COMMODITY BRIEFS

COMMODITY BRIEFS

TAIWAN SET TO SCRAP

GOLD SUPPLY FUND

TAIPEI, Taiwan - The Taiwanese government will abolish its "gold supply fund," originally a means of influencing the domestic bullion market, to prepare for opening up exports of the metal, an official said.

The opening of gold exports will come "in two to three months, or six months at the latest," Ting-rui, at the state-run Central Trust of China, said Friday.

Mr. Ting said the 50,000 to 60,000 troy ounces of bullion now in the fund will be gradually sold off over the next six months.

The fund was set up in 1981, when imports of bullion via the Central Trust of China were first allowed.

FORMER SOVIETS BID

ON US BONUS WHEAT

KANSAS CITY - The former Soviet Union Friday bid for 314,000 metric tons of U.S. hard red winter or spring wheat under export bonus for February shipment, U.S. exporters said.

It bid $150 per metric ton, cost and freight, and for 214,000 metric tons of U.S. wheat to be shipped to ports located in the Black Sea, they said.

It also bid $147 per metric ton, cost and freight, for 100,000 metric tons of U.S. wheat for shipment into Pacific ports in the former Soviet Union, they said.

LEADING MERCHANT SEES

DROP IN COTTON FUTURES

MEMPHIS - Billy Dunavant, chairman and chief executive officer of Dunavant Enterprises Inc., the country's leading cotton merchant, expects that if ''foreign prices continue to erode during the spring," the New York futures price "will take another hit below 54 cents a pound."

New York Cotton Exchange cotton futures are trading at 55 cents to 56 cents a pound.

Mr. Dunavant said the two major factors for his bearish view are huge world crops and a large crop carryover for this season and a continued building of stocks in the 1992-93 season.

Although exports of cotton have been strong, some of the 1990-91 crop remained unsold in warehouses. The 1991-92 crop will be planted soon.