OIL CROPS OUTLOOK                                         July 13, 1999
July 1999, OCS-0799
              Approved by the World Agricultural Outlook Board
---------------------------------------------------------------------------
OIL CROPS OUTLOOK is issued 11 times a year by the Economic Research
Service, U.S. Department of Agriculture, Washington, DC 20036-5831. 
Electronic release only; no published copies are available.

OIL CROPS OUTLOOK is supplemented by an annual OIL CROPS YEARBOOK.  The
yearbook summary for 1999 will be released on October 22, 1999.  Yearbooks
are available in print from ERS-NASS Order Desk. For the 1999 issue, call
1-800-999-6779 (703-605-6220) and ask for stock #ERS-OCS-1999, $21.
---------------------------------------------------------------------------
Surge in U.S. Soybean Plantings Swell Supplies and Expected
Ending Stocks

USDA's June 30 Acreage report confirmed that U.S. farmers planted
74.2 million acres of soybeans this year, up from the last year's
record 72.4 million.  The comparatively dim outlook for corn and
wheat returns boosted the current soybean acreage estimate 1.1
million acres higher than March intentions.  Ten of the top 12
soybean producing States planted record acreage in 1999,
absorbing more acres from corn and wheat.  Only Arkansas and
several other southern States planted fewer soybeans than last
year, where more land was switched into cotton and rice.  Fewer
winter wheat plantings also reduced the amount of soybean double
cropping, especially in Missouri, Kentucky, and Tennessee.  

As in 1994 (the last time double cropped soybeans were this low),
the U.S. average yield should benefit from a higher proportion of
first crop soybeans.  A greater concentration of acreage in the
higher yielding north central States will also support the U.S.
average yield.  With the exception of Ohio, most regions now have
very good soil moisture.  As of July 11, 71 percent of soybean
fields were rated from good to excellent condition, the best
ratings since 1994.  Yet, only 35 percent have even reached the
blooming stage, and subsequent weather could affect yields, as it
did in 1998.  With an estimated yield of 40.0 bushels per acre
and 73.3 million acres harvested, U.S. soybean production would
total 2,935 million bushels, nearly 180 million bushels greater
than the 1998 record.

The recent Grain Stocks report indicated June 1 stocks of
soybeans were 850 million bushels, the largest ever inventory for
this date and 257 million bushels greater than one year earlier. 
Even the most optimistic outlook for crush and exports in the
final quarter would imply large year-ending stocks.   Better than
expected soybean crush and exports, (which were forecast up to
1,580 million and 785 million bushels, respectively) reduced this
month's 1998/99 ending stocks forecast to 395 million bushels. 
In combination with large wheat and corn supplies, such a
stockpile of soybeans would seriously strain existing U.S.
storage capacity this fall and further pressure prices.

However large this inventory may seem, it could pale in
comparison to the prospective 1999/2000 carryout of 590 million
bushels.  This forecast is based on substantial increases in
domestic crush (to a record 1,655 million bushels) and exports
(930 million bushels).  Demand will be stimulated by low prices,
which USDA forecasts falling to $3.90-$4.70 per bushel.  Soybean
prices haven't been this low since the $4.37 average of 1972/73. 
Unlike years prior to 1991, the soybean marketing loan provides
no floor for how low cash prices can fall below the loan rate.

While an imminent return to the very profitable crush margins of
2-3 years ago is not anticipated, cheaper soybean prices and
firming soybean meal values should ease the difficulties of
domestic processors.  Foreign soybean meal consumption is
forecast up 3.3 million metric tons in 1999/2000, while foreign
production would increase only 1.1 million.  U.S. soybean meal
exports will benefit from this gap, as they are projected to rise
from 6.8 million short tons this season to 8.3 million tons in
1999/2000.  Current soybean oil prices have weakened and
restrained monthly crushing rates, firming the June average
soybean meal price somewhat to $139 per short ton.  Provided the
1999 crop is not substantially larger than current expectations,
1999/2000 meal prices should quit falling and plateau around
$125-$145 per ton.

The June Hogs and Pigs report verified that while a contraction
of the hog herd is occurring, it has not been as acute a decline
as anticipated.  The numbers in smaller weight classes and the
breeding herd have decreased but slaughter has not accelerated
enough to reduce the stock of the nearest-to-market hogs.  Thus,
the slowdown in soybean meal consumption has been delayed,
raising the 1998/99 estimate to 30.5 million short tons.  Low
prices have already promoted inclusion of soybean meal in
livestock rations at liberal rates, so 1999/2000 domestic
disappearance can rise only modestly to 31.1 million tons.

