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U.S.

Wheat Associates
Weekly Price Report
October 1, 2010

Export Wheat Class & % OCT (Z10) OCT (Z10) NOV (Z10) DEC (Z10) JAN (H11) FEB (H11) MAR (H11) APR (K11) Year Ago
(nearbys) week change FOB Basis FOB Basis FOB Basis FOB Basis FOB Basis FOB Basis FOB Basis (nearbys)
Region Protein
FOB $/bu $/bu $/MT $/MT ¢/bu $/MT ¢/bu $/MT ¢/bu $/MT ¢/bu $/MT ¢/bu $/MT ¢/bu $/MT ¢/bu $/MT
Great NS/DNS 13.0 M 7.41 -0.59 -22 272 35 272 35 272 35 closed N/A closed N/A closed N/A 276 25 N/A
Lakes NS/DNS 13.5 M 7.66 -0.69 -25 281 60 281 60 281 60 closed N/A closed N/A closed N/A 285 50 207
NS/DNS 14.0 M 7.91 -1.44 -53 291 85 291 85 291 85 closed N/A closed N/A closed N/A 294 75 234
NS/DNS 13.0 M 8.46 -0.49 -18 311 140 311 140 311 140 314 135 314 135 314 135 314 130 227
NS/DNS 13.5 M 8.86 -0.54 -20 326 180 326 180 326 180 329 175 329 175 329 175 329 170 240
NS/DNS 14.0 M 9.61 -0.49 -18 353 255 353 255 353 255 356 250 356 250 356 250 357 245 275
Gulf of HRW Ord K 7.49 -0.84 -31 275 60 279 70 281 75 280 60 282 65 282 65 282 60 189
Mexico HRW 11.0 K 7.49 -0.84 -31 275 60 279 70 281 75 280 60 282 65 282 65 282 60 191
HRW 11.5 K 7.54 -0.84 -31 277 65 281 75 283 80 282 65 284 70 284 70 284 65 195
HRW 12.0 K 7.59 -0.94 -34 279 70 283 80 284 85 284 70 286 75 286 75 286 70 198
HRW 12.5 K 7.69 N/A N/A 283 80 286 90 288 95 288 80 290 85 290 85 290 80 202
SRW C 7.40 -0.65 -24 272 85 272 85 274 90 282 80 282 80 282 80 282 65 162
NS/DNS 13.0 M 8.96 -0.69 -25 329 190 329 190 331 195 334 190 336 195 336 195 338 195 N/A
NS/DNS 13.5 M 9.66 -0.59 -22 355 260 355 260 357 265 360 260 362 265 362 265 364 265 229
NS/DNS 14.0 M 10.21 -0.44 -16 375 315 375 315 377 320 380 315 382 320 382 320 384 320 N/A
HRW Ord K 7.44 -1.19 -44 273 55 273 55 275 60 279 55 280 60 282 65 282 60 189
Pacific HRW 11.5 K 7.69 -1.19 -44 283 80 283 80 284 85 288 80 290 85 291 90 292 85 191
N West
N. HRW 12
12.0
0 K 8 09
8.09 -1.09
1 09 -40
40 297 120 297 120 299 125 302 120 304 125 306 130 306 125 196
HRW 13.0 K 9.19 N/A N/A 338 230 338 230 340 235 343 230 345 235 346 240 347 235 198
SW Unspecified $ 7.50 -0.40 -15 276 7.50 276 7.50 276 7.50 277 7.55 277 7.55 277 7.55 277 7.55 180
SW 10.5% Max $ 7.50 -0.40 -15 276 7.50 276 7.50 276 7.50 277 7.55 277 7.55 277 7.55 277 7.55 182
SW 9.5% Max $ 7.50 -0.50 -18 276 7.50 276 7.50 276 7.50 277 7.55 277 7.55 277 7.55 277 7.55 189
WW 10% Club $ 7.60 -0.40 -15 279 7.60 279 7.60 285 7.75 287 7.80 287 7.80 287 7.80 287 7.80 204
WW 20% Club $ 7.70 -0.40 -15 283 7.70 283 7.70 283 7.70 285 7.75 285 7.75 285 7.75 285 7.75 224

