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MINNTECH <MNTX> SEES FIRST QUARTER LOSS | Minntech Corp said it expects
to report loss for its fiscal 1988 first quarter to end June
30, due to start-up costs related to a new membrane oxygenator
and water filtration products.
However, revenues and earnings should consistently increase
throughout the remainder of the year, President Louis Cosentino
told analysts.
Reuter
|
NEW GULF FIGHTING NOT A MAJOR OFFENSIVE - U.S. | The United States said a new attack
by Iran in the Gulf war against Iraq does not appear to be a
major offensive.
"We don't believe that what has been called Karbala-8 is a
major offensive," State Department spokesman Charles Redman
said.
He was responding to Iran's announcement that it had
launched its second offensive in three days against Iraq.
Karbala-8 is the code name for the attack in which both
sides have reported heavy fighting on the southern front near
the major Iraqi port of Basra.
Redman said the offensive "appears to have been an Iran
attack which has not made much of an advance."
Detailed information is lacking, he said, "but this seems
to be largely a repetition of the kind of fighting we had seen
previously in the same area east of Basra."
Redman restated the U.S. call for an immediate end to
hostilities and said Washington "deplored the loss of life in
this tragic war."
Reuter
|
GORDEX MINERALS LOCATES GOLD DEPOSITS | <Gordex Mineral Ltd>
said geologists located more than one mln tons of gold-bearing
deposits, 0.057 ounces per ton, at Cape Spencer.
The company said it plans to invest 2.5 mln Canadian dlrs
to expand on-site treatment facilities to process 100,000 tons
of gold-bearing deposits this year and 200,000 tons in 1988.
Prior to the completion of the recent exploration program,
Gordex estimated the Cape Spencer deposit had 200,000 tons.
Gordex said the expansion of the Cape Spencer facilities is
intented to enable it to operate 24 hours a day throughout the
year.
Reuter
|
U.S. CONGRESSMAN INTRODUCES REAGAN SUGAR BILL | Rep. John Porter, R-Ill., introduced
in the House of Representatives legislation proposed by the
Reagan administration to slash the U.S. sugar price support, a
spokesman for Porter said.
The spokesman said the bill was introduced without any
changes from the administration's proposal sent to Congress
last month.
That plan calls for a cut in the sugar loan rate to 12
cents per pound from 18 cents now. Sugar growers would be
compensated for the price cut with targeted direct payments,
to be gradually phased-out through 1990. The payments to
growers would cost an estimated 1.1 billion dlrs.
Representatives of sugar growers have rejected the
proposal, saying it would ruin the domestic sugar industry.
Reuter
|
CANADA 91-DAY T-BILLS AVERAGE 6.95 PCT, MAKING BANK RATE 7.20 PCT
| |
HUGHES' <HT> U.S. RIG COUNT RISES TO 752 | The U.S. drilling rig count rose by four
last week to a total of 752, against 987 working rigs one year
ago, Hughes Tool Co said.
In Canada, the rig count continued falling last week
because of the government's annual springtime ban prohibiting
heavy equipment from being transported over rain-softened
highways. A total of 85 rigs were working in Canada, down 46
from the previous week, Hughes said. At this time last year, a
total of 109 rigs were working in Canada.
Among individual states, Louisiana and New Mexico each
reported drilling declines of 10 rigs and Kansas was down by
seven. Gains were reported in Oklahoma, Wyoming and Texas which
increased by 20, seven and one, respectively.
Hughes said the total of 752 working rigs in the United
States included 17 in inland waters, 74 in offshore waters and
661 on land.
Reuter
|
REPUBLIC SAVINGS AND LOAN <RSLA> 3RD QTR NET | Shr 89 cts vs not available
Net 1,163,000 vs 466,000
Nine Mths
Net 3,696,000 vs 1,624,000
NOTE: Company converted to stock ownership effective August
1986.
Periods end March 31, 1987 and 1986 respectively.
Reuter
|
SOUTHMARK <SM> TO ISSUE AMERICAN REALTY RIGHTS | Southmark Corp said shareholders will be
issued, as a special dividend, rights to acquire 22 shares of
American Realty Trust <ARB> for each 100 shares of Southmark
owned.
The record date for Southmark shareholders to receive these
rights will be May one with an ex-dividend date of April 27.
Southmark received these rights on April six, as the holder
of about 84 pct of American Realty Trust's outstanding shares.
Reuter
|
ITALIAN TREASURY BILL OFFER MEETS MIXED DEMAND | Market response to the Italian Treasury's
3,000 billion lire offer of short-term bills (BOTs) was mixed,
with six month paper oversubscribed but 12-month bills little
in demand, Bank of Italy figures show.
Rates were unchanged on those indicated at the time the
offer was announced on April 4.
The market was assigned all the 1,500 billion lire worth of
six-month bills on offer after requesting a total of 1,660
billion. Effective net annualized compound yield on the bills
is 9.19 pct, against 9.24 pct at the end-March auction.
Of the 1,500 billion lire of 12-month paper offered,
operators requested and were assigned 911.975 billion lire at a
net annualized compound rate of 9.02 pct.
The Bank of Italy took up the remaining 588.025 billion
lire of 12-month paper.
The bills replace maturing paper worth 2,485 billion lire
of which 1,985 billion was in the hands of market operators and
the remainder with the Bank of Italy.
Reuter
|
WALL STREET STOCKS/UAL INC <UAL> | Takeover speculation continues to fuel
heavy trading in UAL Inc, traders said.
UAL rose 1-5/8 to 73-5/8 on volume of more than two mln
shares, after trading with little upward movement earlier in
the session.
Traders said rumors, which began yesterday, added to
speculation that the company would be the target of a takeover.
They said it was believed Coniston Partners and the
Pritzker family of Chicago were buying the stock.
Coniston declined comment and the Pritzkers had no comment.
Traders said there was speculation a bidder might appear,
and also that real estate developer Donald Trump, who holds a
stake in UAL, might participate in a takeover bid. UAL pilots
said they would be willing to pay 4.5 billion dlrs, which
includes debt, for the company's United Airlines unit.
Reuter
|
GORDEX MINERALS LOCATES CANADA GOLD DEPOSITS | Gordex Mineral Ltd
said geologists located more than one mln short tons of
gold-bearing deposits, 0.057 ounces per ton, at Cape Spencer.
The company said it plans to invest 2.5 mln Canadian dlrs
to expand on-site treatment facilities to process 100,000 tons
of gold-bearing deposits this year and 200,000 tons in 1988.
Prior to the completion of the recent exploration program,
Gordex estimated the Cape Spencer deposit had 200,000 tons.
