Voluntary Report - public distribution

Date: 5/4/2006

GAIN Report Number: SF6016

SF6016

South Africa, Republic of

Grain and Feed

Monthly update

2006

Approved by:

![](media/image1.wmf)Scott Reynolds

#### **U.S. Embassy, South Africa**

Prepared by:

Herman Germishuis

Report Highlights:

The corn crop planted in 2005 is currently estimated at 6.2 million tons
compared to the 11.7 million ton 2004 crop. The decrease in production
is the result of a 38% reduction in the total area planted in an effort
to balance supply and demand. Due to an estimated old crop carry over of
about 3 million tons at the end of April 2006, the smaller crop should
be able to supply domestic and immediate neighboring country needs
although yellow corn will have to be imported to satisfy feed demand.

Includes PSD Changes: Yes

Includes Trade Matrix: No

Unscheduled Report

Pretoria \[SF1\]

\[SF\]

###### Summary {#summary-1}

In an effort to balance corn supply and demand South African commercial
farmers cut the area planted by 44% from 2.8 million ha. in 2004 to 1.6
million ha. in 2005. As a result the crop is expected to decline by 47%
from 11.45 million tons to 5.9 million tons. After a slow start to the
2005/06-rainfall season, precipitation improved from mid December
followed by heavy rains since. The western production areas were
waterlogged and substantial damage occurred. A lack of sunlight and heat
and the leaching of fertilizer compounded the problems. The third
official crop estimate quoted above was again lower than the previous
estimate and a further decrease is expected. Further untimely cold
weather and early frost might still cause substantial damage to the
crop.

Due to an estimated carry over of about 3 million tons at the end of
April 2006 the commercial crop should be sufficient to supply the local
need of about 8 million tons. The problem is that the market is divided
between white corn for human consumption and yellow corn for animal
feed. White corn stocks should be sufficient for domestic and
traditional export needs while yellow corn is being imported to make up
the shortfall. The net result of the exercise is that prices for 2006
have increased to about \$180/mt. for white and \$160/mt. for yellow
corn.

The wheat situation is unchanged.

US\$1 = Rand 6.05 (05/03/06)

[**www.sagis.org.za**](http://www.sagis.org.za/)

[**www.grainsa.co.za**](http://www.grainsa.co.za/)

[**www.safex.co.za**](http://www.safex.co.za/)

[**www.fews.net**](http://www.fews.net/)

[**www.wfp.org**](http://www.wfp.org/)

CORN

  ------------------- --------- --------- --------- ---------- --------- ----------
  PSD Table                                                              

  Country             South                                              
                      Africa                                             

  Commodity           Corn                                               

  1000 HA             2004      Revised   2005      Estimate   2006      Forecast

  1000 MT             USDA      Post      USDA      Post       USDA      Post
                      \[Old\]   \[New\]   \[Old\]   \[New\]    \[Old\]   \[New\]

  Market Year Begin             05/2005             05/2006              05/2007

  Area Harvested      3223      3224      2200      1998       0         2845

  Beginning Stocks    2956      2935      2872      3090       1722      240

  Production          11716     11715     7500      6235       0         9000

  TOTAL Mkt. Yr.      250       360       700       750        0         700
  Imports                                                                

  Oct-Sep Imports     131       140       250       470        0         700

  Oct-Sep Import U.S. 0         4         0         0          0         0

  TOTAL SUPPLY        14922     15010     11072     10075      1722      9940

  TOTAL Mkt. Yr.      2100      2125      400       750        0         500
  Exports                                                                

  Oct-Sep Exports     1517      2600      1200      1200       0         500

  Feed Dom.           4800      5085      4400      4200       0         4250
  Consumption                                                            

  TOTAL Dom.          9950      9795      8950      9085       0         9000
  Consumption                                                            

  Ending Stocks       2872      3090      1722      240        0         440

  TOTAL DISTRIBUTION  14922     15010     11072     10075      0         9940
  ------------------- --------- --------- --------- ---------- --------- ----------

# **Production**

The third official production estimate including a small revision to the
area planted for the FAS 2005 commercial corn crop was released on April
20, 2006. The crop estimate is 2.3% less than the previous estimate
while the area planted is 1.1% more than the previous estimate. The
commercial area planted is now estimated at 1.57 million hectares and
the crop at 5.9 million tons at an average of 3.8 tons/hectare. The area
planted is 44% smaller than the previous season and the crop is down
48%. The decline is mainly due to a voluntary cutback in production in
an effort to balance supply and demand.

