Inc said it entered an agreement to sell its Hawaiian dairy operations to Foremost Foods Inc for 13 mln dlrs cash. The company said the purchase price is subject to adjustment and the entire transaction is subject to approval by the U.S. Bankruptcy Court for the Central District of California. Reuter | WINN ENTERPRISES <WNN> UNIT SELLS DAIRY |
International American Homes Inc said it expects revenues for the year ending March 31 1987 to be approximately 145 mln dlrs. It said it recorded 30 mln dlrs in revenues for the year prior and 115 mln dlrs pro forma revenues for the prior fiscal year which includes the May 1986 acquistion of the Porten Sullivan Group. On a pro forma basis International said revenues for the year ended March 31 1987 would be approximately 200 mln dlrs if the proposed acquisiton of Maione-Hirschberg Cos Inc and Diversified Shelter Group are consummated. Reuter | INTERNATIONAL AMERICAN <HOME> SEES HIGHER REVS |
<National Beverage Corp> said it agreed to acquire privately held Faygo Beverages Inc for an undisclosed amount of cash. The company said Detroit-based Faygo a soft drink maker has annual revenues of more than 100 mln dlrs. National Beverage which is also privately held owns and bottles Shasta Beverages Spree All Natural Beverages and private label brands in its 11 bottling facilities in the United States. Reuter | NATIONAL BEVERAGE TO ACQUIRE FAYGO |
The U.S. Agriculture Department detailed world supply/demand data for major importers and exporters of soybeans by country as follows in mln tonnes -- BRAZIL SOYBEANS 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 4.19 4.01 4.71 4.71 Production 17.00 17.00 13.90 13.70 Imports 0.35 0.35 2.09 0.29 Domestic Use 14.54 14.54 13.51 13.49 Exports 2.50 2.50 1.20 1.20 End Stocks 4.50 4.32 4.19 4.01 ARGENTINA SOYBEANS in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 1.83 1.83 1.80 1.80 Production 7.70 7.70 7.30 7.30 Imports NIL NIL NIL NIL Domestic Use 4.97 4.97 4.74 4.74 Exports 2.65 2.65 2.54 2.54 End Stocks 1.91 1.91 1.83 1.83 EC-12 SOYBEANS in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 0.51 0.52 0.66 0.66 Production 0.83 0.83 0.33 0.33 Imports 12.89 12.85 12.99 12.96 Domestic Use 13.72 13.68 13.34 13.30 Exports 0.11 0.11 0.13 0.13 End Stocks 0.40 0.41 0.51 0.52 JAPAN SOYBEANS in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 0.76 0.76 0.79 0.79 Production 0.25 0.25 0.23 0.23 Imports 4.84 4.84 4.80 4.80 Domes Use 5.10 5.10 5.06 5.06 Exports NIL NIL NIL NIL End Stocks 0.75 0.75 0.76 0.76 Reuter | SOYBEAN SUPPLY/DEMAND BY COUNTRY -- USDA |
The U.S. Agriculture Department detailed world supply/demand data for major importers and exporters of soybean meal by country as follows in mln tonnes -- ARGENTINA SOYBEAN MEAL -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 0.13 0.13 0.19 0.19 Production 3.67 3.67 3.49 3.49 Imports NIL NIL NIL NIL Domes Use 0.35 0.35 0.35 0.35 Exports 3.30 3.30 3.20 3.20 End Stocks 0.15 0.15 0.13 0.13 BRAZIL SOYBEAN MEAL in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 0.61 0.60 0.72 0.72 Production 10.40 10.39 9.69 9.66 Imports NIL NIL NIL NIL Domes Use 2.55 2.55 2.41 2.40 Exports 7.85 7.85 7.38 7.38 End Stocks 0.61 0.59 0.61 0.60 EC-12 SOYBEAN MEAL in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/86 04/09/87 03/09/87 Start Stcks 0.40 0.40 0.44 0.44 Production 10.44 10.45 10.18 10.17 Imports 13.03 13.03 13.48 13.48 Domes Use 18.50 18.49 18.59 18.57 Exports 5.07 5.09 5.10 5.11 End Stocks 0.30 0.30 0.40 0.40 Reuter | SOYBEAN MEAL SUPPLY/DEMAND BY COUNTRY -- USDA |