Gordex said the expansion of the Cape Spencer facilities is
intended to enable operation 24 hours a day throughout the
year.
Reuter
|
NIGERIA PUTS DOMESTIC OIL SUBSIDY AT 85 PCT | NIGERIAN OIL MINISTER RILWANU LUKMAN SAID
TODAY GOVERNMENT SUBSIDY ON DOMESTIC OIL PRODUCTS HAD RISEN
FROM 20 TO 85 PCT AFTER THE FLOTATION OF THE NAIRA CURRENCY
LAST SEPTEMBER.
THE NAIRA HAS DEPRECIATED BY OVER 60 PCT AGAINST THE DOLLAR
SINCE IT WAS FLOATED AND THE GOVERNMENT SAYS PETROLEUM PRODUCTS
HAD BECOME TOO CHEAP ENCOURAGING SMUGGLING TO NEIGHBOURING
STATES.
LUKMAN TOLD REPORTERS DOMESTIC OIL PRICES WERE BEING
CRITICALLY STUDIED AND A DECISION WOULD BE TAKEN SOON ON
WHETHER OR NOT TO REDUCE THE SUBSIDY.
LAST YEAR, THE GOVERNMENT CUT OIL SUBSIDY BY 80 PCT AS PART
OF ITS ECONOMIC ADJUSTMENT PROGRAM.
OIL FIRMS HAVE ARGUED THAT THE DEPRECIATION OF THE NAIRA
HAS MADE FURTHER REMOVAL OF PETROLEUM SUBSIDY NECESSARY.
Reuter
|
GREYCOAT GROUP SEEKS TWO FINANCINGS | U.K. Property company Greycoat Group Plc
is seeking two financings, one for 120 mln stg and the other
for 16 mln stg, in connection with its Embankment Place
development above and around Charing Cross station in London,
banking sources said.
The first transaction, a 120 mln stg credit, will be
arranged by N.M. Rothschild and Sons Ltd and Bank of Tokyo
International Ltd on behalf of a special purpose Greycoat
subsidiary yet to be incorporated.
It matures in June 1993 but will be extendible by up to two
years to June 1995 at the option of the borrower.
The first credit, a project financing, will carry a basic
margin of 5/8 point over London Interbank Offered Rates
(LIBOR), with an additional 1/4 pct per annum payable on
outstanding amounts to the extent that the property is not
substantially pre-let.
In addition, if the property is pre-sold while amounts are
still outstanding, the basic margin will be reduced to 1/2
point over LIBOR, the banking sources said.
For a one year extension of the maturity an extra 1/8 point
margin will be paid, with a further 1/8 point if the maturity
is lengthened for the optional second year.
There will be a commitment fee of 1/4 pct per annum on
available amounts and of 1/8 pct on unavailable amounts, the
sources said. Rothschild is sole agent for this transaction.
The second transaction, a 16 mln stg credit for the purpose
of working capital, is being arranged by Rothschild alone on
behalf of the Greycoat Group Plc itself. It will be secured on
a property called Brettenham House.
The margin will be 1/2 point over LIBOR in years one to
four, 5/8 point over LIBOR in years five and six and 3/4 point
over LIBOR thereafter. The credit will mature in June, 1995.
The sources said that a commitment fee of 20 basis points
will be payable on the available tranche, with 10 basis points
on unavailable amounts.
Reuter
|
SULPETRO AWAITS GOVERNMENT APPROVAL ON DEBT | <Sulpetro Ltd> said it had not
yet obtained Canadian government approval of a previously
reported agreement to restructure its 505 mln dlr debt, and
remaines dependent in the interim on support from its principal
banker.
Sulpetro said it was operating as if the restructuring were
implemented, and was required to pay interest only on the term
loan part of its debt.
It earlier said its net loss for the first quarter ended
January 31 fell to 9.9 mln dlrs from a restated year-earlier
loss of 17.3 mln dlrs.
Sulpetro president Michael Williams declined to speculate,
in reply to a query, on when government approval of the
restructuring deal was likely.
The company said first quarter costs fell to 25.4 mln dlrs
from year-ago 45.5 mln dlrs, due partly to lower sales costs
and reduced depletion because of its fiscal 1986 writedown.
First quarter revenues fell to 14.7 mln dlrs from
year-earlier 29.8 mln because of lower wellhead prices, reduced
gas and natural gas liquids sales, disposal of its British
properties and surrender of part of the Irish-Lindbergh heavy
oil properties, Sulpetro said.
Reuter
|
DELTA AIR <DAL> FILES FOR ONE-STOP TO SEOUL | Delta Air Lines said it filed with the
U.S. Department of Transportation its application for one-stop
service from Portland, Ore, to Seoul, Korea, via Tokyo.
If all government approvals are given promptly, Delta said
service could begin by July One, 1987.
Delta said it started service from Portland to Tokyo on
March two and operates five weekly round trips. It will
increase service to six flights on June One, and plans daily
service by 1988, Delta said.
Reuter
|
CANADIAN BANK RATE RISES IN WEEK | Canada's key bank rate rose to 7.20 pct
from 7.15 pct the week before, Bank of Canada said.
Bank rate is set 1/4 percentage point above the average
yield on the weekly issue of 91-day treasury bills. This week's
yield was 6.95 pct compared with the previous week's 6.90 pct.
Tenders were accepted for 2.55 billion dlrs of 91-day bills
at an average price of 98.296 dlrs against 98.310 dlrs last
week.
The 1.40 billion dlrs of 182-day bills were priced at an
average 96.488 dlrs against 96.549 dlrs last week, to yield an
average 7.30 pct, versus 7.17 pct last week.
The 500 mln dlrs of 364-day bills were priced at an average
92.969 dlrs against 93.159 dlrs last week, to yield an average
7.58 pct versus 7.38 pct last week.
Tenders will be received next week for 2.50 billion dlrs of
91-day bills, 1.40 billion dlrs of 182-day bills and 500 mln
dlrs of 364-day bills.
Reuter
|
CONSENSUS SEEN ON TIN PACT EXTENSION | The quarterly session of the
International Tin Council (ITC) continued without formal
agreement on an extension of the sixth International Tin
Agreement (ITA), but delegates said it was apparent there was a
general consensus the Agreement should be prolonged.
Some delegations are still awaiting formal instructions
from capitals, but informally most have indicated they favour
an extension, delegates said.
This afternoon's session was used by delegates to seek
further clarification on some of the issues involved, and to
discuss internal matters.
Some sources were optimistic a resolution on an extension
could be passed tomorrow but others suggested a special session
would be convened to adopt the resolution after the Association
of Tin Producing Countries meeting April 14 to 16.
