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June 9, 2006

Futures markets on a roller coaster ride today. SRW traded in a 17.5 cent/bushel range as traders mull new USDA WASDE numbers and commodity funds trade on technicals
Second week in a row that cash prices have declined, providing optimism for increased export activity next week
Initial SRW harvest showing record quality and yields. With PNW prices unchanged from last week, SRW nearby prices dipped under soft white for the first time since August 2005
Ocean freight strengthened, still 35% lower than last year. Barge rates up slightly, currently 50% to 80% higher than last year. Secondary rail cars $80 to $100 per car more expensive than June 2005 as reported in the USDA transportation report (tables 6 and 7)

(See attached file: PR060609pub.xls)(See attached file: PR060609pub.pdf)

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