The U.S. Agriculture Department detailed world supply/demand data for major importers and exporters of soybean oil by country in mln tonnes -- ARGENTINA -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 0.10 0.10 0.10 0.10 Production 0.77 0.77 0.73 0.73 Imports NIL NIL NIL NIL Domes Use 0.10 0.10 0.11 0.11 Exports 0.66 0.66 0.63 0.63 End Stocks 0.10 0.10 0.10 0.10 BRAZIL SOYBEAN OIL in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 0.32 0.28 0.24 0.24 Production 2.52 2.51 2.35 2.35 Imports 0.15 0.15 0.12 0.12 Domes Use 2.00 2.00 1.94 1.98 Exports 0.65 0.65 0.45 0.45 End Stocks 0.34 0.28 0.32 0.28 EC-12 SOYBEAN OIL in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 0.22 0.22 0.23 0.22 Production 2.32 2.33 2.26 2.26 Imports 0.44 0.44 0.50 0.50 Domes Use 1.46 1.45 1.38 1.38 Exports 1.29 1.30 1.39 1.39 End Stocks 0.23 0.23 0.22 0.22 INDIA SOYBEAN OIL -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 0.12 0.07 0.21 0.21 Production 0.17 0.17 0.15 0.15 Imports 0.35 0.35 0.25 0.25 Domes Use 0.52 0.52 0.49 0.54 Exports NIL NIL NIL NIL End Stocks 0.12 0.07 0.12 0.07 Reuter | SOYBEAN OIL SUPPLY/DEMAND BY COUNTRY -- USDA |
Scallop Petroleum Corp a subsidiary of Royal Dutch/Shell group said it will raise contract prices for heavy fuel 50 cts to one dlr a barrel effective tomorrow. The increase brings the price for 0.5 pct sulphur fuel to 21.50 dlrs up 50 cts 0.7 pct sulphur to 21 dlrs up 75 cts 0.7 pct sulphur to 21 dlrs up 75 cts one pct sulphur to 20.25 dlrs up 75 cts two pct sulphur to 19.75 dlrs up one dlr 2.2 pct sulphur to 19.50 dlrs up one dlr 2.8 pct sulphur 19 dlrs up one dlr the company said. Price for 0.3 pct sulphur was unchanged at 22.25 dlrs it said. Reuter | ROYAL DUTCH (RD) UNIT TO RAISE HEAVY FUEL PRICES |
The U.S. Agriculture Department detailed world supply/demand data for major importers and exporters of cotton by country as follows in mln 480-lb bales -- CHINA COTTON -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 16.00 18.30 19.40 19.80 Production 16.30 16.30 19.00 19.00 Imports X X X X Domes Use 21.00 17.50 19.50 17.50 Exports 2.30 2.50 2.90 2.90 End Stocks 9.05 14.55 16.00 18.30 X - Less than 5000 bales PAKISTAN COTTON in mln 480 bales -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 1.07 1.07 1.05 1.05 Production 6.10 6.10 5.67 5.67 Imports X X X X Domestic Use 2.50 2.50 2.34 2.34 Exports 3.00 3.00 3.15 3.15 End Stocks 1.51 1.51 1.07 1.07 X - Less than 5000 bales. USSR COTTON in mln 480-lbs bales -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 2.76 2.76 2.62 2.62 Production 11.20 11.20 12.10 12.10 Imports 1.00 1.00 0.65 0.65 Domestic Use 9.70 9.70 9.60 9.60 Exports 2.80 2.80 3.00 3.00 End Stocks 2.46 2.46 2.76 2.76 JAPAN COTTON in mln 480-lbs bales -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 0.52 0.52 0.61 0.61 Production NIL NIL NIL NIL Imports 3.10 3.10 3.05 3.05 Domestic Use 3.10 3.10 3.15 3.15 Exports NIL NIL NIL NIL End Stocks 0.52 0.52 0.52 0.52 Reuter | COTTON SUPPLY/DEMAND BY COUNTRY -- USDA |
U.S. SELLS 1-YEAR BILLS AT AVERAGE 5.92 PCT, STOP 5.93 PCT, AWARDED AT HIGH YIELD 80 PCT |
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The Commodity Credit Corporation (CCC) accepted a bid for an export bonus to cover a sale of 12500 tonnes of U.S. wheat flour to Iraq the U.S. Agriculture Department said. The department said the bonus awarded was 105.82 dlrs per tonne and the wheat flour is for shipment July 1-10 1987. The bonus was awarded to The Pillsbury Company and will be paid in the form of commodities from CCC stocks. An additional 150000 tonnes of wheat flour is still available to Iraq under the Export Enhancement Program initiative announced January 7 1987 the department said. Reuter | EXPORT BONUS WHEAT FLOUR TO IRAQ --USDA |
The U.S. Agriculture Department detailed rice supply/demand milled-basis data for Thailand the worlds major rice exporter as follows in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 1.32 1.33 1.46 1.46 Production 11.88 12.14 13.00 13.00 Imports NIL NIL NIL NIL Domes Use 8.73 8.73 8.80 8.80 Exports 3.70 3.70 4.34 4.34 End Stocks 0.77 1.04 1.32 1.33 Reuter | RICE SUPPLY/DEMAND FOR THAILAND -- USDA |