The full Council session resumes tomorrow at 1330 GMT after
a European Community coordination meeting at 1100.
Reuter
|
FUNARO SHRUGS OFF CALLS FOR RESIGNATION | Brazilian Finance Minister Dilson
Funaro shrugged off demands by a group of Brazilian governors
that he resign.
"At this moment I am discussing something much more serious
for Brazil and it's absolutely indispensible in a negotiation
like this one that I dedicate myself entirely to the
discussions," Funaro told reporters.
Funaro, who spoke today to the International Monetary
Fund's interim committee, was referring to talks he began
Tuesday with creditor banks in New York in which unveiled
Brazil's economic targets and financial needs.
The governor of Sao Paulo state Orestes Quersia and other
governors last night called on Brazilian President Jose Sarney
to assume direct control of the debt negotiations.
Asked if the governors' demands for his resignation would
affect negotiations, Funaro said: "We are building a new
refinancing position and that is what we are doing now. The
rest is secondary."
He added that Brazil's economic program clearly
demonstrates the intention to renegotiate the countries
international financial committments, and added: "The domestic
problems are our business."
Funaro said discussions on Brazil's refinancing proposals
were well under way with private creditor banks and added World
Bank President Barber Conable had also accepted the proposals
as "a good plan" at a meeting they had last night.
But Conable, who was also present at today's IMF interim
committee meeting told reporters that the World Bank wanted
further clarifications on Brazil's economic programs.
"We wish further clarification about the program with
respect to adjustment lending," Conable said.
He added that a World Bank mission would travel to Brazil
early next week to explore the state of Brazil's new economic
measures.
Reuter
|
SLATER ELECTRIC INC <SLAT> 1ST QTR FEB 28 NET | Shr four cts vs 10 cts
Net 31,000 vs 82,000
Sales 10.9 mln vs 9,760,000
Reuter
|
GTE <GTE> UNIT SIGNS DEAL WITH SKYSWITCH | <Skyswitch Satellite Communications
Co> said it GTE Corp's GTE Spacenet has signed an original
equipment manufacturing agreement with Skyswitch that will
enable the two companies to set the standard for satellite news
gathering voice communications systems.
The equipment will be provided under GTE's specifications
and label, it said.
Reuter
|
SOUTH JERSEY INDUSTRIES INC <SJI> 1ST QTR NET | Oper shr 1.64 dlrs vs 1.50 dlrs
Oper net 6,200,000 vs 5,600,000
Revs not given
12 mths
Oper shr 2.76 dlrs vs 2.58 dlrs
Oper net 10.4 mln vs 9,600,000
NOTE: Net income including discontinued operation and, in
both 1986 periods, 1,500,000 dlr gain from change in accounting
for which results restated, 6,200,000 dlrs vs 7,200,000 dlrs in
quarter and 10.6 mln dlrs vs 11.6 mln dlrs.
Reuter
|
CITY NATIONAL CORP <CTYN> 1ST QTR NET | Shr 56 cts vs 35 cts
Net 10,271,000 vs 6,425,000
Loans 1.44 billion vs 1.20 billion
Deposits 2.36 billion vs 1.96 billion
Assets 2.96 billion vs 2.55 billion
Reuter
|
ALLIED BANKSHARES INC <ABGA> 1ST QTR NET | Shr 50 cts vs 26 cts
Net 1,316,000 vs 656,000
NOTE: qtr 1987 includes tax gain 500,000 dlrs, or 19 cts
per share.
Reuter
|
TEXACO CANADA <TXC> LIKELY NOT IN A TEXACO PACT | Texaco Canada Inc, 78 pct owned by
Texaco Inc <TX>, likely would not form any part of a possible
settlement in a 10.3 billion U.S. dlr legal battle between
Texaco Inc and Penzoil Co <PZL>, Texaco Canada chief executive
Peter Bijur told reporters.
"I just just don't believe that it (Texaco Canada) would be
part of any settlement," Bijur said during a interview.
Bijur said he could not comment directly on the
Texaco-Penzoil dispute, adding he had no first-hand information
concerning efforts by Texaco and Penzoil to resolve the matter.
"We don't have any problems that I am aware of that are a
result of that litigation in the United States, and we continue
to do business on a normal, 'business as usual' basis," Texaco
Canada's Bijur told reporters during an interview session.
As previously reported, Texaco Inc is seeking a court order
to block Pennzoil from taking action to secure a 10.3 billion
dlr judgement against Texaco.
In reply to a query, Bijur said Texaco Inc has imposed no
spending retraints on Texaco Canada as it continues previously
reported efforts to make an energy-related acquisition.
After considering making an acquisition for several months,
Texaco Canada set up a "business development team" of five people
about one month ago to increase its efforts, Bijur said. The
company has also widened the scope of its search to include
candidates involved in refining and marketing as well as
production segments of the industry.
"We're going to widen the scope of our view. We're going to
look at the downstream and we're going to look at the entire
petroleum business," he said.
Bijur declined to specify how much money Texaco Canada
would spend on an acquisition.
Bijur said the company was not close to concluding any
acquisitions and declined to specify when he expected a
transaction might be made. "We're not in a hurry," he said.
Texaco Canada said in the annual report it had a cash
position of 808 mln dlrs at the end of 1986, and Bijur said the
company's cash fund has not changed materially during the first
quarter.
Commenting on earnings results, Bijur said he expected
first quarter profit to be lower than last year's earnings of
84 mln dlrs or 70 cts a share, due to lower profit contribution
from production because of lower oil prices.
REUTER^M
|
MINNESOTA LASER INTRODUCES NEW SURGICAL LASERS | Minnesota Laser Corp said it introduced
a new line of Coagulase Series Nd:YAG surgical laser systems.
It said the lasers use 400 micron fiberoptics designed for
endoscopic, microscopic and freehand surgical applications in
gynecology, urology, gastroenterology and pulmonology.
Reuter
|
SEAGRAM <VO> REORGANIZES U.S. SALES, MARKETING | The House of Seagram, Seagram Co Ltd's
U.S. marketing arm for Joseph E. Seagram and Son's distilled
spirits and wine coolers, said it is replacing its four current
national spirits companies with a single sales force, one
marketing unit and a centralized finance and administrative
function.
Effective May four, House of Seagram said its sales force
will operate nationally through seven, equal-sized regions,
five in open states and two in control states, Seagram said.
The change reflects a more aggressive marketing and sales
focus on the local level, the company said.
