Passage 1Review of Markets一Corn FuturesFutures market for corn, wheat and soybeans have a tough act to follow in 1997. The past 12 months featured some of the most volatile grain prices in recent history, as weather moved the market dramatically. Records were set for both price and volume. Corn-futures prices marched up 57% from the beginning of the year. Wheat-futures prices also skyrocketed to an all-time high to about $ 7 a bushel, doubling in prices since early 1995.Increasing world-wide demand and an expectation of record-low crop production because of unfavorable weather led to high prices early in 1996. For wheat, conditions stayed dry through May， while for corn and soybeans, weather remained dry in key producing regions into June. Because of the weather early in the year, the nation's granaries held a precariously low amount-just 426 million bushels of corn at one point in September, the lowest level since the 1970s.But just when supply concerns pushed prices into the record-breaking range，rains and interna-tional supply spoiled the bullish party. Farmers planted 8 million more acres of corn alone in 1996 and large crops also came from Europe and Australia. The high price encouraged shifts in planning-area and yield went up. Soybean demand could outpace its grain cousins because of the rapid growth in China, which recently switched from being an exporter to an importer of soybean products. And if there are any problems with production, the market is liable to have a large price advance.Wheat-futures price in early 1995 is about $ 3.5 a bushel.

Passage 1Review of Markets一Corn FuturesFutures market for corn, wheat and soybeans have a tough act to follow in 1997. The past 12 months featured some of the most volatile grain prices in recent history, as weather moved the market dramatically. Records were set for both price and volume. Corn-futures prices marched up 57% from the beginning of the year. Wheat-futures prices also skyrocketed to an all-time high to about $ 7 a bushel, doubling in prices since early 1995.Increasing world-wide demand and an expectation of record-low crop production because of unfavorable weather led to high prices early in 1996. For wheat, conditions stayed dry through May， while for corn and soybeans, weather remained dry in key producing regions into June. Because of the weather early in the year, the nation's granaries held a precariously low amount-just 426 million bushels of corn at one point in September, the lowest level since the 1970s.But just when supply concerns pushed prices into the record-breaking range，rains and interna-tional supply spoiled the bullish party. Farmers planted 8 million more acres of corn alone in 1996 and large crops also came from Europe and Australia. The high price encouraged shifts in planning-area and yield went up. Soybean demand could outpace its grain cousins because of the rapid growth in China, which recently switched from being an exporter to an importer of soybean products. And if there are any problems with production, the market is liable to have a large price advance.Unfavorable weather led to record-low crop production in 1996.

Passage 1Review of Markets一Corn FuturesFutures market for corn, wheat and soybeans have a tough act to follow in 1997. The past 12 months featured some of the most volatile grain prices in recent history, as weather moved the market dramatically. Records were set for both price and volume. Corn-futures prices marched up 57% from the beginning of the year. Wheat-futures prices also skyrocketed to an all-time high to about $ 7 a bushel, doubling in prices since early 1995.Increasing world-wide demand and an expectation of record-low crop production because of unfavorable weather led to high prices early in 1996. For wheat, conditions stayed dry through May， while for corn and soybeans, weather remained dry in key producing regions into June. Because of the weather early in the year, the nation's granaries held a precariously low amount-just 426 million bushels of corn at one point in September, the lowest level since the 1970s.But just when supply concerns pushed prices into the record-breaking range，rains and interna-tional supply spoiled the bullish party. Farmers planted 8 million more acres of corn alone in 1996 and large crops also came from Europe and Australia. The high price encouraged shifts in planning-area and yield went up. Soybean demand could outpace its grain cousins because of the rapid growth in China, which recently switched from being an exporter to an importer of soybean products. And if there are any problems with production, the market is liable to have a large price advance.Because of the weather, many countries stored more corn than expected.

