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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jun 06, 1980
Page
22
A readout of composite prices shows varied results across sectors with notable gains for Allied, Coca Cola, and Merck while companies like American Power and Remain faced mixed moves. The page lists dozens of tickers, with dividends notes and last prices from multiple markets, reflecting a broad but unsettled trading day.
The Omaha US Department of Agriculture report notes hogs 200-250 pounds steady to 25 higher, 250-280 pounds steady, heavies 1-2 200-230 pounds up to 30.75-31.25 gilts, 240-260 pounds 29.50-30.25, sows 25.00-25.75, cows traceable at 40,00 with scarce test lots, receipts forecast around 5,500 head.
Iowa markets show moderate demand with hog trading mostly steady but midsession drops. No. 1-2 200-240 lb hogs fetch 29.50 to 30.50 while larger 250-270 lb and 270-300 lb ranges vary. sows 24.00 to 25.50. Joliet sales weak to insufficient for price discovery. hogs mostly steady to down. Chicago Dairy and wholesale butter prices hold, retail price ranges steady with minor changes.
The Cedar Rapids hog market was steady to 25c lower on the early bid for butchers and steady for packers across weight classes. Prices for country and plant delivered butchers 200 to 230 lbs ranged 29.25 to 29.75, sows 400 to 550 lbs at 24.00 to 24.50 and sows over 550 lbs at 23.00. Butchers 230 to 240 lbs faced 0.25 decline with steeper drops for heavier weights. Sheep market held steady with spring lambs quoted 63.00 to 65.00. Buying hours are 7 am to 10 am, Monday through Friday.
Cedar Rapids market reports show No 2 corn for June at 2.53 and July at 2.515, new crop 2.445. white corn old 4.25 new 3.15. yellow soybeans June 5.79 July 5.79 August 5.875 new 6.005. oats old 1.68 new 1.65. Sioux City livestock: hogs down to 25 cents, No 1-2 200-250 lb 30.25-30.75, sows up 25, No 1-3 350-650 lb 25.50-26.00. cattle not reported.
Five city owned pools in Cedar Rapids open at 1 p m Saturday for the summer. Outdoor pools at Bever Jones Cherry Hill Ellis and Noelridge parks run 1 to 5 30 p m and 6 30 to 9 p m daily through Aug 24. Sign ups for swimming lessons start at 1 p m Monday at all pools.
Gold nears 600 an ounce in Europe amid renewed buying after three months of weaker demand. Silver rises to 16.95, dollar holds steady. Prices surged on rumors of hostage shootings in Iran later denied, with London bullion houses fixing at 598. The franc, lira, guilder and yen exchange rates shift as markets digest lower U.S. rates.
Major retailers report May sales improvements except Sears Roebuck and Co. J C Penney shows a 2.5 percent rise to 768 million while Sears falls 4.3 percent to 1.333 billion. Kmart posts a 15.9 percent gain to 1.123 billion amid inflation pressures.
UPI reports that investors ignoring recession and fearing missed gains moved into stocks on Friday. The Dow rose to about 863.90 as 1,742 NYSE issues traded with 823 advances and 479 declines, led by Gulf United and U S Air, amid a broad market uptick and rate declines.
Citibank cut its prime lending rate to 13 percent from 14 percent on Friday, joining Chase Manhattan and others in dropping to the new level as banks respond to lower costs. Fed Chair Volcker signaled potential further reductions to reflect funding costs, with analysts predicting possible moves toward 10 to 11 percent in coming weeks. FRIDAY'S SPORTS results are all in your Saturday morning Gazette.
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