<table style="width:100%;">
<colgroup>
<col style="width: 9%" />
<col style="width: 9%" />
<col style="width: 10%" />
<col style="width: 9%" />
<col style="width: 10%" />
<col style="width: 10%" />
<col style="width: 10%" />
<col style="width: 10%" />
<col style="width: 10%" />
<col style="width: 10%" />
</colgroup>
<tbody>
<tr class="odd">
<td>CORN</td>
<td><p>2004 area</p>
<p>’000 ha.</p></td>
<td><p>Yield</p>
<p>MT/ha</p></td>
<td><p>Prod.</p>
<p>’000 MT</p></td>
<td><p>2005 area</p>
<p>’000 ha.</p></td>
<td><p>Yield</p>
<p>MT/ha</p></td>
<td><p>Prod.</p>
<p>’000 MT</p></td>
<td><p>2006</p>
<p>Area</p>
<p>‘000 ha.</p></td>
<td><p>Yield</p>
<p>MT/ha</p></td>
<td><p>Prod.</p>
<p>‘000</p>
<p>MT</p></td>
</tr>
<tr class="even">
<td>Com.l</td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr class="odd">
<td>White</td>
<td>1,700</td>
<td>3.8</td>
<td>6,540</td>
<td>985</td>
<td>3.6</td>
<td>3,565</td>
<td>1,565</td>
<td>3.4</td>
<td>5,325</td>
</tr>
<tr class="even">
<td>Yellow</td>
<td>1,110</td>
<td>4.4</td>
<td>4,910</td>
<td>581</td>
<td>4.0</td>
<td>2,355</td>
<td>880</td>
<td>3.9</td>
<td>3,425</td>
</tr>
<tr class="odd">
<td>Total</td>
<td>2,810</td>
<td>4.1</td>
<td>11450</td>
<td>1,566</td>
<td>3.8</td>
<td>5,920</td>
<td>2,445</td>
<td>3.6</td>
<td>8,750</td>
</tr>
<tr class="even">
<td>Dev.</td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr class="odd">
<td>White</td>
<td>325</td>
<td>0.6</td>
<td>203</td>
<td>346</td>
<td>0.7</td>
<td>238</td>
<td>325</td>
<td>0.6</td>
<td>200</td>
</tr>
<tr class="even">
<td>Yellow</td>
<td>89</td>
<td>0.7</td>
<td>63</td>
<td>86</td>
<td>0.9</td>
<td>79</td>
<td>75</td>
<td>0.7</td>
<td>50</td>
</tr>
<tr class="odd">
<td>Total</td>
<td>414</td>
<td>0.6</td>
<td>266</td>
<td>432</td>
<td>0.7</td>
<td>317</td>
<td>400</td>
<td>0.6</td>
<td>250</td>
</tr>
<tr class="even">
<td>Total corn</td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr class="odd">
<td>White</td>
<td>2,025</td>
<td>3.3</td>
<td>6,743</td>
<td>1,331</td>
<td>3.0</td>
<td>3,803</td>
<td>1,890</td>
<td>2.9</td>
<td>5,525</td>
</tr>
<tr class="even">
<td>Yellow</td>
<td>1,199</td>
<td>4.1</td>
<td>4,973</td>
<td>667</td>
<td>3.7</td>
<td>2,434</td>
<td>955</td>
<td>3.6</td>
<td>3,475</td>
</tr>
<tr class="odd">
<td>TOTAL</td>
<td>3,224</td>
<td>3.6</td>
<td>11716</td>
<td>1,998</td>
<td>3.2</td>
<td>6,237</td>
<td>2,845</td>
<td>3.2</td>
<td>9,000</td>
</tr>
</tbody>
</table>

The total 2005 crop is now estimated at 6.24 million metric tons
compared to the 6.38 million tons of the previous estimate and the 11.72
million ton 2004 crop.

