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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 

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 

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. Reuter 

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 

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 

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 

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. Reuter 

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. Reuter 

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 

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 

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 Reuter 

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 Reuter 

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 

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 

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 

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 

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 

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 

FROST AND SULLIVAN INC <FRSL> INCREASES PAYOUT

Semi-annual div seven cts vs six cts prior Pay June One Record May One . Reuter 

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 

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 

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