Durum: a range of prices are available depending upon various quality attributes.
Offers from the Lakes range from $8.71 to $8.98/bu ($320 to $330/MT) and Gulf ports range from $9.80 to $10.07/bu ($360 to $370/MT).
Futures Settlements as of Grey positions not quoted on specific exchange
October 1, 2010 week week week week week week week week
DEC (Z10) NOV (X10) change DEC (Z10) change JAN (F11) change MAR (H11) change MAY (K11) change JUL (N11) change AUG (Q11) change SEP (U11) change
$/MT $/bu $/bu $/bu $/bu $/bu $/bu $/bu $/bu $/bu $/bu $/bu $/bu $/bu $/bu $/bu $/bu
Chicago BOT SRW 240.67 6.5500 (0.6500) 6.8850 (0.6100) 7.0325 (0.5475) 7.0200 (0.4250) 7.1225 (0.4150)
Kansas City BOT HRW 253.25 6.8925 (0.6775) 7.0300 (0.6800) 7.0850 (0.6450) 7.0750 (0.5575) 7.1250 (0.5100)
Minneapolis MGE NS/DNS 259.41 7.0600 (0.5650) 7.1975 (0.5375) 7.2550 (0.4950) 7.2475 (0.4875) 7.1475 (0.4100)
Chicago BOT Corn 183.36 4.6575 (0.5600) 4.7825 (0.5600) 4.8400 (0.5575) 4.8750 (0.5450) 4.7200 (0.3800)
Chicago BOT Soybeans 10.5700 (0.6900) 10.6675 (0.6875) 10.7500 (0.6750) 10.7825 (0.6575) 10.8250 (0.6475) 10.7475 (0.6125) 10.5750 (0.5750)
Legend: M = Minneapolis Grain Exchange; K = Kansas City Board of Trade; C = Chicago Board of Trade;
$ = cash price quote; N/A = quote not available; closed = Great Lakes are closed to vessels for winter; ¢/bu = cents per bushel;
Futures Contract Month: H = March; K = May; N = July; U = September; Z = December
NS/DNS=Northern Spring/Dark Northern Spring (subclasses of Hard Red Spring); HRW=Hard Red Winter; SRW=Soft Red Winter; SW=Soft White; WW=Western White (White Club & Soft White)
F.O.B.= "Free on board" - Seller is responsible for placing grain at the end of the loading spout. Buyer is responsible for providing the ocean vessel and for all other costs after the grain is delivered on board.
Basis: The difference between the cash price and futures month for specific quality, shipping period and geographical location.
Cash: Durum, SW and WW are quoted in dollars per bushel ($/bu.) rather than basis for each contract month.
Convert: To compute cash price, add basis level and current futures to get price per bushel. Multiply by 36.743 to get price per metric ton.
Example: Basis = 70 and Future Price = $9.00, the price per bushel is $9.00 + .70 = $9.70/bu. Price per metric ton is $9.70 * 36.743 = $356/MT.
All prices are based upon U.S. number two grade or better as certified by the Federal Grain Inspection Service (FGIS).
U.S. Wheat Associates
Weekly Price Report (page 2)
October 1, 2010
Ocean Freight
O F i ht R
Rate
t E
Estimates
ti t by b Origin*
Oi i * US d
U.S. dollars/metric
ll / t i tton
Ocean Freight Rate Indices
Export Import Handy Handymax Panamax Freight Index** General Grain Freight Number of 650
Region Region 25-30 TMT 40-46 TMT 54+ TMT Week Ending Index Index Fixtures
US Gulf Mexico (Veracruz) 24 21 10/2/2010 484.6 566.4 355 600

W. South America (Peru/Ecu) 27 9/25/2010 485.5 569.7 332 550


N. South America (Colombia) 23 9/18/2010 494.6 574.7 338
E. South America (Brazil) 30 9/11/2010 479.1 554.5 360 500
W t Af
West Africa
i (Ni
(Nigeria)
i ) 43 9/4/2010 470
470.8
8 546.9
546 9 251
450
East Mediterranean (Italy) 33 8/28/2010 472.6 546.9 338
West Mediterranean (Morocco) 42 8/21/2010 466.9 542.0 357 400
Middle East (Egypt) 40 8/14/2010 456.1 535.6 338
Japan 62 61 8/7/2010 447.2 530.0 341 350

Mid Atlantic N. South America (Venezuela) 29 7/31/2010 441.5 525.8 313 Oct-09 Dec-09 Feb-10 Apr-10 Jun-10 Aug-10

West Africa (Nigeria) 50 7/24/2010 438.7 524.3 323 Grain General

Middl East
Middle E (E
(Egypt)) 34 7/17/2010
/1 /2010 448
448.8
8 536.9
36 9 332
St. Lawrence N. South America (Venezuela) 34 33 7/10/2010 461.5 545.1 341 Egyptian Freight Estimates
80
Europe/Rotterdam 33 7/3/2010 468.5 547.4 338
Middle East (Egypt) 32 6/26/2010 479.4 560.8 332 70