A vice president-general manager will head each region,
reporting to Jerome Mann, executive vice president, Seagram
said, adding that Sales, Seagram Distillers, 375 Spirits,
Perennial Sales and Summit Sales will cease to exist as
companies.
"We will no longer have individual spirits companies, the
resulting internal competition for distributor and retailer
attention or centalized decision making on virtually all
issues," Edgar Bronfman, House of Seagram president, said.
Seagram said the group that markets Seagram's line of wine
coolers, the be caled the Seagram Beverage Co, will not be
affected by the reorganization.
The company added that Seagram Beverage will remain inside
the House of Seagram, but separate from the spirits unit.
Reuter
|
REUTERS LAUNCHES VIDEOTEXT SERVICE IN U.K. | Reuters Holdings Plc <RTRS.L> said it has
launched its colour videotext service, Reuter News-Watch, in
Britain to service the customers of hotels, restaurants,
airports and banks.
News-Watch subscribers can insert their own advertisements
and announcements for display.
The service uses information from the Reuter database of
news, prices and displays. It carries the latest news and sport
from around the world, financial rates and prices, weather
forecasts and horoscopes. News-Watch, already available in most
West European countries, will go worldwide this year.
Reuter
|
BERMUDA SEEKS 40 MLN DLR REVOLVING CREDIT | The Government of Bermuda is seeking a 40
mln dlr, seven year revolving credit, which will be the only
credit outstanding in its own name, N.M. Rothschild and Sons
Ltd said as arranger and agent.
The credit will pay a margin of 20 basis points over U.S.
Dollar London Interbank Offered Rates (LIBOR) and will
incorporate a tender panel for U.S. Dlr advances.
There is a 10 basis point annual facility fee in years one
to four, rising to 12-1/2 points thereafter. A 7-1/2 basis
point participation fee is payable on the transaction, which
started syndication this week.
Reuter
|
ROYAL DUTCH <RD> UNIT TO CUT HEATING OIL PRICE | Royal Dutch/Shell's Scallop Petroleum
Co subsidiary said it will reduce the price it charges contract
barge customers in New York harbor for heating oil by 2.5 cts a
gallon, effective tomorrow.
The company said the price cut will bring the contract
barge price for heating oil to 51 cts a gallon.
Reuter
|
BANKERS TRUST <BT> FILES 400 MLN DLR OFFERING | Bankers Trust New York Corp filed
with the Securities and Exchange Commission for a shelf
offering of up to 400 mln dlrs of subordinated debentures on
terms to be set at the time of sale.
The bank holding company said proceeds will be used for
general corporate purposes including investments in or
extensions of credit to its subsidiaries.
Underwriters were not named in the draft prospectus.
Reuter
|
MAGMA RAISES COPPER PRICE 0.25 CT TO 65.75 CTS | Magma Copper Co, a subsidiary of
Newmont Mining Corp, said it is raising its copper cathode
price by 0.25 cent to 65.75 cents a lb, effective immediately.
Reuter
|
FIRST BANK SYSTEM INC <FBS> 1ST QTR NET | Shr 95 cts vs 80 cts
Net 57.4 mln vs 46.6 mln
Assets 28.39 billion vs 25.87 billion
Loans 13.99 billion vs 14.35 billion
Reuter
|
CENTERRE BANCORP <CTBC> 1ST QTR NET | Shr 94 cts vs 1.02 dlrs
Net 7,255,000 vs 7,856,000
Loans 2.88 billion vs 2.94 billion
Deposits 4.05 billion vs 3.73 billion
Assets 5.43 billion vs 5.14 billion
Reuter
|
SEA GALLEY STORES INC <SEAG> 1ST QTR NET | Oper shr four cts vs one ct
Oper net 108,000 vs 30,000
Revs 12.8 mln vs 14.8 mln
Note: Current qtr figures exclude operating loss
carryforward gain of 57,000 dlrs, or two cts per share vs gain
of 21,000 dlrs, or one ct per share.
Reuter
|
IRT PROPERTY LAUNCHES DEBENTURE IN EUROMARKET | IRT Property Co, a real estate investment
trust based in Atlanta, Georgia, has launched a 30 mln dlr
convertible subordinated debenture in the Euromarket, a partner
of Chandler Partnership Ltd said.
The issue is unique in several respects and is only one of
a handful of such deals to be brought to this market, he said.
Unlike most eurobonds, the issue will not be underwritten.
Instead, IRT mandated Chandler Partnership to find potential
investors with whom the issue can be preplaced and to then
place on a "best efforts" basis what ever amount may not be
subscribed.
Chandler itself was set up in the Isle of Jersey in the
middle of last year as a partnership, whose members have been
involved in financial markets.
The deal has two sponsors who assist in the placement--
Interallianz Bank Zurich AG and Nivison Cantrade Ltd, a small
U.K. Trading firm that formerly was broker R. Nivison and Co.
The debentures are due June 1, 2002 and pay a semi-annual
coupon of two pct and are priced at par. They can be converted
into shares of the company's stock at 23-1/2 dlrs a share.
IRT's shares closed last night on the New York Stock
Exchange at 19-7/8.
The debentures can be redeemed at par at maturity and are
callable at the company's option after the first two years.
On or after August 1989 the company can call half the
debentures if the stock trades for 30 days at 123 pct of the
conversion price and half if it reaches 140 pct of the
conversion price, Nivison said.
In addition, holders will be able to surrender half the
bonds during May 1991 at 123 pct for a semi-annual yield of
7.043 pct and the other half in May 1993 at 140 pct, for a
yield of 7.383 pct.
The payment date is June 1, 1987. The debentures will be
listed in London and the fees for the deal total 2-1/4 pct.
Nivison said that the deal contains a convenent which
states that if the company's debt to equity ratio exceeds two
to one the debentures cannot be converted unless the company
obtains a bank guarantee or a letter of credit.
Nivison said IRT's debt to equity ratio currently is less
than one to one.
The Chandler partner said that this type of deal gives the
borrower funds that are less costly than if it had done an
issue in the U.S. Domestic market.
REUTER
|
EGYPT CANCELS WHEAT TENDER | Egypt has cancelled its April 2 tender for
200,000 tonnes of any origin wheat for April 15-30 shipment,
trade and Egyptian official sources said.
Trade sources said the cancellation followed an offer by an
Egyptian company, Islamic Corp, at 85.80 dlrs/tonne cost and
freight, undercutting other traders' offers of between 93.90
and 94.49 dlrs/tonne.
An Egyptian trade official in Paris confirmed cancellation
of the tender following the Islamic Corp offer, which he said
the government had refused for legal reasons.