On the other hand, abundant world vegetable oil supplies and
fewer Chinese imports will make exporting U.S. soybean oil a real
challenge.  Competition would depress the 1999/2000 national
average price to 15.0-18.0 cents per pound, down from 20.0 cents
this year and the lowest since 1986/87.  Even at such bargain
prices, 1999/2000 U.S. soybean oil exports are forecast to
decline to 2.0 billion pounds from 2.3 billion this year. 
Despite steady growth in domestic soybean oil demand, record
production is expected to swell ending stocks to an all-time high
of 2,470 million pounds.

Wet Weather Dampens Minor Oilseed Planting

As with soybeans, the minor oilseeds marketing loan supported
increases in 1999 acreage for each of these commodities.  Such an
expansion was evident in Colorado, Kansas, Nebraska, and Texas. 
However, persistent rains during May and June in North and South
Dakota and Minnesota held down the acreage that farmers could
plant, raising the amount of fallow acres.  Weakening oilseed
prices this spring also subdued the expansion.  U.S.
sunflowerseed producers increased plantings more modestly to 3.6
million acres, compared with nearly 4 million acres intended last
March.  The geographic shifts in turn decreased oil-type
sunflowerseed relative to non-oil type production, which should
moderate the U.S. average yield.  Similarly, wet soils curtailed
canola and flaxseed plantings at 1.1 million and 341,000 acres,
respectively.

Expanded Plantings and Improved Yields Add To Global Oilseeds
Surplus

USDA projects world soybean production to edge higher again in
1999/2000, to 159.0 million metric tons.  The increase is based
entirely on greater U.S. output, which should expand both the
volume and the world market share of U.S. exports.

When planting commences later this year, South American soybean
area is likely to contract.  Relative prices will favor more corn
planting there.  The weakened financial situation of Brazilian
farmers, inflated production costs, and intense U.S. competition
offsets the price enhancing effects of the January currency
devaluation.  Brazil's soybean harvested area is seen declining
from 12.9 million hectares this year to 12.5 million, causing a
modest drop in production from 31.0 million tons to 30.5 million. 
Consequently, Brazil's exports of soybeans and soybean meal would
slip to 9.3 million and 10.2 million tons, respectively.

Likewise, Argentine farmers are anticipated to shift more area
from first crop soybeans to wheat and corn.  Argentine soybean
crushing should remain stable in 1999/2000.  Soybean meal exports
would edge higher to 12.9 million tons but will leave fewer
supplies available for whole soybean exports.  Soybean exports
would decline from 3.1 million to 2.2 million tons in 1999/2000. 
Paraguay's 1999/2000 soybean production is projected down to 2.85
million tons from 3.1 million this year, resulting in an
equivalent reduction in exports.

Weaker prices have diminished the incentive for soybean sowing in
China, reducing projected 1999 output to 13.0 million tons from
13.8 million in 1998.  It is likely that this prospective decline
in domestic supplies would boost China's 1999/2000 soybean
imports to near 4.4 million tons from 3.6 million this season. 
However, a comparatively modest increase in Chinese soybean meal
consumption will continue to limit imports of soybean meal to
near 2.4 million tons.

Indian import controls and strong consumer oil demand makes the
domestic market resistant to low oilseed prices worldwide. 
Progress of the Indian monsoon this summer has also been
favorable for soybean planting and early development.  India's
1999 soybean area is projected up slightly, raising production to
6.1 million tons from 6.0 million in 1998.  Yet, growing domestic
use of Indian soybean meal trims projected 1999/2000 exports from
3.1 million tons to 2.9 million.

A worldwide boom in rapeseed planting is projected to lift 1999
global production to 40.2 million tons, up from 36.6 million in
1998.  The widespread nature of this expansion will limit world
rapeseed trade, which is forecast down 11 percent to 7.4 million
tons.

