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June 30, 2006

Continued dry weather in the Northern Plains brought HRS conditions down for the fifth straight week, sending the hard milling wheat markets much higher. Minneapolis futures market up 32 cents/bushel from last week, KCBOT up 20 cents
SRW nearby basis up on Indian purchase of Canadian SRW, decreasing North American supplies. Still a large carry in both basis and futures, October cash at $4.50/bushel
Soft white at a 17 cent/bushel price advantage over SRW
Barge and ocean freight much stronger this week. Low water levels in the rivers pushed barge prices up on the Ohio by 22% and the Mississippi 9 to 12% from last week. Difficulty sourcing vessels in the Gulf has rates up $3, Gulf to Egypt up $5
Interest rate rise to 5.25% yesterday took the dollar up against most currencies, especially the yen, euro and Argentine peso
(See attached file: PR060630pub.pdf)(See attached file: PR060630pub.xls)

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