The official denied trade reports that the government might
have substituted a private deal with Islamic Corp for the
original tender.
Reuter
|
WESTLAND TO CUT A THIRD OF HELICOPTER WORKFORCE | U.K. Helicopter maker <Westland Plc> will
reduce the 6,000 workforce of its helicopter division by around
a third over the next few weeks, a company spokesman said.
He said the decision was in part the result of a 400 mln
stg government order for military helicopters announced
earlier.
The spokesman said the order had reduced the number of
redundancies necessary but was not large enough to avoid job
losses. The total group workforce is 11,000. The company was
rescued last year by a consortium of United Technologies Corp's
<UTX.N> Sikorsky unit and Fiat SpA <FIAT.MI>.
Reuter
|
HOUSE PANEL WANTS PENTAGON MANAGE U.S. STOCKPILE | 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 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
|
SALOMON INC MANAGING DIRECTOR SAID RUMORS COMPANY SUFFERED BOND TRADING LOSSES ARE "NOT TRUE"
| |
CANADA TRADE RISE SEEN AS START OF RECOVERY | Canada's trade picture has brightened
considerably, underscoring economists' predictions the sector
would post a long awaited recovery this year.
The federal government reported today that the monthly
surplus soared to 1.25 billion Canadian dlrs in February,
double January's 623 mln dlrs surplus and sharply higher than
February 1986's 189 mln dlr tally.
"Hopefully it's the beginning of a trend," said Richardson
Greenshields of Canada Ltd economist Susan Clark in Toronto.
Economists generally don't expect such large gains over the
next months, but are looking for an upward trend throughout the
year.
"We thought the trade balance would improve ... over the
year, and it certainly looks as if this morning's figure is
indicative of that," commented economist James Donegan at the
Toronto securities firm of Midland Doherty Ltd.
Statistics Canada reported the surplus was driven by a 23
pct gain in automobile product exports to a record 3.2 billion
dls in the month.
"Recovery in the automotive sector helped push the value of
exports up by 5.9 pct in February," the agency said in its
monthly report.
Total exports expanded to 10.44 billion dlrs from 9.85
billion dlrs in February, while imports slipped to 9.19 billion
dlrs from 9.23 billion dlrs.
Economists have predicted the 1987 trade surplus would end
up three to five billion dlrs higher than last year's dismal
10.1 billion dlr total. In 1985 the surplus was 17.48 billion
dlrs.
Money market analysts said the positive trade news touched
off a modest rally in the Canadian dollar, which rose to 76.85
U.S. cts on North American markets early this morning after
closing at 76.58 cts Wednesday.
The currency was hovering around 76.78 cts in early
afternoon trading.
Economists have been banking on an improved trade
performance this year to stimulate an otherwise sluggish
Canadian economy.
Money market analysts said the positive trade news touched
off a modest rally in the Canadian dollar, which rose to 76.85
U.S. cts on North American markets early this morning after
closing at 76.58 cts Wednesday.
The currency was hovering around 76.78 cts in early
afternoon trading.
Economists have been banking on an improved trade
performance this year to stimulate an otherwise sluggish
Canadian economy.
They say the country's consumers, who have been spending at
a torrid pace in recent years, will sharply curtail outlays
this year and this should help curtail the flow of imports into
the country.
Meanwhile, demand for Canadian exports in the United
States, by far the country's largest market, is expected to be
strong as a result of a projected rise in American consumer
spending and the relatively low value of the Canadian currency.
"We maintain what's going to drive Canada's export
performance is income growth in the U.S.," said Midland's
Donegan.
But at the Bank of Nova Scotia, deputy chief economist
Warren Jestin was less optimistic about the U.S. outlook and
said it could be a mistake to read too much into February's
trade upturn.
Jestin said, "Given the fact the U.S. economy is showing
signs of weakening--particularly car sales--it would indicate
that part of the strength (in Canada's trade figures) is
probably transitory."
Reuter
|
FIRST BANK <FBS> SEES LOSS ON BRAZILIAN LOANS | First Bank Systems Inc, in reporting
higher first quarter net, said that if interest is not paid on
the 140 mln dlrs in Brazilian loans and nine mln dlrs in
Ecuadorian loans for the rest of 1987, its profits for the
entire year will be cut by 6.9 mln dlrs.
The banking firm said the non-performing status of these
loans cut first quarter net by 1.7 mln dlrs.
Earlier it reported first quarter profits of 57.4 mln dlrs
or 95 cts a share, up from 46.6 mln dlrs or 80 cts a share in
the year-ago period.
Nonaccrual loans, restructured loans and other real estate
were 637 mln dlrs, or 2.24 pct of total assets, compared to 514
mln dlrs or 1.84 pct of assets at the end of 1986 and 636.1
mln, or 2.46 pct of assets at March 31, 1986.
The provision for loan losses in the quarter was 35 mln
dlrs, compared to 152.1 mln in the first quarter 1986, when
there was a special addition to the reserve of 100 mln dlrs.
Net charge offs were 34.7 mln, compared to 41.1 mln dlrs a year
earlier.
REUTER^M
|
USDA ESTIMATES 1986/87 USSR GRAIN IMPORTS 28.0 MLN TONNES VS 26.0 IN MARCH, 29.9 YEAR AGO
| |
INTERNATIONAL AMERICAN <HOME> NEWS TO COME | International American Homes Inc
said it would not be able to release any statements concerning
its stock halt on Nasdaq for about 45 minutes to an hour.
American Homes, whose stock halted on a last sale of 7-3/4,
said the only executive who could release the news would not be
available until then.
Reuter
|
USDA ESTIMATES 1986 SOVIET GRAIN CROP AT 210 MLN TONNES VS 210 IN MARCH, 192 YEAR-AGO
| |
USDA - U.S. 1986/87 ENDING CORN STOCKS 5,240 MLN BU, WHEAT 1,848 MLN, SOYBEANS 610 MLN
| |
USDA 1986/87 U.S. ORANGE CROP 190,050,000 BOXES, FLORIDA CROP 122,900,000 BOXES
| |
USDA ESTIMATES 1986/87 ORANGE JUICE YIELD AT 1.50 GALS PER BOX FROM FLORIDA CROP
| |
NATIONAL MEDICAL <NME> FILES FOR DEBT OFFERING | National Medical Enterprises Inc
said it filed a registration statement with the Securities and
Exchange Commission covering 300 mln dlrs of debt securities.
The proposed offering includes 150 mln dlrs of 30-year
debentures and 150 mln dlrs of 10-year notes, the company said.
Net proceeds from the offering will be used to reduce bank
borrowings, National Medical said, adding, Merrill Lynch
Capital Markets will manage the underwriting.