The U.S. Agriculture Departments latest estimates on 1986/87 Florida orange production and orange juice yield are bearish for the frozen concentrated orange juice futures market because the yield increase was greater than expected FCOJ traders and analysts said. The USDA projected an average yield of 1.50 gallons of FCOJ per box versus last months estimate of 1.47 gallons. The government estimated Florida orange production (excluding Temples) at 122.9 mln boxes versus 124 mln last month. Temples were unchanged at 3.4 mln boxes. Traders and analysts said the unexpectedly large yield increase outweighed the anticipated drop in box count. reuter | USDA FLORIDA ORANGE REPORT CONSIDERED BEARISH |
Qtly div 10 cts vs 10 cts prior Pay April 30 Record April 21 Reuter | JAMES RIVER CORP <JR> SETS REGULAR DIVIDEND |
Canada Southern Petroleum Ltd said its board authorized the sale of additional limited voting stock exclusively to the companys shareholders. A registration statement in connection with the proposed offering was filed with the U.S. Securities and Exchange Commission it said. Details on the offering have not been determined it added. Canada Southern said it has approximately nine mln shares of limited voting stock outstanding with 15 mln shares authorized. Reuter | CANADA SOUTHERN PETROLEUM <CSW> TO SELL STOCK |
<Noranda Inc> said it began salvage operations at its Murdochville Quebec mine where a fire last week killed one miner and caused 10 mln dlrs in damage. Another 56 miners were trapped underground for as long as 24 hours before they were brought to safety. Noranda said the cause and full extent of the damage is still unknown but said it does know that the fire destroyed 6000 feet of conveyor belt. Noranda said work crews have begun securing the ramp leading into the zone where the fire was located. The company said extreme heat from the fire caused severe rock degradation along several ramps and drifts in the mine. Noranda estimated that the securing operation for the zone will not be completed before the end of April. Noranda said the Quebec Health and Safety Commission the Quebec Provincial Police and Noranda itself are each conducting an investigation into the fire. Production at the mine has been suspended until the investigations are complete. The copper mine and smelter produced 72000 tons of copper anodes in 1986 and employs 680 people. The smelter continues to operate with available concentrate from stockpiled supplies Noranda said. Reuter Reuter | NORANDA BEGINS SALVAGE OPERATIONS AT MURDOCHVILLE |
Shr 10 cts vs 10 cts prior qtr Pay June one Record April 24 Reuter | NEWHALL INVESTMENT PROPERTIES <NIP> PAYOUT |
Shr 15 cts vs 15 cts prior qtr Pay June one Record April 24 Reuter | NEWHALL RESOURCES <NR> QTLY DISTRIBUTION |
Treasury balances at the Federal Reserve fell on April 8 to 3.531 billion dlrs from 4.229 billion dlrs on the previous business day the Treasury said in its latest budget statement. Balances in tax and loan note accounts fell to 11.345 billion dlrs from 12.149 billion dlrs on the same respective days. The Treasurys operating cash balance totaled 14.877 billion dlrs on April 8 compared with 16.378 billion dlrs on April 7. Reuter | TREASURY BALANCES AT FED FELL ON APRIL 8 |
Diana Corp said it organized the Stockholders Protective Committee of Freedom Federal Savings Bank to nominate two candidates for election to the Freedom board at the April 20 annual meeting. It said the committees nominees Richard Fisher Diana chairman and Harold Sampson a Diana director will oppose nominees of the present board of directors. Diana which is 60 pct owned by Farm House Foods Corp <FHFC> owns 105554 shares of Freedom Federal common stock. Diana noted that Freedom Federals board recently declared a distribution of Preferred Stock Purchase Rights with the aid of which such directors might disapprove and perhaps prevent possible acquisition offers or substantial stock accumulations regardless of how beneficial they might be to the stockholders. The company said we want to increase the responsiveness of the (Freedom Federal) board to stockholder concerns. Reuter | DIANA <DNA> NOMINATES FREEDOM <FRFE> DIRECTORS |
