Usda To Release Forecast For Winter Wheat Harvest

Commodity traders, farmers and others whose fortunes rest on the price of wheat anxiously await today’s first federal forecast of the 1997 winter wheat crop.

The U.S. Department of Agriculture will release its estimates for national and state production of winter wheat, which is seeded in the fall and harvested the next summer.

Traders are curious about the forecast after the USDA surprised the market in January with news that farmers had decreased their winter wheat acreage to the lowest level since 1978.

However, in a survey of commodity analysts reported last week by Bloomberg Business News, favorable weather conditions during planting are expected to boost the 1997 crop to 6 percent larger than a year ago.

More than two thirds of the wheat produced in Washington and Idaho is winter wheat, a crop that’s worth nearly $1 billion.

In other events this week:

Today

Glenn Shroeder speaks about protecting intellectual property on the Internet to the Inland Northwest chapter of the Washington Software & Digital Media Alliance at 6:30 p.m. at Cavanaugh’s Fourth Avenue. Cost: $18 members; $23 nonmembers.

Tuesday

Post Falls Mayor Gus Johnson and Coeur d’Alene Mayor Al Hassell speak to the Spokane River Property Owners Association at Templin’s Resort Hotel.

Spokane County Commissioners hold 5 p.m. public hearing on Alton’s Tire request to rezone property on Newport Highway for a tire store.

U.S. Department of Commerce releases April retail sales.

Wednesday

Commerce Department issues March business inventories.

Thursday

Spokane Chapter of the National Association of Women in Construction meets at 5:30 p.m. at Cavanaugh’s Fourth Avenue. Cost: $13. Call Ardy Luttermoser, 747-0950.

Business After Hours begins at 5:15 p.m. at the Principal Financial Group, Rock Pointe III, 1330 N. Washington, Suite 4000. Cost: $5. Call 459-4111.

Friday

Mayor’s Prayer Breakfast opens at 7 a.m. at the Red Lion City Center.

Washington State University professor Val Limberg speaks about TV ethics to the Spokane Ag Bureau at noon at the Stockyards Inn restaurant.

New Tidyman’s supermarket scheduled to open in the Latah Creek Valley.

Saturday

NBC correspondent George Lewis speaks to the Society of Professional Journalists annual banquet at 7 p.m. at the Spokane Valley Red Lion. Cost: $18; $15 for students. Call Chris Huss at 467-6933.

Sen. Patty Murray, D-Wash., scheduled to speak to the Trout Unlimited National Conservation at 7:30 p.m. at the Airport Ramada Hotel. Cost: $20. Call Tanny Clarkson, 328-1766.

Sunday

International Council of Shopping Centers convention opens in Las Vegas.

, DataTimes ILLUSTRATION: Graphic: Aluminum prices

MEMO: This sidebar appeared with the story: ON THE SHELF Business Week, May 12: Commentators suggest that former Spokane congressman Tom Foley may be the wrong choice as ambassador to Japan. Forbes, May 19: Inside story profiles millionaire Ron Offutt, the man who supplies J.R. Simplot with potatoes.

Poor returns Top executives, and their total compensation, who returned the least for their pay to shareholders in 1994-96, according to Business Week. 1. Stephen Hilbert, Conseco. $165.2 million. 2. Sanford Weill, Travelers. $156.2 million. 3. Lawrence Coss, Green Tree Financial. $197 million. 4. Anthony O’Reilly, HJ Heinz, $68.2 million. 5. John Welch, General Electric. $57.3 million.