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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Feb 07, 1980
Page
23
A broad sweep of names from Gulf & Western to Dow Jones components show varied moves as many blue chips hold near prior levels. The NYT UPI stock page charts numerous firms with price changes and the Dow Jones average at 885.4 while S and P indices mix gains and losses. Read the Gazette for market developments.
Cedar Rapids market reports Thursday show butchers steady to 50c lower with packers steady across 400 to 550 lb ranges and heavier. Prices for 200-230 lb butchers 36.50 to 37.50, sows 32 to 33, with lighter weights and heavier hogs listed. Des Moines reports price unchanged with light demand and farm eggs quoted by grade. Omaha and Midwest markets show lower hogs and mixed cattle action, plus varied pork cuts and futures prospects.
Livestock reports from Des Moines indicate hog trade slowed to moderate demand with butchers down 50 cents. Prices for No 1-2 200-230 lb butchers reach 37.00 to 38.00, 230-250 lb 36.25 to 38.00, heavier hogs 35.00 to 37.25, 270-300 lb 33.00 to 36.25, and No 1-3 300-600 lb sows 33.00 to 35.00. Gold and silver futures noted in Thursday updates.
Soybeans and corn futures rose on the February through new crop contracts while white corn and oats held steady versus Wednesday. Prices quoted for delivery processors at 10 00 a m Thursday include corn at 2 40 to 2 56 for various crops and yellow corn near 6 27 to 6 94, oats at 1 63 to 1 68, all from Pro Farmer Grain Cedar Rapids. Poultry market reports show unsettled undertone with heavy south supply and moderate demand.
The Commerce Department reported a 1979 U S merchandise trade deficit of 29.1 billion dollars, down from 33.7 billion in 1978. Petroleum imports rose 17.7 billion to 60 billion, while overall volume grew 1 percent and oil consumption fell 2 percent. The fourth quarter deficit reached 7.9 billion amid late 1979 OPEC price increases. On this date in 1926 the average common labor wage was 54 cents per hour.
The Federal Trade Commission reduces its auto industry inquiry to GM and Ford, drops American Motors, cites foreign competition and Chrysler troubles, and keeps pursuing possible antitrust violations. Subpoenas are being redrafted. older demands are suspended.
Oil issues led a strong market advance as conferees agreed to begin phasing out the windfall profits tax. The Dow rose 8.62 to 890.44 while the transportation average gained 6.82 to 301.32 and Gulf Oil surged in active trading. Exxon and Texaco also advanced as investors priced in tax relief timing.
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