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June 23, 2006

All basis prices are reported over the September delivery month
Futures markets rebounded from last week. Minneapolis July up 31 cents/bushel
U.S. miller demand for HRS extremely strong, pushing up export premiums
Strong new crop HRW protein levels have led to a collapse in protein spreads
Durum price range narrowed by 8 cents/bushel ($3/MT) on either end. Top end 1 grades down to $5.09/bushel, 2 grades up to $4.84/bushel
Big carry in SRW basis on barge rates increasing in deferred months
Nearby barge rates stable from last week. Minneapolis to NOLA $10/MT (58%) over June 2005, Cincinnati to NOLA up $8/MT (104%)
The dollar stronger against yen, Australian dollar and other currencies on anticipated rise in U.S. benchmark 'Fed funds rate' to 5.25% next week

(See attached file: PR060623pub.xls)(See attached file: PR060623pub.pdf)

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