Rapeseed harvested area in the European Union is expected to
reach a record high 3.5 million hectares.  France and Germany
will account for most of the expansion.  However, part of the
increase is from a doubling of industrial rapeseed planted on set
aside land and the remainder would displace sunflower and soybean
area.  Therefore, the rapeseed expansion should not push total EU
oilseeds area above the limit imposed by the Blair House
Agreement.  The EU rapeseed harvest is now getting underway and
favorable weather is expected to produce a bumper crop of 10.5
million tons.  EU soybean crushing margins would remain under
pressure next year and still slightly favor imports of soybean
meal over soybeans.  Excellent rapeseed harvests are also
expected in Poland and the Czech Republic.  Newly added crush
capacity will absorb Poland's output gains while the swelling
Czech surplus is loosening government restrictions on rapeseed
exports.

China's rapeseed production will bounce back from last year's
disappointing yields to a forecast 1999 bumper harvest of 10.0
million tons.  Greater domestic supplies will slash 1999/2000
rapeseed imports nearly in half, from 2.1 million tons to 1.2
million.  A gradual upward trend in Indian rapeseed yields is
expected to slightly raise 1999 production to 6.0 million tons
from 5.8 million last year.

As of late March, Canada's seeding intentions survey indicated
that Canadian farmers intended to increase rapeseed planting 3
percent in 1999.  Actual rapeseed plantings might have been even
larger, but extreme wetness stalled seeding throughout much of
the Canadian prairies this spring.  Farmers in southern
Saskatchewan could not finish before the mid-June cutoff date,
and yields are less promising on the late planted acres. 
However, with so many other countries expanding their own
rapeseed harvests, the outlook for Canadian exports is not as
bright.  Exports for 1999/2000 are expected down to 2.7 million
tons from 3.6 million last season.  The tightness experienced
this year should ease as Canadian 1999/2000 carryout stocks are
forecast sharply higher to 1.1 million tons.

The boom that made Australia the world's sixth-largest rapeseed
producing country will continue in 1999.  While prices for
rapeseed have dropped, Australian grain prices are still much
lower.  Rapeseed planting for the 1999 crop was recently
completed and is expected to rise to 1.5 million hectares,  an
increase from 1.17 million last year and about 4 times the area
harvested in 1996.  With normal yields, 1999/2000 production
would reach 2.0 million tons.  Australia's share has expanded to
about one-fifth of world rapeseed trade, as it has benefitted
from its proximity to major import markets (Japan and China). 
The country's counterseasonal, non-transgenic rapeseed supplies
have also increased import demand from the EU.  Australian
rapeseed exports are forecast to rise from 1.2 million tons this
year to 1.3 million in 1999/2000.

Unlike rapeseed, most of which was planted late last year, the
growing world glut of oilseeds discourages spring seedings of
sunflowerseed.  Global 1999/2000 sunflowerseed production will
increase just 0.4 percent to 25.8 million tons.  World trade
would decline to 4.2 million tons due to expanded crushing of
domestic supplies.  

Last year's sharp devaluation of the ruble has made sunflowerseed
production in Russia very attractive for 1999.  Despite some late
frosts in early May that forced some replanting, Russian
sunflowerseed area will surge 15 percent from last year's peak to
4.1 million hectares.  However, there likely was little change in
input use, and a lack of crop rotation has diminished soil
productivity.  Soil moisture conditions are better than one year
ago, but dry weather is again threatening to cut yields. 
Russia's 1999/2000 sunflowerseed harvest is expected to reach a
record 3.8 million tons, against 3.0 million in 1998/99.  The
accumulation of supplies should significantly aid domestic
sunflowerseed crushers, although Russian seed exports should also
benefit.

Because of declines in wheat and corn planting, Romania and
Hungary will also experience sharp increases in sunflowerseed
area and production.  Conversely, Ukrainian 1999 sunflowerseed
output will be be down from 1998/99 based on lower area and
stagnant yields.  An emerging drought that curtailed planting in
Spain and a 34-percent reduction in the EU oilseed payment to
Italian farmers culminate in an estimated 4 percent cut in 1999
EU sunflowerseed area.  EU sunflowerseed production would drop
from 3.4 million tons this year to 3.2 million in 1999.

The reduction in EU output and higher Ukrainian export duties
should aid 1999/2000 Argentine exports of sunflowerseed and
sunflowerseed products.  Yet, weaker vegetable oil prices are
projected to scale back Argentine sunflower plantings by 8
percent later this year.  

