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July 7, 2006

Another dry week in the Northern Plains brought HRS conditions down again. Currently, 52% of the crop is rated good to excellent compared to 57% last week. Another dry week along with triple digit heat forecast in North Dakota pushed Minneapolis futures to 10 year highs on Wednesday and Thursday, depressing export demand
HRS futures at a premium to HRW for the first time since January, July deliveries at 27 cents/bushel spread today
Lakes HRS 1 ppm DON offered in a much wider range. Trader offers range from 40 to 75 cents/bushel premium to 2 ppm DON
11.5% protein HRW is now the lowest protein specification for HRW quoted in the Gulf
The Lakes durum program range is $5.05 to $5.25/bushel. Price range increased 21 cents/bushel at the low end and 16 cents for the highest qualities.
Large carry in SRW basis on barge rate futures
SRW nearby cash values at a 13 cents/bushel premium to soft white
Barge and ocean freight continued to increase this week. Water levels still low in the rivers, decreasing barge capacity. Cincinnati to the Gulf up $7/MT (45%) and Minneapolis to NOLA up $6/MT (21%) from 2 weeks ago. Difficulty sourcing ocean vessels in the Gulf has rates up another $3/MT this week, $6 over 2 weeks ago
Dollar weaker against most currencies

(See attached file: PR060707pub.xls)(See attached file: PR060707pub.pdf)

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