Friday September 10, 1:27 pm Eastern Time
FOCUS-Potash Corp shuts plants, cuts profit outlook
(Adds market reaction paras 2, 3. All figures in U.S. dollars unless otherwise noted)
SASKATOON, Saskatchewan, Sept 10 (Reuters) - Potash Corp. of Saskatchewan Inc. (Toronto:POT.TO <http://finance.yahoo.com/q?s=pot.to&d=t> - news </n/ca/p/pot.html>), the world's largest potash producer, said on Friday it would close two U.S. nitrogen fertilizer plants and cut third-quarter profit estimates in half.
The announcement sent shares in the Saskatoon, Saskatchewan-based fertilizer company tumbling. By mid-morning, the stock had shed C$7.35, or nearly 9 percent, to trade at C$77.25 in Toronto.
The company's New York Stock Exchange-listed shares were off $4-3/8 at $52-13/16.(cont)
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& speaking of tariffs:
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Friday September 10, 12:53 pm Eastern Time
CORRECTED - USDA hikes 99/00 US sugar crop forecast
In Sept 10 Washington story headlined ``USDA hikes 99/00 US sugar crop forecast 1.5 pct,' please read in the second paragraph that the department lowered its estimate of so-called ``stuffed molasses' imports from Canada in 1999/2000 to 10,000 short tons, instead of 90,000 short tons.
A corrected repetition follows.
WASHINGTON, Sept 10 (Reuters) - The U.S. Agriculture Department on Friday raised its forecast of 1999/00 U.S. sugar production to 8.9 million short tons, increasing the chance the 1999/00 U.S. tariff-rate quota for imported sugar will be set at the lowest level allowed under international trade rules.(cont)
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Friday September 10, 12:32 pm Eastern Time
Drought crimps U.S. farms, huge crops still on tap
(combines takes, adds analyst and trader views, background)
By Charles Abbott
WASHINGTON, Sept 10 (Reuters) - An unforgiving drought in the East and South blunted U.S. corn, soybean and cotton output, the government said Friday, but not enough to prevent mammoth crops or to boost prices much for farmers.
Although beleaguered, the soybean crop still would be a record, 2.78 billion bushels, for the third year in a row.
The updated estimates from the Agriculture Department were certain to figure in congressional negotiations over a $7.65 billion package to shield farmers from a second year of persistently low prices. The White House was expected to unveil its ideas for aid shortly, including drought relief.(cont)
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