Palm and Rapeseed Oil Lead Global Output Gains For 1999/2000

Production of all the world's major vegetable oils should
increase in 1999/2000.  The prospective increase in world soybean
oil production next year is small when compared to likely gains
in palm oil and rapeseed oil.  Increasing reliance on imports of
soybeans will also shrink Chinese soybean oil imports from 1.5
million to 1.3 million tons.  World trade in soybean oil should
decline about 5 percent to 7.1 million tons.  These trends will
build carryover stocks of soybean oil, primarily in the United
States.  Both rapeseed oil and sunflowerseed oil will have
significant production gains in 1999/2000.  But most output will
be consumed internally by the producing countries, causing little
change in world trade for these two oils.

World palm oil production is projected to rise from 19.3 million
to 20.6 million tons in 1999/2000.  The abundance will recapture
markets for palm oil throughout Asia and the Middle East that
were taken away during the last 2 years.  Malaysian production is
expected to grow from 9.7 million tons to 10.2 million.  Higher
yields would hike Indonesian palm oil output from 5.8 million to
6.4 million tons in 1999/2000.  Ample domestic supplies and
liberalized trade would lift Indonesian exports from 2.9 million
to 3.3 million tons.

The next release of the Oil Crops Outlook is scheduled at 4:00
p.m. ET Friday, August 13, 1999.  The report may be accessed at
http://usda.mannlib.cornell.edu/ or via the ERS website at
http://www.econ.ag.gov.

Information Contacts:
Mark Ash--Soybeans, minor oilseeds, oils   (202) 694-5289    
mash@econ.ag.gov
Robert Skinner--Cottonseed, peanuts        (202) 694-5313 
skinner@econ.ag.gov

Table 1--Soybeans:  U.S. supply and disappearance
---------------------------------------------------------------------------
                   Supply                          Disappearance 
     ------------------------------    ------------------------------------
Year                                                     Seed,  
begin.    Beg.  Im-   Produc-   Total     Crush   Ex-    feed,   Total  
End.
Sept. 1  stocks ports  tion                      ports  residual       
stocks
---------------------------------------------------------------------------
      -------------------------- Million bushels---------------------------

1997/98    132    5    2,689    2,826     1,597    870    158    2,626   
200
1998/99 1/ 200    6    2,757    2,961     1,580    785    201    2,566   
395
1999/00 1/ 395    4    2,935    3,334     1,655    930    159    2,744   
590
---------------------------------------------------------------------------
1/ Forecast.

Table 2--Soybean meal:  U.S. supply and disappearance
---------------------------------------------------------------------------
                     Supply                           Disappearance 
     --------------------------------  ------------------------------------
Year 
begin.      Beg.   Im-   Produc-   Total    Domestic   Ex-     Total   
End.
Oct. 1    stocks  ports   tion                        ports          
stocks
---------------------------------------------------------------------------

 ---------------------------1,000 short tons--------------------------

1997/98    210    56    38,171    38,437     28,889   9,330   38,219    218
1998/99 1/ 218    45    37,312    37,575     30,500   6,800   37,300    275
1999/00 1/ 275    50    39,350    39,675     31,100   8,300   39,400    275
---------------------------------------------------------------------------
1/ Forecast.

Table 3--Soybean oil:  U.S. supply and disappearance
---------------------------------------------------------------------------
                     Supply                         Disappearance 
       -----------------------------     --------------------------------
Year 
begin.       Beg.   Im-  Produc-   Total     Domestic  Ex-     Total    
End.
Oct. 1     stocks  ports  tion                        ports           
stocks
---------------------------------------------------------------------------

      -------------------------- Million pounds---------------------------

1997/98    1,520   60   18,143   19,724     15,264   3,077   18,341   1,382
1998/99 1/ 1,382   63   17,750   19,195     15,350   2,300   17,650   1,545
1999/00 1/ 1,545   55   18,620   20,220     15,750   2,000   17,750   2,470
---------------------------------------------------------------------------
1/ Forecast.

Table 4--Cottonseed:  U.S. supply and disappearance
---------------------------------------------------------------------------
                   Supply                          Disappearance 
      -------------------------------- ------------------------------------
Year                                                             
begin.     Beg.   Im-   Produc-  Total     Crush   Ex-   Other   Total  
End.
Aug. 1   stocks  ports   tion                     ports                
stocks
---------------------------------------------------------------------------
   -------------------------- 1,000 Short tons--------------------------

1997/98   523   96    6,935   7,553    3,885    149   2,957   6,990    563
1998/99 1/563  120    5,497   6,180    2,800     50   3,030   5,880    300
1999/00 1/300   15    7,250   7,565    3,550    150   3,215   6,915    650
--------------------------------------------------------------------------
1/ Forecast.

