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July 21, 2006

Highlights
The Northern Plains HRS crop appears certain to have very low DON content, dropping the premium considerably. 1 ppm DON grain is currently trading at a 20 to 30 cent/bushel premium, down from last week's 25 to 60 cents/bushel

Export interest from Iraq, expected to tender for 150,000 MT of HRW or similar, and India expected to increase imports of soft wheat due to domestic production downgraded by 1 MMT, supporting CBOT and KCBOT futures prices

Drought conditions in the Northern and Southern U.S. Plains and Argentina reportedly already priced in, but continuing hot and dry conditions in Europe, Canada and Australia are pushing prices higher

HRS protein premiums have fallen dramatically on high protein new crop. HRW protein premiums remain low

PNW protein premiums have been adjusted substantially this week on new crop protein content. High protein premiums are down while premiums for low protein maximum specifications on white wheat are up

Barge rates continued upward this week. The Minneapolis - NOLA rate is up 46% ($13/MT) from a month ago and expected to rise, Cincinnati - NOLA up 48% ($7/MT)

SRW nearby cash values at a 20 cent/bushel premium to soft white up from 15 cents/bushel last week

(See attached file: PR 060721.pdf)(See attached file: PR 060721.xls)

File Name
PR 060721.pdf
PR 060721.xls
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