Freezing temperatures damage some wheat

More than a quarter of the state’s wheat crop has suffered damage from recent freezing temperatures, Kansas Agricultural Statistics Service reported Monday.

About 19 percent of the crop showed light freeze damage, while 7 percent had moderate damage and 1 percent severe damage, the service reported. The remaining 73 percent had not shown signs of damage, but many farmers have yet to determine how much of their crop was hurt by the snow and frost that hit parts of Kansas recently.

In its weekly crop condition update, the service ranked wheat condition as 17 percent excellent and 51 percent good. Another 26 percent was rated as fair. Only 5 percent got a poor rating, with an additional 1 percent rated as very poor.

Statewide, about 12 percent of the wheat already had headed, the service said.

Telecommunications

Qwest no longer interested in MCI

Qwest dropped out of the bidding war for MCI Inc. on Monday after MCI agreed to another new deal with Verizon, rejecting a higher-priced bid from Qwest for the fourth time.

A spokesman for Qwest Communications International Inc. said the decision to retreat was “final.”

The announcement came hours after MCI announced an improved $8.5 billion deal with Verizon that still pays shareholders $1.3 billion less than what Qwest had offered.

MCI, the struggling long-distance phone company formerly known as WorldCom, declined to discuss Qwest’s announcement. Verizon, one of the nation’s two biggest local and wireless phone companies, also declined comment.

Economy

March construction spending hits record

Construction spending rose a solid 0.5 percent to a record level in March, as strong building activity at offices and shopping malls helped offset a slowdown in housing construction.

The Commerce Department said Monday that the increase pushed total construction activity to a seasonally adjusted annual rate of $1.05 trillion, an all-time high. The advance followed a similar 0.5 percent gain in February.

The March performance was stronger than the 0.3 percent increase that economists had been expecting. They are looking for construction activity to remain strong this year as long as interest rates continue rising at a gradual pace.

Acquisition

Yellow Roadway adds cash to USF deal

Yellow Roadway Corp. said Monday it would include more cash in its $1.37 billion bid of cash and stock for trucking company USF Corp.

Yellow said shareholders would receive about 65 percent cash and 35 percent Yellow Roadway stock under the revised offer. Originally, the transaction was structured as about 50 percent cash and 50 percent stock.

Under the revised terms, USF shareholders are entitled to receive $29.25 per share in cash and 0.31584 shares of Yellow Roadway stock for each share of USF stock.