Table 5--Cottonseed meal:  U.S. supply and disappearance
---------------------------------------------------------------------------
                     Supply                           Disappearance 
     --------------------------------  ------------------------------------
Year 
begin.      Beg.   Im-   Produc-   Total    Domestic   Ex-     Total   
End.
Oct. 1    stocks  ports   tion                        ports          
stocks
---------------------------------------------------------------------------

      -------------------------1,000 Short tons---------------------------

1997/98      26     0     1,767    1,793     1,596     109     1,705     88
1998/99 1/   88     0     1,260    1,348     1,235      90     1,325     23
1999/00 1/   23     0     1,600    1,623     1,495      90     1,585     38
---------------------------------------------------------------------------
1/ Forecast.

Table 6--Cottonseed oil:  U.S. supply and disappearance
---------------------------------------------------------------------------
                     Supply                         Disappearance 
        -----------------------------     --------------------------------
Year 
begin.       Beg.   Im-  Produc-   Total     Domestic  Ex-     Total    
End.
Oct. 1     stocks  ports  tion                        ports           
stocks
---------------------------------------------------------------------------
      -------------------------- Million pounds---------------------------

1997/98       66   0.1   1,223    1,289      1,003     208    1,211      79
1998/99 1/    79  51.0     895    1,025        855     105      960      65
1999/00 1/    65  10.3   1,135    1,210      1,000     130    1,130      80
--------------------------------------------------------------------------
1/ Forecast.

Table 7--Peanuts:  U.S. supply and disappearance
---------------------------------------------------------------------------
                     Supply                         Disappearance 
       -------------------------  ----------------------------------------
Year 
begin.     Beg.   Im-  Produc- Total  Dom.   Crush  Seed&  Ex-  Total    
End.
Oct. 1     stocks ports tion          Food         resid. ports        
stocks
---------------------------------------------------------------------------

          ----------------------- Million pounds---------------------------

1997/98    795   141  3,539  4,475   2,099  544   303   681   3,627     848
1998/99 1/ 848   152  3,963  4,964   2,135  530   324   625   3,614   1,350
1999/00 1/ 1,250 165  3,695  5,110   2,170  730   334   800   4,035   1,175
---------------------------------------------------------------------------
1/ Forecast.

Table 8--Oilseeds prices received by farmers, U.S.
--------------------------------------------------------
Marketing      Soy-  Cotton-  Sun- 
 year         beans   seed   flowers  Peanuts  Flaxseed
--------------------------------------------------------
              $/bu.   $/ton   $/cwt   Cents/lb  $/bu.

1991/92        5.58   71.00     8.69    28.30   3.52
1992/93        5.56   97.50     9.74    30.00   4.12
1993/94        6.40  113.00    12.90    30.40   4.25
1994/95        5.48  101.00    10.70    28.90   4.63
1995/96        6.72  106.00    11.50    29.30   5.19
1996/97        7.35  126.00    11.70    28.10   6.37
1997/98        6.47  121.00    11.60    28.30   5.81

1997/98
September      6.72  115.00    11.20    29.70   5.73
October        6.49  119.00    10.60    27.90   5.78
November       6.86  124.00    11.10    25.00   5.71
December       6.72  122.00    11.10    26.90   5.72
January        6.69  121.00    11.10    30.70   5.82
February       6.57  107.00    11.80     NA     6.27
March          6.40   NA       12.10     NA     6.26
April          6.26   NA       12.70     NA     6.23
May            6.26   NA       13.80     NA     6.33
June           6.16   NA       14.40     NA     6.17
July           6.14   NA       15.80     NA     6.17
August         5.43  113.00    14.40     NA     5.45

1998/99
September      5.25  113.00    11.40    26.80   5.09
October        5.18  120.00    10.70    26.30   4.86
November       5.40  133.00    10.50    21.50   4.97
December       5.37  138.00    10.80    24.00   5.01
January        5.32  139.00    11.40    25.50   5.06
February       4.80  141.00    12.20      NA    5.05
March          4.61    NA      10.70      NA    4.95
April          4.63    NA       9.44      NA    4.94
May            4.51    NA       9.85      NA    4.87
June 1/        4.43    NA       9.79      NA    4.50
--------------------------------------------------------
1/ Preliminary.  NA = Not available.

