Gold set another new record at $880/ ounce! Corn closed at 11 year highs…except for the severe midwest floods, everyday will set a new high water mark (pardon the pun, but couldn’t resist). Over night SK booked 24.7 myn US corn, Taiwan booked 4.7 myn bu and there was an additional 7.1 myn bu sold to "unknowns". USDA is asking for/ accepting public comment on environmental effects for GMO alfalfa, which has been banned until review is complete. A Mississippi farmer has lost a case against Monsanto and must pay them for re-planting saved GMO seed. We mentioned yesterday that the EU could/ should hear from a scientific panel on GMO acceptance today. Yesterday the US gov’t said they may ask the WTO to intervene on the GMO issue in Europe if trade remains restricted. The US is already involved in a number of WTO issue regarding market distorting Farm programs.

Argie crops remain dry. "Last year everywhere had more than enough rain, this year no where has enough". Canada says they expect spring wheat acres to be down, due to heavy plantings of fall wheat, and competition from other spring crops. Probably the same could be said for US spring wheat. If it does happen, DNS could easily trade larger premiums. Canada did say that they expect Durum acres to be up.

*** "Much works remains to be done before we can announce our total failure to make any progress"…thanks Skip…

***All bids are subject to change, please call for CONFIRMATION of prices. All information in this letter is from sources deemed reliable, and is for informational purposes only***