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March 3, 2006

Futures continue to rise
Bases generally unchanged from last week in the Gulf for HRS and HRW
HRS DON specification spreads varying between merchandisers
Tendering methods still being refined
Highest premium for 1 ppm down to $0.40/bushel from $0.50
Discount for 3 ppm increased to $0.15/bushel
SRW basis down
White wheat out of the PNW up from last week, but still a great bargain at nearly $0.40/bushel under SRW
Barge and ocean freights staying steady from last week
Euro stronger against the dollar

(See attached file: PR060303.pdf)(See attached file: PR060303.xls)

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