Passage 1Review of Markets一Corn FuturesFutures market for corn, wheat and soybeans have a tough act to follow in 1997. The past 12 months featured some of the most volatile grain prices in recent history, as weather moved the market dramatically. Records were set for both price and volume. Corn-futures prices marched up 57% from the beginning of the year. Wheat-futures prices also skyrocketed to an all-time high to about $ 7 a bushel, doubling in prices since early 1995.Increasing world-wide demand and an expectation of record-low crop production because of unfavorable weather led to high prices early in 1996. For wheat, conditions stayed dry through May， while for corn and soybeans, weather remained dry in key producing regions into June. Because of the weather early in the year, the nation's granaries held a precariously low amount-just 426 million bushels of corn at one point in September, the lowest level since the 1970s.But just when supply concerns pushed prices into the record-breaking range，rains and interna-tional supply spoiled the bullish party. Farmers planted 8 million more acres of corn alone in 1996 and large crops also came from Europe and Australia. The high price encouraged shifts in planning-area and yield went up. Soybean demand could outpace its grain cousins because of the rapid growth in China, which recently switched from being an exporter to an importer of soybean products. And if there are any problems with production, the market is liable to have a large price advance.Rapid demand growth makes China become an importer of soybean.

Passage 2Smooth Ride on the Road to successIt is the good fortune of the United Arab Emirates(UAE) that the country and its economy are enjoying a much softer ride. The federation is functioning smoothly with few obvious obstacles on the path ahead. A lot of the multinational companies have chosen Dubai to target their markets. They recognize that here they can have the international exposure, the services and access to the storage and distribution networks. They are looking at Dubai as a distribution and management center for the whole of the Middle East.The range of economic activity remains one of the UAE's great strengths in combating the peri-odic downturns in the oil market. Nevertheless, it is widely acknowledged that the oil price continued to have a disproportionate bearing on the economy's well-being and that further diversification is required. Strong emphasis is being attached to the development of non-oil activity, whether it be through joint stock investment companies or government agencies. However other aspects of econom ic reform have hardly got onto political agenda. There has been no privatization and still there isn't a stock exchange. Next year may see some action. The review of the draft stock exchange rules is nearing completion and that 1996 should see the publication of a stock exchange law. Yet, few expect a sea-change in economic policy. The trend is towards economic reform, but it won't be rushed. There is still enough money around to satisfy most people's expectation. A similar assessment was made in a recent study by the Emirates Industrial Bank on the possibility of greater private involvement in infrastructure projects.“ For the UAE although these are not pressing policy concerns, it might be worthwhile to start looking at the best institutional arrangements from a medium to long term perspective for managing the infrastructure," it said.A lot of multinational companies came to Dubai and set up their offices.

Passage 2Smooth Ride on the Road to successIt is the good fortune of the United Arab Emirates(UAE) that the country and its economy are enjoying a much softer ride. The federation is functioning smoothly with few obvious obstacles on the path ahead. A lot of the multinational companies have chosen Dubai to target their markets. They recognize that here they can have the international exposure, the services and access to the storage and distribution networks. They are looking at Dubai as a distribution and management center for the whole of the Middle East.The range of economic activity remains one of the UAE's great strengths in combating the peri-odic downturns in the oil market. Nevertheless, it is widely acknowledged that the oil price continued to have a disproportionate bearing on the economy's well-being and that further diversification is required. Strong emphasis is being attached to the development of non-oil activity, whether it be through joint stock investment companies or government agencies. However other aspects of econom ic reform have hardly got onto political agenda. There has been no privatization and still there isn't a stock exchange. Next year may see some action. The review of the draft stock exchange rules is nearing completion and that 1996 should see the publication of a stock exchange law. Yet, few expect a sea-change in economic policy. The trend is towards economic reform, but it won't be rushed. There is still enough money around to satisfy most people's expectation. A similar assessment was made in a recent study by the Emirates Industrial Bank on the possibility of greater private involvement in infrastructure projects.“ For the UAE although these are not pressing policy concerns, it might be worthwhile to start looking at the best institutional arrangements from a medium to long term perspective for managing the infrastructure," it said.To deal with the fall in the price of oil, UAE began to develop non-oil activities.