WESTINGHOUSE ELECTRIC CORP 1ST QTR SHR 1.05 DLRS VS 88 CTS |
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U.S. HOUSE VOTES 1988 BUDGET CALLING FOR CUTS AND TAXES TO REDUCE DEFICIT |
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The United States dependency on foreign oil sources may reach record levels by the mid-1990s according to John H. Lichtblau president of Petroleum Industry Research Associates. Lichtblau speaking at an alternative energy conference here said the U.S. may depend on foreign suppliers for as much as 52 pct of its oil by 1995 surpasssing the previous high level of 47 pct in 1977. The long term growth in dependency on foreign oil is inevitable Lichtblau said. As much as 30 pct of U.S. oil imports in 1995 could come from OPEC nations he said. Lichtblau said the U.S. depended on foreign suppliers for 33 pct of its oil in 1986 and predicted that would increase to 40 pct by 1990. However the rate of this growth can be affected positively or negatively through government action or inaction Lichtblau said. He said that one of the governments negative actions is the maintenance of the windfall profits tax which acts as a disincentive to developing existing fields and reduces cash flow for oil exploration. Lichtblau called for the adoption of an international floor price for crude oil to help stabilize world oil prices. An international floor price adopted by all or most industrial countries would clearly be a much more effective measure and would be much less distortive for the U.S. than if we imposed it alone Lichtblau said. Development of alternate energy sources such as synthetic fuels as well as increased development in Alaska could lessen U.S. dependency on foreign oil Lichtblau said. A potential for alternative supplies could limit the willingness of OPEC nations to raise oil prices he said. Lichtblau also called for the federal government to offer tax abatements for oil drilling to fill the Strategic Petroleum Reserve at a faster rate and to develop pilot plans for alternative energy. Reuter | U.S. OIL DEPENDENCY SEEN RISING TO RECORD LEVEL |
The U.S. Treasury said its auction of 9.76 billion dlrs of 52-week bills produced an average rate of 5.92 pct. The rate was up from 5.68 pct at the last auction of one-year bills on March 12. At todays sale the bond-equivalent yield was 6.30 pct. Accepted bids ranged from 5.88 pct to 5.93 pct and 80 pct of bids at the high or stopout rate were taken. The Treasury received 26.7 billion dlrs of bids including 554 mln dlrs in non-competitive bids from the public. The average price of the one-year bills was 94.014 and the range was 94.055 to 94.004. The average rate of 5.92 pct was the highest since 5.98 pct on July 8 1986. Reuter | U.S. ONE-YEAR BILL YIELDS RATE OF 5.92 PCT |
The House approved by a 230-112 vote and sent to the Senate a trillion dlr spending budget that calls for domestic and defence cuts and higher taxes to reduce the 1988 deficit. The measure proposes cutting the deficit from 171 billion dlrs to 133 billion dlrs using the non partisan Congressional Budget Office calculations or to 108 billion dlrs using more optimistic assumptions of President Reagan--whose own budget was defeated earlier. Reuter | U.S. HOUSE PASSES TRILLION DLR SPENDING BUDGET |
There were six grain ships loading and eight ships were waiting to load at Portland according to the Portland Merchants Exchange. Reuter | GRAIN SHIPS LOADING AT PORTLAND |