Reuter
|
COMDATA <CDN> GETS MERGER FINANCING | Comdata Network Inc said it has
received a letter from Drexel Burnham Lambert Inc stating that,
subject to conditions, the company could raise up to 235 mln
dlrs in debt securities to finance the previously announced
merger of a newly formed corporation controlled by <Welsh,
Carson, Anderson and Stowe IV> and Comdata.
Comdata said the letter was in accordance with the
previously announced terms with Welsh, Carson.
Reuter
|
WESTERN BELL <WBEL> SETS FILM PARTNERSHIP | Western Bell Communications Inc said
it is preparing a 23-mln-dlr syndicated limited partnership to
finance three films and three television pilots through its
Western Bell Entertainment Inc unit.
Western Bell Entertainment will produce all of the
projects, the company said.
Reuter
|
VORNADO INC <VNO> 4TH QTR JAN 31 NET | Oper shr 1.64 dlrs vs 84 cts
Oper net 4,583,000 vs 2,869,000
Revs 20.1 mln vs 19.0 mln
Avg shrs 2,791,639 vs 3,432,746
Year
Oper shr 4.46 dlrs vs 3.20 dlrs
Oper net 14.1 mln vs 10.9 mln
Revs 74.6 mln vs 68.0 mln
Avg shrs 3,154,665 vs 3,425,187
NOTE: Operating net excludes gains of nothing vs 2,444,000
dlrs, or 72 cts a share, in quarter and 1,890,000 dlrs, or 60
cts a share, vs 9,3267,000 dlrs, or 2.72 dlrs a share, in year
from tax loss carryforwards
Reuter
|
FIRST UNION CORP FIRST QTR SHR 71 CTS VS 61 CTS
| |
U.S. SUPPLY/DEMAND HIGHLIGHTS | Following are highlights of the U.S.
Agriculture Department supply/demand projections for the
1986/87 seasons, in mln bushels, with comparisons, unless noted
--
Corn -- Stocks, Aug 31, 1987, at 5,240, vs 5,595 last
month. Stocks, Aug 31, 1986, at 4,040, vs 4,040 last month.
Exports projected at 1,375, vs 1,250 last month. Exports in
1985/86 at 1,241, vs 1,241 last month.
Domestic use at 5,680, vs 5,450 last month. Usage in the
1985/86 season at 5,255, vs 5,255 last month.
Wheat -- Stocks, May 31, 1987, projected at 1,848, vs 1,877
last month. Stocks on May 31, 1986, at 1,905, vs 1,905 last
month.
Exports in 1986/87 season at 1,025, vs 1,025 last month.
1985/86 season at 915, vs 915 last month.
Domestic use in 1986/87 at 1,134, vs 1,105 last month.
1985/86 at 1,045, vs 1,045 last month.
Cotton -- in mln 480 lb bales - Stocks, July 31, 1987, at
5.40, vs 5.49 last month. Stocks July 31, 1986, at 9.35, vs
9.35 last month.
Exports in 1986/87 season at 6.66, vs 6.76 last month.
Exports in 1985/86 - 1.96, vs 1.96 last month.
Soybeans -- in mln bushels - Stocks, Aug 31, 1987,
projected at 610, vs 635 last month. Stocks Aug 31, 1986, at
536, vs 536 last month.
Soybean crushings during 1986/87 - 1,130, vs 1,115 last
month. Crushings in 1985/86 at 1,053, vs 1,053 last month.
Exports in 1986/87 season at 700, vs 700 last month.
Exports in 1985/86 at 740, vs 740 last month.
Soybean Oil -- mln lbs - Stocks on Sept 30, 1987, at 1,360,
vs 1,200 last month. Stocks on Sept 30, 1986, at 947, vs 947
last month.
Exports in 1986/87 at 1,350, vs 1,350 last month. Exports
in 1985/86 at 1,257, vs 1,257 last month.
Soybean Cake/Meal -- thousand short tons - Stocks, Sept 30,
1987, at 270, vs 315 last month. Stocks, Sept 30, 1986, at 212,
vs 212 last month.
Exports in 1986/87 season at 6,500, vs 6,350 last month.
Exports in 1985/86 at 6,036, vs 6,008 last month.
Reuter
|
U.S. CITRUS CROP ESTIMATE -- USDA | The U.S. Agriculture Department
estimated 1986/87 citrus production, as follows (in boxes) --
Total U.S. orange crop (excluding Florida Temples) --
190,050,000 boxes, vs 190,850,000 boxes last month and
176,410,000 boxes in the 1985/86 crop.
Florida oranges (excluding Temples) -- 122,900,000 boxes,
vs 124,000,000 last month and 119,000,000 boxes in 1985/86.
Florida Temples -- 3,400,000 boxes, vs 3,400,000 last month
and 2,950,000 boxes in 1985/86.
The department's estimates are based on April 1 crop
conditions.
Reuter
|
USDA ORANGE JUICE YIELD ESTIMATE | The U.S. Agriculture Department
projected an average yield of 1.50 gallons of frozen
concentrated orange juice per box (42.0 degree brix equivalent)
from Florida's 1986/87 crop.
That compares with 1.47 gallons per box previously and 1.38
gallons per box from the 1985/86 crop.
The crop reporting board said the estimates for the 1986/87
season are based on maturity and yields tests as of April 1.
Reuter
|
USSR ADDS U.S. CORN TO COMMITMENTS - USDA | The Soviet Union has added 175,600
tonnes of U.S. corn to its previous commitments for delivery in
the fourth year of the U.S.-USSR Grain Supply Agreement, which
began October 1, 1986, the U.S. Agriculture Department said.
According to the department's Export Sales Report, covering
transactions in the week ended April 2, corn transactions
consisted of 140,600 tonnes of new sales and changes in
destinations for 35,000 tonnes.
Total corn commitments to the USSR for delivery in the
fourth agreement year amount to 2,825,600 tonnes. The Soviets
have not purchased wheat or soybeans in the fourth year of the
agreement.
Reuter
|
SALOMON INC <SB> DENIES RUMORS OF BOND LOSSES | 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 company's 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
|
USDA SPRING POTATO ESTIMATES | The U.S. Agriculture Department
estimated 1987 spring potato production, based on April 1
conditions, at 19,267,000 cwts (100 lbs), vs 19,822,000 cwts
indicated last year.
The department estimated spring potato area for harvest at
79,100 acres, vs 76,700 acres estimated last month and 75,900
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 REVISES 1986 SUMMER POTATOES | The U.S. Agriculture Department made
the following revisions for 1986 crop summer potatoes --
Production -- 21,003,000 cwt (100 lbs), vs 20,900,000 cwt
estimated previously.