After a late start to the rainfall season precipitation picked up in
December and the late summer rainfall was very good, even excessive in
some areas. The crop in the east was well developed and only needed a
few weeks of sunshine to mature. Unfortunately the recent weather was
mostly overcast with very little sunlight and low heat. Retarded growth
and maturity lead to cobs not filling out fully which affects the yield.
Late plantings in the far western areas have been affected by the cold
and overcast weather. Big areas of the North West Province and the
northwestern Free State were waterlogged and suffered from an outbreak
of Northern Leaf Blight, which affected yields.

The 2004 and 2005 area and production estimate for the main production
areas, the Free State, North West and Mpumalanga, follows:

  ------------ ------- -------- ------- ------- -------- ------- ------- -------- -------
               Area    '000     Ha      Yield   MT/ha            Prod.   '000     MT

               White   Yellow   Total   White   Yellow   Total   White   Yellow   Total

  Free State                                                                      

  2004         660     385      1045    4.0     3.8      3.9     2658    1455     4113

  2005         345     195      540     3.6     3.4      3.5     1242    663      1905

  North West                                                                      

  2004         680     215      895     3.2     3.2      3.2     2185    678      2863

  2005         380     112      492     2.9     2.8      2.8     1083    314      1397

  Mpumalanga                                                                      

  2004         224     336      560     5.1     5.0      5.0     1134    1673     2807

  2005         156     185      341     4.4     4.3      4.3     686     796      1482

  Total 3      Main    Areas                                                      

  2004         1564    936      2500    3.8     4.1      3.9     5977    3806     9783

  2005         881     492      1373    3.4     3.6      3.5     3011    1773     4784
  ------------ ------- -------- ------- ------- -------- ------- ------- -------- -------

# **Irrigation**

The 2005 irrigated area planted estimate has now been released, 55,000
ha. for white and 70,000 for yellow for a total of 125,000 ha. or 8% of
the total area planted. The 2004 plantings amounted to 70,000 ha. white
corn and 120,000 ha. yellow for a total of 190,000 ha. or only about 7%
of the area planted in 2004. At 10 tons plus per hectare the irrigated
production of about 1.25 million tons thus plays a bigger role in total
production and increases the average yield for the whole crop.

# **Developing sector** 

#  

The crop in the developing sector has also been announced at 317,000
tons from 432,000 hectares, an improvement on the previous crop. As a
result of the cutback in the area planted in the commercial sector, the
area and production in the developing sector plays a more important role
in the total crop and the average yield.

# **Biotech corn**

Planting of genetically modified (GM) corn increased its market share
from 14.6 per cent of total South African corn planted in 2004 to 29.4
per cent in 2005, according to a survey submitted to the Maize Trust.
The major unique trait remains insect resistance with 72 per cent of the
total GM corn, while herbicide tolerant corn now stands at 28 per cent.
Actual hectares planted increased by 11 per cent to 455,287 despite
total area having slumped by 44 per cent. The following table contains
the details:

+-----------------+-----------------+-----------------+-----------------+
| Area planted    | White corn      | Yellow corn     | Total corn      |
|                 |                 |                 |                 |
| '000 ha.        |                 |                 |                 |
+-----------------+-----------------+-----------------+-----------------+
| 2004 Total      | 1,700           | 1,110           | 2,810           |
+-----------------+-----------------+-----------------+-----------------+
| Biotech         | 145             | 265             | 410             |
+-----------------+-----------------+-----------------+-----------------+
| \%              | 8.5%            | 24%             | 14.5%           |
+-----------------+-----------------+-----------------+-----------------+
| 2005 Total      | 985             | 580             | 1,565           |
+-----------------+-----------------+-----------------+-----------------+
| Biotech         | 280             | 175             | 455             |
+-----------------+-----------------+-----------------+-----------------+
| \%              | 28%             | 30%             | 29%             |
+-----------------+-----------------+-----------------+-----------------+

White GM corn showed the most dramatic increase from 8.6 per cent of
total white corn area in 2004 to 28 percent in 2006. Yellow GM area
planted grew from 24 per cent to 30.5 per cent of total yellow area.

