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August 4, 2006

Futures prices up from last week. CBOT nearbys up 8 cents/bu, MGE up 4 cents and KCBOT up 2
Price strength limiting export demand. The USW Commercial Sales Report shows most export interest coming from Asia
PNW basis and white wheat cash prices stronger on Asian export interest. Club wheat values much firmer
DNS sales to the EU remain slow, Lakes basis levels down 12 cents/bu. 1 ppm DON premium range down to 10 - 15 cents/bu
Barge rates made a small tick up this week, generally unchanged from 3 weeks ago. The St. Louis - NOLA rate at $20/MT, up from $10/MT in April. Sentiment is that rates are high and going higher
Barge rate futures strength in deferred months keeping strong carry in SRW basis
SRW nearby cash values at a 5 cent/bushel premium to soft white
The durum price range has widened with exports testing levels at the lower end while the domestic market is bidding the higher qualities up to $5.30/bu ($195/MT)
The dollar broadly weaker

(See attached file: PR060804.pdf)(See attached file: PR060804.xls)

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