Duane Disque or Brian Peiler                              Jon Sperl or Bryce Olson

             1-800-452-7396 or 541-989-8221                           1-800-422-7611 or 541-276-7611

              or Dan Steiner 481-6614 (office), 571-3798 (cell)  graingrowers@centurytel.net

                                                            GOOD MORNING!!!          

            Below are the best indicated market bids as of:   9:00  on      7/28/09

***NOTE: Corn values vary depending on delivery location PLEASE call for updates.

            $$ is down and the futures may find some strength in that, otherwise it looks to be a mostly neutral day. The main drivers in this market are unchanged, and with no new input, we just drift.  Exporters bids vary considerably?with some posting in the $4 range for August this am. Corn is on pace with last years crop, and is now rated 705 G-Ex (4% better than last year). 93% of the spring wheat is headed out, but we are still behind the 5 year ave. Tonight Japan will be tendering for 3.6 myn bu of US wheat, along with a variety of wheat from our competitors.

            The heat is being turned up on the CME to ?do more? to bring some relevance to the relationship between SRW and the futures markets. Steps that they have taken: (start this month) differential storage rates, more delivery points. The differential storage rates will increase/ decrease based on the ?carry?. The guys from over at the CFTC say that ?lack of convergence is unacceptable?. One other item that ?might? be tried is to settle the delivery month contract against an index?I think they will wait till at least the September option, to see if they are gaining ground on the convergence. Big changes will cause more volatility.

            Paki gov?t announced that they are on a record pace for ?buying? up domestic wheat. They have already bought 2x as much as this time last year, and said they will stand in there and own as much as the farmers want to sell. They have been working hard to encourage domestic production and help growers?.most Pakistani?s live on less than $2/ day. Aussie?s ability to deliver a quality product on time was under review. Indonesian buyers in particular are concerned about a possible repeat of last year. Russian wheat is at least available, the quality is much poorer, but it is also up to  $90/ ton cheaper. I believe that with a free market down there, that last year was probably just ?growing pains? and they will get it figured out.

***Didja Know: More Will Rogers: The older you get the fewer things seem worth waiting in line for?Some people try to turn back their odometers. Not me, I want people to know ?why? I look this way?I have traveled a long way, and some of the roads weren?t paved?.