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May 19, 2006

Down-draft in futures prices today after markets hit multi-year highs this week
Traders expect importer preference for US wheat supplies to be tested this year
Barge freight continues upward, now 40-60% above a month ago. Ocean freight rates still moving sideways
SRW basis at the lowest level since 2002 on high barge rates and limited export demand
High protein HRS basis at the Lakes very volatile due to EU DON specification. Can range from 7-20 cents/bushel
Respite in the dollar rout

(See attached file: PR060519.pdf)(See attached file: PR060519.xls)

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