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To: long-gone who wrote (27094)	1/26/1999 1:44:00 PM
From: Giraffe	Respond to of 116762

METALS: Further falls on LME By Gillian O'Connor and Paul Solman The suspension of two important expansion projects by the world's largest copper producer failed to stop prices falling further on the London Metal Exchange. Traders were more influenced by the rise in LME warehouse stocks to near record levels. They had expected more expansion plans to be put on ice; what they are hoping for is more big cuts in existing mine production to reduce the metal surplus. Chile's Codelco blamed budget restrictions and the low copper price for its decision to defer the expansion of its Radomiro Tomic and El Teniente divisions by about 70,000 tonnes and 150,000 tonnes respectively. LME stocks now stand at 623,000 tonnes, only slightly below the 645,000 tonne record reached in January 1978, and are expected to continue rising. Aluminium stocks, up by 2 per cent, compounded the gloom. Prices of all metals closed lower on the LME. World oil prices fell in spite of renewed military activity in the Gulf. At the close of trading on London's International Petroleum Exchange, the March contract for Brent blend was $10.85 a barrel against Friday's close of $11.10. The market appeared to have ignored reports that US aircraft had attacked Iraq air defence installations while patrolling "no-fly" zones in the country. In other oil news, the Iraqi press reported that Baghdad would ask the Organisation of Petroleum Exporting Countries to cut Saudi Arabia's quota of exported oil by more than a third in an effort to restore stability to the market.

To: long-gone who wrote (27094)	1/26/1999 1:46:00 PM
From: Giraffe	Respond to of 116762

Wheat production expected to fall By Paul Solman Unfavourable weather and low prices will cut world wheat production this year, according to the International Grains Council. Heavy rain hit 1998 crops in many European countries, and UK, Danish, German, Finnish and Romanian farmers are expected to plant less wheat this year due to delays from bad weather. Sweden's winter wheat plantings are reported as much as 40 per cent lower, while Bulgaria's are expected to fall by 20 per cent, the IGC said in its first assessment of the outlook for 1999. France's 1998 harvest was delayed by rain but the planted area is not expected to be reduced in 1999. In the US, low prices have persuaded farmers to abandon 2.3m hectares for the winter season, reducing the planted area to 17.6m hectares, the smallest since 1972. As a result, the US winter crop is expected to total 45.6m tonnes against 52.1m tonnes last year, while the total crop for 1999 is put at 61m tonnes compared with 69.4m tonnes last year. "Low international prices may bring wheat acreage in Canada down further; however, wheat is spring-sown so producers have several weeks to finalise planting decisions," the IGC added. Where European wheat farmers have been soaked by too much rain, some of their Asian and African counterparts have had too little. Unusually dry conditions have been reported in China, Morocco and Pakistan, while India needs more rain. The IGC forecasts 1999 global production at 575m tonnes, down 8m tonnes from 1998 but still the third highest figure on record. The Commonwealth of Independent States and the Baltic region are expected to increase wheat production, with total output forecast at 67.5m tonnes against 57.1m tonnes in 1998. More wheat is also expected to be planted in Turkey as farmers switch from the less profitable cotton crop.