Great Lakes East Mediterranean (Italy) 87 6/19/2010 500.5 579.2 320 60


West Mediterranean (Spain) 85 6/12/2010 521.2 594.9 329

metric ton
50
Rotterdam 80 6/5/2010 524.2 599.8 274

$/metric
West Africa (Morocco/Algeria) 83 5/29/2010 526.2 599.8 300 40
PNW W. South America (Peru/Ecu) 22 5/22/2010 524.6 599.8 328
30
Middle East (Egypt) 40 5/15/2010 518.5 592.3 383
East Africa (Djibouti/Mombasa) 51 5/8/2010 504.7 587.8 306 20
South Asia (Mal/Indon/Phil/Sing) 39 37 5/1/2010 494.8 581.5 412 10
Taiwan 38 36 4/24/2010 485.1 568.9 335 Oct-09 Dec-09 Feb-10 Apr-10 Jun-10 Aug-10
South Korea 38 36 4/17/2010 479.4 564.0 403
Gulf origin PNW origin
Japan 33 32 4/10/2010 479.6 557.7 241
Note: Rates for freight leaving the Great Lakes are quoted for 18,000 MT "Salties."
Sources: *Trade representatives and recent shipments, **Maritime Research, Inc., ***Nominal Major Currencies, Federal Reserve Board Selected Exchange Rates
0.85 1.30
Summary of Foreign Currency Exchange Rates (versus $1 U.S. dollar) 0.80 1.25

n/US dollar
Week Ending Index*** Argentina Australia Brazil Canada Egypt EU Japan Russia 1.20

euro/US dollar xx
0.75
10/1/10 N/A 3.966 1.034 1.702 1.031 5.728 0.734 83.426 30.569 1.15

Canadian/US
9/24/10 73 83
73.83 3 954
3.954 1 051
1.051 1 723
1.723 1 033
1.033 5 739
5.739 0 749
0.749 84 459
84.459 31 029
31.029 0.70
1 10
1.10
9/17/10 75.33 3.953 1.068 1.725 1.027 5.743 0.766 85.635 31.153 0.65
1.05
9/10/10 75.99 3.950 1.082 1.728 1.035 5.747 0.787 83.767 30.875 0.60
10/1/09 73.98 3.849 1.137 1.784 1.077 5.540 0.684 89.759 30.052 1.00

10/1/05 N/A 2.913 1.312 2.231 1.163 5.794 0.832 113.530 28.545 0.55 0.95
1 year change - 3.03% -9.09% -4.60% -4.34% 3.41% 7.34% -7.06% 1.72% 0.50 0.90
5 year change - 36.14% -21.20% -23.69% -11.38% -1.13% -11.77% -26.52% 7.09% Oct-09 Dec-09 Feb-10 Apr-10 Jun-10 Aug-10
euro Canadian dollar

The weekly prices as reported by U.S. Wheat Associates are compiled through research from numerous market sources, including U.S. wheat exporters of all classes from various U.S. ports. The prices reported are representative of the value
of number two grade and the proteins indicated. They are not intended to represent offers nor should importers of U.S. wheat rely upon them as such. Additional factors may alter these prices significantly. These factors may include:
(1) payment terms (differing from cash against documents which are the terms used in the U.S. Wheat Associates price report); (2) various quality factors, and method of quality certification; (3) loading terms (USW prices represent
Free on Board and do not include loading rate guarantees, stevedoring costs or other elevator tariff charges); (4) different delivery periods than indicated in monthly prices reported by U. S. Wheat Associates.
U.S. Wheat Associates recommends regular contact with exporters of U.S. wheat in order to receive offers representative of your requirements. These contracts would allow importers to review contract terms and better understand the
U.S. grading system, role and function of the Federal Grain Inspection Service (FGIS).
Contact: For questions, please contact Chad Weigand at (703) 650
650-0241
0241 or cweigand@uswheat.org.
Nearby Futures Contract Prices HRW Basis at PNW and Gulf Ports
8 (ordinary protein)
110
100
90

cents/bushel XXl
7 80
70
60

$/bushel
50
6 40
30
20
10
5
0
-10
-20
4 -30
Oct-09 Nov-09 Jan-10 Mar-10 Apr-10 Jun-10 Jul-10 Sep-10 Oct-09 Dec-09 Feb-10 Apr-10 Jun-10 Aug-10 Oct-10

PNW Gulf
KBOT MGE CBOT

HRW Protein Premiums - PNW


HRS Basis at Various Ports
400
140
350
120
300

ushel XX
100
shel XX

cents/bushel
250
cents/bushel

80
200
60
150
40
100

20
50

0 0

Oct-09 Dec-09 Feb-10 Apr-10 Jun-10 Aug-10 Oct-10 Oct 09


Oct-09 Dec 09
Dec-09 Feb 10
Feb-10 Apr 10
Apr-10 Jun 10
Jun-10 Aug 10
Aug-10 Oct 10
Oct-10

ords 12% protein


Gulf HRS 14 PNW HRS 14 G.L. HRS 14

SW and SRW Nearby Cash Prices HRW Cash Prices at the Gulf
e 3)
eat Associates
s

320 9
rice Report (page

300 8
280 7
260 6
$/metric ton

240 5
$/bushel

220 4
200 3
010
U.S. Whe

2
Weekly Pri
October 1, 20

180
160 1

140 0
Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Oct-09 Dec-09 Feb-10 Apr-10 Jun-10 Aug-10 Oct-10

