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January 27, 2006

HRS bases unchanged in the Gulf and Lakes for the open.
Vomitoxin market becoming more important with impending new EU specification
1 ppm vomitoxin HRS trading at a $0.40-0.50/bushel premium to 2 ppm
3 ppm vomitoxin HRS trading at a $0.10/bushel discount (down from $0.20 earlier in the season)
PNW 0.5 ppm (Japanese buyers) trading at a $0.07-0.10/bushel discount
PNW HRS protein spread narrows from last week
Ocean freight down again, should continue to decline next week with Chinese New Year
Rates are currently 35-45% lower than last year
Barge and rail freight also coming down
Futures strengthening on technical trading

Microsoft Excel Spreadsheet
Abobe Acrobat - pdf
(See attached file: PR060127.xls)
(See attached file: PR060127.pdf)

File Name
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