Soy, rice seen as first US food sales to Cuba
Soy and rice will likely be the first US food sales to Cuba if the 40-year embargo is eased under an agreement reached by Republican leaders in Congress, an expert said. But a ban on US credit and private financing will mean Cuba will continue relying on its existing suppliers for much of its $750 million a year bulk food imports, John Kavulich, president of the US-Cuba Trade and Economic Council, said. Kavulich estimates US food exports to Cuba could be $25million to $45 million in the first year. "I expect the first exports to be small quantities of soy, rice and powdered milk," he said. "The fact that Cuba will only be able to import food products using third country financing or its own resources will limit the value of bulk food commodities it buys from the United States," he said. In 1999, Cuba bought 90 per cent of its wheat imports from France, a business worth $180 million to French farmers and backed up by government credit guarantees. Cuba imported the rest of its wheat from Argentina and Canadalast year, said Kavulich, whose organisation provides non-partisan business information on Cuba.
Yarn prices higher in dull trading
Prices of selective cone and cone yarn strengthened on the local cotton yarn market today on renewed purchases by carpet manufacturers and handlooms industries. Hank and hoseiry yarn prices, on the other hand, ruled steady on some enquiries. The volume of business was satisfactory. Traders said demand renewed buying by powerlooms and handlooms industries influenced the trading. Jyoti yarn 2 counts, in the waste yarn group, quoted Re 1 higher at Rs 125 per 4.54 kilos bundle on duster and carpet manufacturers demand. In the cone yarn section, KSL 6 counts yarn quoted Rs 1.50 up at Rs 265.50 while Bhatinda 10 count yarn up Rs 2 at Rs. 335 per five kilo bundle and handlooms and powerlooms industries buying. Bhatinda 2/20 count also found support and up by Re 1 at Rs 441 per 5 kilo bundle.
Steel prices up
CTD Saria (kamdhenu) and Rathi tor steel prices firmed up on the local steel and iron market today on increased buying by stockists in view of an upswing in construction activities. However, prices of Ms Angles, Girder and Scraps werestable on some enquiries. The volume of business was good. CTD saria Kamdhenu 8-mm, 10-mm, 12-mm, 16-20 mm and 25-32mm recovered by Rs 100 each to be traded higher at Rs 18,000 Rs 17,600, Rs 17,200, Rs 17,300 and Rs. 17,400 per tonne respectively on renewed buying by stockists. Rathi tor steel saria was also in demand quoted prics of 8-mm, 10-mm, 12-mm-25 mm quoted Rs 150 each higher at 17,500, Rs 17,150 and Rs. 16,750-16,850 per tonne respectively.
LD, PP prices down
Weak conditions were seenon the local plastic market today after prices of Low Density (LD) and poly-propylene (PP) plastic raw materials declined due to poor industrial demand and closed with minor losses. Elsewhere, prices of High Density (HD), nylon andother materials remained steady on selective enquiries. LD No. 40, LD 400 and LD No. 1035 quoted Rs 1.50 each down at Rs 56.50-57.50, Rs 59.50-60.50 and Rs 55-56.50 per kilo respectively owing to slackness industrial demand. Prices of PP No. 100 and PP imported down by Rs 2 each to Rs 40.50 and Rs 41 per kilo.
Citric acid and wax prices decline
Prices of citric acid, paraffin, residue and slackes wax drifted down on the local chemical market today in view of prevailing tight money market conditions amidst reduced stockists' demand. Prices of other chemicals after moving in a tight rangeclosed around previous levels. The volume of business was restricted. Traders said industrial demand was negligible in view ofprevailing tight money market conditions. Citric acid (China) quoted lower by Rs 50 from Rs 3700 tosettle at Rs 3650 per 50 kg. In wax section: paraffin, residue and slackes declined by Rs 100/500 to conclude at Rs 1400-2000, Rs 14000 and Rs 24500 from lRs 1500-2400, Rs 14500 and Rs 24750 per tonne.
-- (Reuters & Agencies)
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