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June 16, 2006

Futures markets took another dive this week. CBOT nearbys down 56 cents/bushel (14%) from 4 weeks ago
Short HRW supplies led to a 5 cents/bushel basis increase. Protein spreads have narrowed considerably on higher average levels in new crop
HRS basis up 10 cents/bushel on strong export and domestic milling demand, 1 ppm DON premium very firm
Traditional Gulf HRS buyers sourcing from the Lakes to capture deep discounts for 2+ ppm DON
Durum prices firmer again
PNW white wheat prices fell, still slightly (6 cents/bushel) above SRW cash values
Ocean freight continues to strengthen on demand from South American grain, Indian and Chinese raw materials. Market observers are expecting increased ship supply to limit upside price potential
Rail freight down on the reduced HRW harvest
Barge rates down for 4th straight week. Minneapolis to NOLA still $11/MT (65%) more expensive than June 2005

(See attached file: PR060616.pdf)(See attached file: PR060616.xls)

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