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Clamor is the usual condition in commodities pits. Last week, however, the soy-bean trading floor of the Chicago Board of Trade erupted in pandemonium as the C.B.O.T. issued an emergency order, its first in a decade, that July futures contracts in excess of 1 million bu. be liquidated. In one day soybean-futures prices plunged 5%, to $6.86 per bu. Traders speculated that a single buyer was trying to corner the market or drive up prices. The suspected culprit: Ferruzzi Finanziaria, Italy's second largest privately held company and the third largest U.S. soybean processor since it bought Indiana...
Ferruzzi says its purchases -- a reported 30 million bu. of soybeans in the past 18 months -- were a legal effort to ensure adequate supplies for its customers. Many traders believe Ferruzzi's two largest U.S. rivals, Archer Daniels Midland of Decatur, Ill., and Cargill of Minneapolis, felt the pinch from rising prices and complained to the c.b.o.t. Said one trader: "Older, established firms ganged up on the new, foreign kid on the block." With prices taking a near panic dive, Ferruzzi has already lost an estimated $10 million. Harder hit may be U.S. soybean farmers, who last week...
...party elders to reach consensus on the formal ouster of party chief Zhao Ziyang, who had lost favor because he sympathized with the student protesters. Within the party rank and file, the hard-liners' attempts to brand Zhao a counterrevolutionary had met with silent resistance and even mutters of bu dui (not correct...
Both teams had forgettable first innings. Dorrington gave up three hits and three runs. And the first thought that came to his mind was, in the immortal words of our former president, "There they go again," But BU starting pitcher Ron Short wouldn't allow any jokes to go at Ronald Reagan's expense and promptly gave up three runs...
Konjoyan and Durand each had three hits in the game, and Renninger went 2-for-4 with a sacrifice fly. The Crimson gathered 11 hits, but it wasn't enough against BU's 14 hits and decisive ninth inning...