Table 9--Vegetable oil prices
---------------------------------------------------
                      Cotton-  Sun-       
Marketing    Soybean   seed   flower Peanut  Corn  
 year         oil 2/   oil 3/ oil 4/  oil 5/ oil 6/ 
---------------------------------------------------
                     Cents/lb.

1991/92       19.10    22.83   21.63  27.30  25.82 
1992/93       21.40    30.07   25.37  27.40  20.90 
1993/94       27.00    30.30   31.08  43.20  26.38 
1994/95       27.51    29.23   28.10  44.30  26.47 
1995/96       24.70    26.53   25.40  40.30  25.24 
1996/97       22.50    25.58   22.64  43.70  24.05 
1997/98       25.80    28.85   27.00  49.00  28.94
                                                   
1997/98
October       24.31    28.47   24.51  49.63  25.20
November      25.73    29.11   26.41  51.00  26.25
December      25.08    26.78   26.36  51.25  26.28
January       25.09    27.69   25.75  51.60  26.04
February      26.51    29.37   25.91  51.00  27.31
March         27.09    30.46   26.51  51.00  28.50
April         28.10    32.47   28.50  50.00  30.93
May           28.28    33.13   31.06  47.20  33.20
June          25.83    30.22   28.40  45.50  32.82
July          24.88    29.40    NA    44.00  31.52
August        23.99    30.11    NA    43.75  29.93
September     25.13    33.26    NA    43.88  29.25

1998/99
October       25.21    33.99   NA     45.40  29.46
November      25.20    34.16   NA     45.00  29.65
December      23.99    33.40  26.70   44.25  29.88
January       22.88    31.72  23.41   44.00  29.15
February      19.96    28.21  19.86   39.75  26.58
March         18.54    26.27  19.11   34.75  23.01
April         18.78    24.39  19.60   35.20  23.08
May           17.85    24.25  19.90   35.00  22.96
June 1/       16.50    25.19  18.77   37.75  22.95
------------------------------------------------------
1/ Preliminary 2/ Decatur 3/ PBSY Greenwood MS
4/ Minneapolis 5/ Southeast mills 6/ Chicago

Table 10--Oilseed meal prices
---------------------------------------------------
            Soy-   Cotton   Sun-           
Marketing   bean    seed   flower   Peanut  Linseed
 year       meal 2/ meal 3/ meal 4/ meal 5/  meal 4/
---------------------------------------------------
                        $/Short ton
1991/92     189.20  140.50   76.80  154.50  125.25
1992/93     193.75  161.78   89.00  172.90  133.60
1993/94     192.86  164.30   94.00  194.91  139.55
1994/95     162.55  112.02   62.70  128.94   95.85
1995/96     235.90  190.74  123.75  202.70  159.00
1996/97     262.00  192.00  110.60  232.00  158.75
1997/98     185.30  144.05   84.20  209.60  110.00

1997/98
October     229.30  189.10   96.90  210.00  140.60
November    245.30  189.10   88.10  210.00  161.25
December    222.50  190.50  100.00  210.00  150.50
January     202.85  153.10   90.00  210.00  130.00
February    192.75  139.10   75.87  210.00  121.25
March       174.20  128.70   72.60  210.00  116.25
April       162.50  116.25   64.90  210.00  102.50
May         160.00  105.00   66.90  210.00   96.25
June        168.55  126.00   88.35  210.00  100.00
July        183.40  145.65   97.50  210.00  117.50
August      146.25  130.30   85.00  207.50  101.00
September   135.80  115.60    NA    205.00   90.00

1998/99
October     135.70  106.50   50.00  161.00   83.75
November    144.45  107.90   50.00  100.00   92.50
December    146.40  119.75   80.90  103.75  102.50
January     138.80  110.60   77.50  105.00   95.00
February    132.30  101.25   73.75  102.50   87.25
March       133.00  106.90   70.00   91.25   83.00
April       134.50  110.90   70.00   94.50   83.00
May         133.20  108.75   70.00   93.75   80.60
June 1/     139.10  114.50   57.00  100.00   80.00
-----------------------------------------------------------------------
1/ Preliminary 2/ Hi-pro Decatur 3/ 41% Memphis 4/ Minneapolis 5/ 50% SE
mills

END_OF_FILE