Acreage for harvest -- 95,700 acres, vs 95,800 acres
estimated previously.
Yield per harvested acre -- 219 cwt per acre, vs 218 cwt
per acre previously estimated, the department said.
Reuter
|
USDA DETAILS FREE GRAIN STOCKS UNDER LOAN | 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 1,800 2,400 2,589 2,589
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
|
CLEVITE <CLEV> AMENDS RIGHTS PLAN | 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
|
RECENT SECURITIES OFFERINGS FILED WITH SEC | 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
|
USDA ESTIMATES SOVIET WHEAT, COARSE GRAINS | 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
|
WHEAT BY CLASS BREAKDOWN | 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 1,009 1,009 717 717
Production 1,018 1,018 1,230 1,230
Ttl Supply-X 2,027 2,027 1,947 1,947
Domestic Use 599 579 543 543
Exports 450 475 395 395
Total Use 1,049 1,054 938 938
End Stocks 978 973 1,009 1,009
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
|
USDA FORECASTS BRAZIL/ARGENTINE SOYBEAN CROPS | The U.S. Agriculture Department
forecast Brazil's 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 Argentina's 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.
Brazil's 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 ESTIMATES ARGENTINE COARSE GRAIN, WHEAT | The U.S. Agriculture Department
forecast Argentina's 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 Argentina's 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
|
STOP AND SHOP COS IN 2-FOR-1 SPLIT, HIKES DIVIDEND
| |
USDA ESTIMATES AUSTRALIA WHEAT CROP | The U.S. Agriculture Department
forecast Australia's 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 CHINA WHEAT | The U.S. Agriculture Department
projected China's 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 China's 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 CANADIAN CROPS | The U.S. Agriculture Department
estimated Canada's 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
|
NET CHANGE IN EXPORT COMMITMENTS -- USDA | 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 119,800 368,300
Corn 1,001,900 927,000
Soybeans 240,500 300,900
Soy Cake/Meal 117,700 170,200
Soybean Oil 2,400-x 8,100
Cotton-Y 60,200 31,900
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 3,157.6 3,684.1 1,591.4 1,635.6
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 3,310.9 3,837.9 1,679.0 1,692.7
Ay Expd-E 21,044.6 20,433.4
Ind Ttl-F 24,355.5 24,271.3
USDAPRJ-G 27,900.0 27,900.0
SOYBEANS
1986/87 1987/88
4/2/87 Prev Wk 4/2/87 Prev Wk
Named-A 1,774.7 1,780.3 215.9 215.9
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 2,293.4 2,323.5 215.9 245.9
Ay Expd-E 14,334.2 14,183.2
Ind Ttl-F 16,627.6 16,506.7
USDAPRJ-G 19,050.0 19,050.0
CORN
1986/87 1987/88
4/2/87 Prev Wk 4/2/87 Prev WK
Named-A 8,559.8 8,684.8 772.1 268.8
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 9,734.3 9,846.9 772.1 268.8
Ay Expd-E 20,296.0 19,293.8
Ind Ttl-F 30,030.3 29,140.7
USDAPRJ-G 31,750.0 31,750.0
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 1,141.3 1,094.6 10.2-x nil
Ay Expd-E 3,222.5 3,149.7
Ind Ttl-F 4,363.8 4,244.3
USDAPRJ-G 5,720.0 5,720.0
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 1,348.2 1,242.8
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 4,098.0 3,880.6
Ind Ttl-F 4,964.7 4,850.4
USDAPRJ-G 5,760.0 5,760.0
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 2,007.9 2,076.1 468.2 457.2
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 2,028.2 2,096.3 468.2 457.2
Ay Expd-E 4,333.1 4,204.7
Ind Ttl-F 6,361.3 6,301.0
USDAPRJ-G 6,335.0 6,335.0
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 2,464.6 2,440.7
Ind Ttl-F 3,061.7 3,062.8
USDAPRJ-G 3,270.0 3,270.0
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 1,718.8 1,688.2
Ind Ttl-F 2,067.4 2,058.3
USDAPRJ-G 2,580.0 2,580.0
HARD RED WINTER WHEAT
1986/87 1987/88
4/2/87 Prev Wk 4/2/87 Prev Wk
Named-A 1,738.0 2,019.7 893.0 943.0
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 1,818.5 2,090.2 1,000.6 1,020.2
Ay Exp-E 8,332.1 7,974.5
Ind Tl-F 10,150.6 10,064.8
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 3,831.5 3,757.7
Ind Tl-F 4,361.0 4,374.3
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 4,312.4 4,247.6
Ind Tl-F 4,919.5 4,885.1
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 1,842.6 1,727.5
Ind Tl-F 2,064.8 2,087.5
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 2,726.0 2,726.0
Ind Tl-F 2,859.6 2,859.6
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 1,115.0 167.1 167.1
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 2,432.7 2,543.8 nil nil
Japan 2,767.4 2,787.8 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 1,050.5 1,114.0 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
|
HOUSE PANEL WANTS PENTAGON MANAGE U.S. STOCKPILE | 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
|
MIYAZAWA WARNS ABOUT CURRENCY SHIFTS | 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
|
USDA ESTIMATES EUROPEAN COMMUNITY CROPS | The U.S. Agriculture Department
forecast the European Community's 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
|
U.S. SUPPLY/DEMAND DETAILED BY USDA | 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 4,040 4,040 1,648 1,648
Production 8,253 8,253 8,877 8,877
Total-X 12,295 12,295 10,536 10,536
X-Includes imports.
CORN (cont.)
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Usage: Feed 4,500 4,300 4,095 4,126
Other 1,180 1,150 1,160 1,129
Ttl Domest 5,680 5,450 5,255 5,255
Exports 1,375 1,250 1,241 1,241
Total Use 7,055 6,700 6,496 6,496
End Stocks 5,240 5,595 4,040 4,040
Farmer Reser 1,400 1,300 564 564
CCC Stocks 1,700 1,500 546 546
Free Stocks 2,140 2,795 2,930 2,930
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 1,905 1,905 1,425 1,425
Production 2,087 2,087 2,425 2,425
Total
Supply-X 4,007 4,007 3,865 3,865
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 1,134 1,105 1,045 1,045
Exports 1,025 1,025 915 915
Total Use 2,159 2,130 1,960 1,960
End Stocks 1,848 1,877 1,905 1,905
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 2,007 2,007 2,099 2,099
Total 2,543 2,543 2,415 2,415
SOYBEANS (cont.)
