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June 2, 2006

Futures popped up today as hedge funds buy in the dips as well as bullish fundamentals. All exchanges still lower than last week after speculators liquidated long positions mid-week
Fundamental news positive on India finalizing an 800,000 ton tender, U.S. export sales for 2006/07 stronger than expected and reduced U.S. hard wheat production projections by independent forecaster Informa Economics
Basis prices mostly unchanged from last week
HRS 1 ppm DON premium range rose another 5 cents this week, or 15 cents/bushel over 2 weeks ago, now $0.50-0.70/bushel over 2 ppm
Durum price range firmed again with 2006/07 Canadian production expected to decline by 32%
Barge freight fell back after 5 weeks of increases. It still costs more to move a ton of wheat by barge from Minneapolis to New Orleans ($27/ton) than by Panamax from the PNW to Japan ($25/ton) or the Gulf to Nigeria ($24/ton)

(See attached file: PR060602pub.xls)(See attached file: PR060602pub.pdf)

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