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August 18, 2006

Another decline in futures prices this week on technical selling. CBOT and MGE nearbys down 9 cents/bu, KCBOT unchanged from last week

Increased Egyptian interest pushes SRW nearby basis prices up 5 cents/bu ($2/MT). Cash prices still lower on futures price decline

SW out of the PNW also stronger on Egypt purchases, up 2 cents/bu this week

SRW cash price at a 6 cents/bu discount to SW this week. Only the second time since August 2005 that SW at a premium to SRW

Strong durum prices, ranging $5.25 to $5.66/bu ($193 to $208/MT) are limiting export interest

Barge rates without strong direction this week. The Minneapolis to NOLA rate currently $5/MT down from a month ago. Ohio river barge rates up $4/MT (Cinncinnati to NOLA). Low water levels reported on both rivers, decreasing vessel capacity

Atlantic ocean freight rates strengthen slightly, Pacific generally unchanged. Both sets of routes are at calendar year highs

(See attached file: PR060818pub.xls)(See attached file: PR060818pub.pdf)

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