Raytheon Co has been awarded a 215.3 mln dlr contract for production of 1927 guidance and control sections and spare components for Sparrow air-to-air missiles the Navy said. REUTER | RAYTHEON <RTN> GETS 215.3 MLN DLR CONTRACT |
Shr primary 1.05 dlrs vs 88 cts Shr dilulted 1.05 dlrs vs 86 cts Net 151.6 mln vs 135.2 mln Revs 2.32 billion vs 2.55 billion Avg shrs 144.6 mln vs 154.5 mln Reuter | WESTINGHOUSE ELECTRIC CORP <WX> 1ST QTR NET |
Oshkosh Truck Corp has been awarded a 189.3 mln dlr contract for 1403 HEMTT 977 series trucks the Army said. reuter | OSHKOSH TRUCK <OTRKB> GETS CONTRACT |
Amoco Corp said it sees a more favorble outlook because of actions taken last year and a recent strengthening of oil prices. It appears now that the worst is behind us said Amoco executive vice president Richard Leet in remarks prepared for delivery to security analysts in San Francisco. We face the future with more optimism than we did a year ago he said. In response to last years steep drop in oil prices Amoco reduced and redirected exploration and production spending plans expanded its cost cutting efforts and accelerated staff reductions he noted. Reuter | AMOCO <AN> OPTIMISTIC WITH STABLE OIL PRICES |
General Dynamics Corp has received a 182.5 mln dlr contract for production of 1391 guidance and control sections and spare sections for Sparrow air-to-air missiles the Navy said. reuter | GEN DYNAMICS <GD> GETS 182.5 MLN DLR CONTRACT |
NEW YORK BANK DISCOUNT WINDOW BORROWINGS 169 MLN DLRS IN APRIL 8 WEEK |
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The Commodity Credit Corporation (CCC) has transferred 12.0 mln dlrs in credit guarantees previously earmarked for sales of U.S. hatching eggs and 7.0 mln dlrs in guarantees for breeder livestock to increase coverage on sales of U.S. protein concentrates to Iraq the U.S. Agriculture Department said. The action was taken at the request of Iraqs State Trade Organization for Grains and Foodstuffs and reduces the line for hatching eggs to zero and the line for breeder livestock from 15.0 mln dlrs to 8.0 mln dlrs the department said. The guarantee line for sales of protein concentrates has been increased from 25.0 mln dlrs to 44.0 mln dlrs it said. Reuter | CCC GUARANTEES TO IRAQ SWITCHED --USDA |
Commercial and industrial loans on the books of the 10 major New York banks excluding acceptances fell 1.31 billion dlrs to 62.70 billion in the week ended April 1 the Federal Reserve Bank of New York said. Including acceptances loans dropped 1.34 billion dlrs to 63.23 billion. Commercial paper outstanding nationally fell 4.80 billion dlrs to 334.28 billion. National business loan data are scheduled to be released on Friday. Reuter | NEW YORK BUSINESS LOANS FALL 1.31 BILLION DLRS |
The eight major New York City banks had daily average borrowings of 169 mln dlrs from the Federal Reserve in the week ended April 8 a Fed spokesman said. A Fed spokesman said that all of the borrowings were made yesterday by fewer than half the banks. It was the second half of the two-week bank statement period that ended on Wednesday. Average borrowings by these banks were 142 mln dlrs in the first week of the period. Reuter | N.Y. BANK DISCOUNT BORROWINGS 169 MLN DLRS |
The U.S. Agriculture Department reported the farmer-owned reserve national five-day average price through April 8 as follows (Dlrs/Bu-Sorghum Cwt) - Natl Loan Release Call Avge Rate-X Level Price Price Wheat 2.62 2.40 IV 4.65 -- V 4.65 -- VI 4.45 -- Corn 1.38 1.92 IV 3.15 3.15 V 3.25 -- X - 1986 Rates. Natl Loan Release Call Avge Rate-X Level Price Price Oats 1.58 0.99 V 1.65 -- Barley 1.55 1.56 IV 2.55 2.55 V 2.65 -- Sorghum 2.54 3.25-Y IV 5.36 5.36 V 5.54 -- Reserves I II and III have matured. Level IV reflects grain entered after Oct 6 1981 for feedgrain and after July 23 1981 for wheat. Level V wheat/barley after 5/14/82 corn/sorghum after 7/1/82. Level VI covers wheat entered after January 19 1984. X-1986 rates. Y-dlrs per CWT (100 lbs). Reuter | NATIONAL AVERAGE PRICES FOR FARMER-OWNED RESERVE |
