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March 31, 2006
Futures rebound from last week. Hard wheats much stronger today on bullish USDA prospective plantings report
HRS and SRW basis lower in the Gulf and Lakes lacking export demand, HRW basis steady to higher
New crop high protein HRW basis lower than last year's supplies
Basis continues to increase in the PNW with few supplies left on the farm
White wheat out of the PNW remains the most competitive export wheat in the world
Offers to Egypt's GASC include U.S. SW at $133/MT, French and U.K. at $136, Canadian at $137, Australian at $140 and Russian at $144
Barge and ocean freights fall slightly on continued slack Chinese demand for iron ore/steel

(See attached file: PR060331.pdf)(See attached file: PR060331.xls)

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