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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jun 16, 1992
Page
19
Futures for corn and soybeans dropped sharply on the Chicago Board of Trade as a wetter Midwest forecast eroded drought fears. July corn fell 11.5 cents and July soybeans tumbled 23 cents, with other months and crops following the decline.
Iowa's corn and soybean crops show stress from drought with 0.12 inch weekly rainfall on average. Topsoil moisture is 92 percent short, subsoil 27 percent short. Emergence at 97 percent exceeds normal 85 percent and 4 to 5 percent of crops are poor to very poor. Weather forecasts emphasize rain needed statewide.
US stocks closed mixed after a day of listless trading with little economic or political news to move markets. Dow rose 0.54 to 3354.90 while Nasdaq dropped 0.53 to 568.99 and Nasdaq volumes eased to 159.10 million shares. Wal Mart rose 0.75 to 54 amid modest gains. Heartland Express fell 1 to 30 as traders awaited housing starts and industrial output data.
Ambrose Lawson and about 60 staff from MCI Services Marketing Inc. in Cedar Rapids joined a motivational sales contest outside 323 Third St. SE. Top performers tossed cream pies with garlic at a supervising boss of their choice, with a dunk tank option for further dares.
Senate farm state Republicans met with White House Counsel Gray and Agriculture Secretary Madigan to press for an ethanol friendly stance in reformulated gasoline. They warn proposed rules could ban the standard ethanol blend in the five to nine hottest cities, tying the issue to corn farmers and exports and noting ADM’s Cedar Rapids plant cancellation as evidence. The EPA cites smog and legal hurdles. final rules are due late summer.
North American built car and light truck sales climb 4.2 percent in the first 10 days of June as truck demand surges 11.4 percent and car sales slip 0.2 percent. Ford GM Chrysler gains offset by declines in some imports. Japanese makes show mixed results with Toyota up sharply.
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