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Usage --
Crushings 1,130 1,115 1,053 1,053
Exports 700 700 740 740
Seed, Feed and
Residual 103 93 86 86
Total Use 1,933 1,908 1,879 1,879
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 12,263 12,103 11,617 11,617
Imports Nil Nil 8 8
Total 13,210 13,050 12,257 12,257
Note - 1985/86 production estimates based on October year
crush of 1,060 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 10,500 10,500 10,053 10,053
Exports 1,350 1,350 1,257 1,257
Total 11,850 11,850 11,310 11,310
End Stcks 1,360 1,200 947 947
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 26,558 26,203 24,951 24,951
Total 26,770 26,415 25,338 25,338
Note - 1985/86 production estimates based on October year
crush of 1,060 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 20,000 19,750 19,090 19,118
Exports 6,500 6,350 6,036 6,008
Total 26,500 26,100 25,126 25,126
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) 5,648 5,648 5,414 5,414
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 1,120 1,120
Total 1,493 1,493 1,420 1,420
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) 5,358 5,358 5,168 5,168
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) 6,651 6,651 6,258 6,258
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
|
USDA ESTIMATES USSR COTTON CROP | 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 SOUTH AFRICA CORN CROP, EXPORTS | The U.S. Agriculture Department
forecast South Africa's 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
|
STOP AND SHOP COS <SHP> IN TWO-FOR-ONE SPLIT | 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
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NATIONAL BEVERAGE TO ACQUIRE FAYGO BEVERAGES | <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
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SALOMON BROTHERS RESTRUCTURES LONDON OPERATION | 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 firm's 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 firm's
business.
They are Peter Clarke, George Hutchinson, Koepfgen,
McVeigh, Sheldon Prentice, Slater and Daniel Tyree.
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AUDIO/VIDEO AFFILIATES <AVA> 4TH QTR JAN 31 NET | Shr 17 cts vs 28 cts
Net 2,668,000 vs 3,655,000
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 7,510,000 vs 7,482,000
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
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MEMORY METALS <MRMT> REMOVES CHAIRMAN | Memory Metals Inc said that at a
special meeting of the board of directors it removed M. Brian
O'Shaugnessy as chairman, president and chief executive
officer.
The company said it replaced O'Shaugnessy 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
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VLSI <VLSI> PLANS DEBT OFFERING | 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
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PROCTER AND GAMBLE <PG> SETS TURKISH VENTURE | 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.
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FLUOROCARBON <FCBN> BUYS EATON <ETN> DIVISION | Fluorocarbon Co said it
signed a definitive agreement to acquire Eaton Corp's
Industrial Polymer division for an undisclosed price.
The polymer division, based in Aurora, Ohio, had 1986 sales
of 86 mln dlrs, Fluorocarbon also said.
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FIRST UNION CORP <FUNC> 1ST QTR NET | 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
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AMEX SEAT SELLS FOR RECORD 380,000 DLRS | The American Stock Exchange said a seat
on the exchange sold for 380,000 dlrs, a record price that is
5,000 dlrs higher than the previous sale on Feb 17.
The current bid is 330,000 dlrs and the offer, 425,000
dlrs, the exchange said.
Reuter
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FINANCIAL NEWS NETWORK INC <FNNI> 2ND QTR NET | Qtr ended February 28
Shr six cts vs three cts
Net 765,138 vs 311,388
Rev 8.3 mln vs 3.7 mln
Avg shares 12,272,265 vs 11,377,491
Six months
Shr 17 cts vs five cts
Net 2,073,057 vs 515,229
Rev 15.0 mln vs 7.4 mln
Avg shares 12,295,934 vs 11,200,000
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FIRST COLONIAL BANKSHARES CORP <FCOLA> 1ST QTR | Shr 41 cts vs 35 cts
Net 2,362,000 vs 1,613,000
Avg shrs 5,567,300 vs 4,070,700
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SEASONAL EXPORTS REPORTED BY U.S. EXPORTERS | 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 21,044.6 20,398.3 19,725.8
Soybeans 14,334.2 14,063.5 14,698.4
Corn 20,296.0 19,194.6 25,182.6-x
Sorghum 3,222.5 3,149.7 3,168.9-x
Soybean Oil 138.4 135.8 179.9
Soybean Meal 4,098.0 3,880.6 3,141.3
Cotton 4,333.1 4,204.7 1,510.4
X-2,059,300 tonnes of corn and 763,800 tonnes of sorghum added
to reflect change in marketing year to Sept-Aug.
Reuter
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EUROPEAN OFFSHORE RIG COUNT CONTINUES TO CLIMB | 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
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HAWAIIAN ELECTRIC <HE> TO BUY HAWAIIAN INSURANCE | 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
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SOVIET UNION TO IMPORT MORE GRAIN IN 86/87-USDA | 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
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DISNEY FAMILY MAKES BID FOR HOLLY SUGAR <HLY> | 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 Sugar's 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 101,300 Holly Sugar shares
or 9.0 pct of the total outstanding following purchases of
12,500 shares March 13-April 17, Shamrock told the SEC.
Shamrock said it had asked for certain information about
Holly Sugar's 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
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U.S. EXPORTERS REPORT 200,000 TONNES WHEAT SOLD TO JORDAN FOR 1987/88 DELIVERY
| |
UNIVERSAL HEALTH REALTY <UHT> 1ST QTR NET | Shr 26 cts vs nil
Net 2,244,000 vs nil
Rev 3.4 mln vs nil
NOTE: Company's full name is Universal Health Realty Income
Trust. Quarter is company's first full quarter of earnings.
Reuter
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FROST AND SULLIVAN INC <FRSL> INCREASES PAYOUT | Semi-annual div seven cts vs six cts prior
Pay June One
Record May One
.
Reuter
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C.O.M.B. <CMCO> MAKES ACQUISITION | 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
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RAI RESEARCH CORP <RAC> 3RD QTR FEB 28 | SHr one cts vs 14 cts
Net 17,806 vs 328,290
Revs 1.3 mln vs 2.2 mln
Nine months
Shr 27 cts vs 26 cts
Net 640,156 vs 622,251
Revs 5.6 mln vs 5.6 mln
NOTE:1986 net includes loss of 49,040 in nine months from
discontinued and gain of 15,598 dlrs in 3rd qtr.
Reuter
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CENTEL <CNT> COMPLETES ACQUISITION | Centel Corp said it completed the
acquisition of Welbac Cable Television Corp, which serves more
than 2,500 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 83,000 customers.
Overall, Centel has nearly 495,000 customers in seven states.
Reuter
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