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February 3, 2006

HRW prices important leading up to Iraqi tender over the weekend
-Gulf nearby bases down $.09/bushel, cash prices up $.08/bushel on higher futures
-Merchandiser offers varied by as much as $.21/bushel today
Ocean freight rates from U.S. ports continue to plummet, particularly from the Gulf
-Rates from Argentine and Australian ports are climbing
-Disparity based on vessel supply availability and export demand of competing commodities (iron ore from Brazil for example)
HRS bases fairly stable from last week
-1 ppm DON HRS trading at a $0.40-0.45/bushel premium to 2 ppm
-3 ppm DON HRS trading at a $0.10/bushel discount (down from $0.20 earlier in the season)
PNW HRS protein spread unchanged from last week
Barge freight up 8-20% from last week on increased demand
Futures continue to strengthen on fund buying, weather concerns in U.S. and FSU, export interest
-MGE futures dip below KCBOT
U.S. dollar strengthens against the euro and yen, unchanged to slightly stronger against the Argentine peso and Australian dollar

(See attached file: PR060203.pdf)(See attached file: PR060203.xls)

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