Reporting members of the National Soybean Processors Association (NSPA) crushed 19416000 bushels of soybeans in the week ended April 8 compared with 20115000 bushels in the previous week and 17160000 in the year-ago week the association said. It said total crushing capacity for members was 25873904 bushels vs 25873904 last week and 25459238 bushels last year. NSPA also said U.S. soybean meal exports in the week were 70351 tonnes vs 135452 tonnes a week ago and compared with 76065 tonnes in the year-ago week. NSPA said the figures include only NSPA member firms. NSPA gave the following breakdown of the soybean crush for the week with comparisons in 1000 bu: 4/08/87 4/01/87 YEAR-AGO Illinois 2576 3479 X Ind Ky Ohio 3586 3376 6053-Y South East 3871 3791 3058 South Central 1631 1934 1563 South West 2426 2334 2183 Iowa 3450 3550 2815 Minn N.D. S.D. 1875 1651 1488 Total U.S. 19416 20115 17160 X-Ill not reported exclusive of Ind Ky and Ohio in year-ago period. Y-Includes Ill. Reuter | U.S. WEEKLY SOYBEAN CRUSH 19,416,000 BUSHELS |
United Technologies Corp has received a 130.7 mln dlr contract to exercise an option for seven SH-60F CV anti-submarine helicopters and associated maintenance trainers the Navy said. reuter | UNITED TECHNOLOGIES <UTX> GETS NAVY CONTRACT |
Kidder Peabody and Co vice president Edward Weihenmayer said his company was giving drug tests to all employees to make sure its funds and assets were being handled properly. Drugs are easily available in the Wall Street area Weihenmayer told the Senate Judiciary Committee. We move billions of dollars around in tens of thousands of transactions daily and have a legitimate interest in the safety and security of those assets. He said customers had a right to expect that their funds were being handled by sober and drug-free professionals. Weihenmayer said almost all Wall Street firms were testing new employees and many were testing all workers. He said Kidder Peabody would try to help anyone found to be using drugs but those who failed a second test would almost certainly be fired. Our objective is to strive for a drug-free enviroment he said. Committee chairman Joseph Biden said drug tests posed a difficult problem in balancing the rights of workers with the need for companies to eliminate drugs from the work-place. There is no easy answer the Delaware Democrat said. Reuter | KIDDER, PEABODY DEFENDS EMPLOYEE DRUG TESTING |
Fundamental Brokers Institutional Associates a leading inter-dealer broker in U.S. government securities said it has agreed to acquire certain assets of MKI Government Brokers Inc for undisclosed terms. Acquisition documents have been signed and are being held in escrow pending the receipt of certain consents it said. In conjunction with the sale of assets MKI has ceased brokering treasury bills notes and bonds Fundamental said. Industry sources told Reuters yesterday that Fundamental was close to acquiring the government securities brokerage division of MKI a major broker of corporate bonds. Fundamental said it intends to use the facilities formerly used by MKI to provide a new block brokering service in the most active Treasury issues. By separating the execution of wholesale trades from the heavy volume of smaller lots large-scale transactions will be facilitated the company said. The new system is expected to substantially enhance the liquidity and effiency of markets Fundamental said. The wholesale brokering service will begin on or around April 20. Reuter | FUNDAMENTAL BROKERS BUYS PART OF MKI BROKERS |
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