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May 11, 2007
(See attached file: PR070511pub.xls) (See attached file: PR070511pub.pdf)

The first 2007/08 WASDE projections pushed futures higher today, taking back losses from earlier in the week. The SRW and HRW May contracts ended the week at $4.83 and $4.77 per bushel, both up slightly from last week. However, the NS/DNS May contract ended down $0.04 cents at $5.285 per bushel.

Weekly export sales were unimpressive at 185.0 TMT, below trade estimates for 200.0 TMT- 350.0 TMT. Sales of new crop wheat were seen at 75.4 TMT, putting total sales at 1.0 MMT, well behind last year’s pace.

Barge rates moved lower for the fifth consecutive week.

Ocean freight out of the Lakes was seen lower this week, while rates out of the Gulf and Pacific remain strong. Chinese demand for natural resources was again the primary cause for continued high freight rates

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