PNW SW Gulf SRW KCBOT Futures Gulf HRW basis

Custom graphs of historic nearby cash prices may be accessed at: Basis and cash prices for different delivery months are also available at:
http://www.uswheat.org/priceReports/nearbyCash http://www.uswheat.org/priceReports/deliverymonth
U.S. Wheat Associates
Weekly Price Report
October 1, 2010 Highlights:
* Wheat prices were sharply lower this week as favorable weather conditions prevailed across many wheat‐
Daily Settlement Prices (DEC 10) producing areas. Warm weather across North America allowed the harvest to advance in Canada and 
winter wheat planting to progress in the Great Plains, while the Black Sea region received beneficial rainfall 
7.50 needed for this year’s planting campaign. Spillover from the corn markets following a bearish grain stocks 
7.40
report also weighed heavily on wheat prices. The CBOT December contract reached a new one‐month low 
7.30
7.20
during the week and lost 65 cent from last Friday, falling to $6.55/bu. KCBT nearbys fell by 67 cents, to 
7.10 $6.89/bu, and MGEX lost 56 cents, to $7.06/bu. Corn and soybean prices also suffered heavy losses as 
$/bu

7.00 USDA’s grain stocks estimates exceeded trade expectations. CBOT corn fell 56 cents, to $4.65/bu, and 
6.90 soybean nearby prices fell 69 cents, to $10.57/bu.
6.80
6.70 * USDA released their quarterly grain stocks report this week. USDA estimated wheat stocks stored in all 
6.60 positions as of September 1, 2010 at 67.0 MMT, up 11 percent from a year ago. Off‐farm stocks stood at 
6.50 44.4 MMT, up 19 percent from last year. Corn stocks in all positions totaled 43.4 MMT, which exceeded 
9/27/10 9/28/10 9/29/10 9/30/10 10/1/10 trade expectations and is 2 percent greater than a year ago. Soybean stocks were also higher than last year, 
CBOT KCBT MGEX by 9 percent at 4.1 MMT.
* In their Small Grains Summary, USDA projected 2010/11 U.S. wheat production at 60.4 MMT, down 2 
percent from last month’s official estimate. The U.S. wheat yield reached a record 46.7 bushels per acre, up 
4 percent from the previous record set in 2008/09.
Selected Basis Values
350
* Recent rains in Argentina have benefitted this year’s wheat crop, according to the Buenos Aires Grain 
EExchange. The Exchange said Argentina’s wheat crop would reach a minimum of 11.3 MMT, which 
h Th E h id A ti ’ h t ld h i i f 11 3 MMT hi h
300
compares to USDA’s current estimate of 12.0 MMT. If realized, it would be Argentina’s largest crop since 
250
2007/08, but still 2 percent below their five‐year average.
200
150 * Warm weather across western Canada helped the wheat harvest this week. The provincial government of 
Saskatchewan reported the spring wheat harvest at 16 percent complete and the durum harvest at 12 
100
percent complete. Total crop harvest stands at 29 percent complete, up from 18 percent a week ago; 
50
however, still well behind the five‐year average of 75 percent.
0
‐50
* Commercial sales fell below trade expectations this week. Sales reached 630,800 MT but were down 34 
percent from the previous week and below trade estimates of 650,000 to 850,000 MT. Increases were 
6/18/10 7/2/10 7/16/10 7/30/10 8/13/10 8/27/10 9/10/10 9/24/10
reported for Egypt (123,932 HRW), Turkey (49,446 HRW, 31,884 HRS, 750 durum), the Philippines (400 
HRW, 31,480 HRS, 45,569 white), Italy (79,081 HRS, ‐7,034 durum), Indonesia (10,000 HRW, 10,000 HRS, 
G.L. HRS 14 Gulf HRS 14 PNW HRS 14 41,000 white), and Taiwan (38,020 HRS, 13,980 white).
Gulf HRW  PNW HRW 
* Freight rates were lower this week due to slowing demand as China begins a one‐week national holiday. 
The Baltic Panamax Index fell to 2,412, down 11 percent from last week. Destination routes were also 
lower, with Gulf/Japan at $61/mt and PNW/Japan at $32/mt.