Passage 2Smooth Ride on the Road to successIt is the good fortune of the United Arab Emirates(UAE) that the country and its economy are enjoying a much softer ride. The federation is functioning smoothly with few obvious obstacles on the path ahead. A lot of the multinational companies have chosen Dubai to target their markets. They recognize that here they can have the international exposure, the services and access to the storage and distribution networks. They are looking at Dubai as a distribution and management center for the whole of the Middle East.The range of economic activity remains one of the UAE's great strengths in combating the peri-odic downturns in the oil market. Nevertheless, it is widely acknowledged that the oil price continued to have a disproportionate bearing on the economy's well-being and that further diversification is required. Strong emphasis is being attached to the development of non-oil activity, whether it be through joint stock investment companies or government agencies. However other aspects of econom ic reform have hardly got onto political agenda. There has been no privatization and still there isn't a stock exchange. Next year may see some action. The review of the draft stock exchange rules is nearing completion and that 1996 should see the publication of a stock exchange law. Yet, few expect a sea-change in economic policy. The trend is towards economic reform, but it won't be rushed. There is still enough money around to satisfy most people's expectation. A similar assessment was made in a recent study by the Emirates Industrial Bank on the possibility of greater private involvement in infrastructure projects.“ For the UAE although these are not pressing policy concerns, it might be worthwhile to start looking at the best institutional arrangements from a medium to long term perspective for managing the infrastructure," it said.A stock exchange will never be allowed in UAE.

Passage 2Smooth Ride on the Road to successIt is the good fortune of the United Arab Emirates(UAE) that the country and its economy are enjoying a much softer ride. The federation is functioning smoothly with few obvious obstacles on the path ahead. A lot of the multinational companies have chosen Dubai to target their markets. They recognize that here they can have the international exposure, the services and access to the storage and distribution networks. They are looking at Dubai as a distribution and management center for the whole of the Middle East.The range of economic activity remains one of the UAE's great strengths in combating the peri-odic downturns in the oil market. Nevertheless, it is widely acknowledged that the oil price continued to have a disproportionate bearing on the economy's well-being and that further diversification is required. Strong emphasis is being attached to the development of non-oil activity, whether it be through joint stock investment companies or government agencies. However other aspects of econom ic reform have hardly got onto political agenda. There has been no privatization and still there isn't a stock exchange. Next year may see some action. The review of the draft stock exchange rules is nearing completion and that 1996 should see the publication of a stock exchange law. Yet, few expect a sea-change in economic policy. The trend is towards economic reform, but it won't be rushed. There is still enough money around to satisfy most people's expectation. A similar assessment was made in a recent study by the Emirates Industrial Bank on the possibility of greater private involvement in infrastructure projects.“ For the UAE although these are not pressing policy concerns, it might be worthwhile to start looking at the best institutional arrangements from a medium to long term perspective for managing the infrastructure," it said.There will be a fundamental reform in UAE's economy policy.

Passage 2Smooth Ride on the Road to successIt is the good fortune of the United Arab Emirates(UAE) that the country and its economy are enjoying a much softer ride. The federation is functioning smoothly with few obvious obstacles on the path ahead. A lot of the multinational companies have chosen Dubai to target their markets. They recognize that here they can have the international exposure, the services and access to the storage and distribution networks. They are looking at Dubai as a distribution and management center for the whole of the Middle East.The range of economic activity remains one of the UAE's great strengths in combating the peri-odic downturns in the oil market. Nevertheless, it is widely acknowledged that the oil price continued to have a disproportionate bearing on the economy's well-being and that further diversification is required. Strong emphasis is being attached to the development of non-oil activity, whether it be through joint stock investment companies or government agencies. However other aspects of econom ic reform have hardly got onto political agenda. There has been no privatization and still there isn't a stock exchange. Next year may see some action. The review of the draft stock exchange rules is nearing completion and that 1996 should see the publication of a stock exchange law. Yet, few expect a sea-change in economic policy. The trend is towards economic reform, but it won't be rushed. There is still enough money around to satisfy most people's expectation. A similar assessment was made in a recent study by the Emirates Industrial Bank on the possibility of greater private involvement in infrastructure projects.“ For the UAE although these are not pressing policy concerns, it might be worthwhile to start looking at the best institutional arrangements from a medium to long term perspective for managing the infrastructure," it said.Private investment are always encouraged in infrastructure projects in UAE.

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