## **FAS 2006**

##  

We also forecast the 2006 season - this is the crop to be planted from
November 2006. As the 2005 situation is still very unsettled we have to
consider the possible after effects of the 2005 cutback in area planted.
The current high prices are likely to restore some of the area to corn
while we can only use recent average yield trends at this stage.

The big 2004 crop of 11.45 million tons affected historical average
yields, but deliveries only amounted to 10.17 million tons leaving 1.28
million tons unaccounted for.

The CEC estimated that 755,000 tons (185,000 tons white and 570,000 tons
yellow) was retained on farms. If this is added to the 10.17 million ton
deliveries the total crop reaches 10.925 million tons. It is likely that
the crop was overestimated and the actual crop was about 10.9 million
tons, 6.3 white and 4.6 yellow. If the crop amounted to 10.9 million
tons the three-year average yield also changes.

FAS 2004, MY 2005/06 crop revision:

+-----------------+-----------------+-----------------+-----------------+
|                 | Area, 1,000 ha. | Yield, MT/ha.   | Production '000 |
|                 |                 |                 | MT              |
+-----------------+-----------------+-----------------+-----------------+
| White           | 1,700           | 3.7             | 6,300           |
+-----------------+-----------------+-----------------+-----------------+
| Yellow          | 1,110           | 4.1             | 4,600           |
+-----------------+-----------------+-----------------+-----------------+
| Total           | 2,810           | 3.9             | 10,900          |
+-----------------+-----------------+-----------------+-----------------+
| 3 year average  |                 |                 |                 |
|                 |                 |                 |                 |
| 2002-03-04      |                 |                 |                 |
+-----------------+-----------------+-----------------+-----------------+
| White           | 1925            | 3.2             | 6160            |
+-----------------+-----------------+-----------------+-----------------+
| Yellow          | 1020            | 3.7             | 3765            |
+-----------------+-----------------+-----------------+-----------------+
| Total           | 2945            | 3.4             | 9925            |
+-----------------+-----------------+-----------------+-----------------+

The official FAS 2004, MY 2005/06 data is unlikely to be changed, but
the revised average yield is used in our 2006 forecast.

# **Consumption**

We include commercial silo deliveries for March and April 2005 in our
2005/06-delivery figure as, depending on the season, the new crop
becomes available from March each year. Commercial deliveries for the
2004 crop up to the end of February 2006 are included in the following
table:

  ----------------- ----------------- ----------------- -----------------
  Deliveries '000   White corn        Yellow corn       Total corn
  MT                                                    

  March 2005        18                53                71

  April             37                104               141

  May -- Febr. 2006 6,065             3,893             9,958

  TOTAL 2004 crop   6,120             4,050             10,170
  ----------------- ----------------- ----------------- -----------------

A commercial PS&D based on deliveries can be supplied to highlight the
current situation.

+-------------------+----------------+----------------+----------------+
| # FAS 2004        | #              | #              | '000 MT        |
|                   | May05/April 06 | Commercial S&D |                |
+-------------------+----------------+----------------+----------------+
| '000 Metric tons  | White          | Yellow         | Total          |
+-------------------+----------------+----------------+----------------+
| B/Stocks, May 1,  | 2345           | 590            | 2935           |
| 05\*              |                |                |                |
+-------------------+----------------+----------------+----------------+
| Deliv             | 6120           | 4050           | 10170          |
| eries05/03--06/02 |                |                |                |
+-------------------+----------------+----------------+----------------+
| Imports           | 0              | 360            | 360            |
+-------------------+----------------+----------------+----------------+
| Total supply      | 8465           | 5000           | 13465          |
+-------------------+----------------+----------------+----------------+
| Exports           | 1775           | 350            | 2125           |
+-------------------+----------------+----------------+----------------+
| Consumption       | 4450           | 3800           | 8250           |
+-------------------+----------------+----------------+----------------+
| Ending stocks     | 2240           | 850            | 3090           |
+-------------------+----------------+----------------+----------------+

\* Excluding March and April deliveries, figures rounded.

We can also supply a 2006/07 scenario based on the third official crop
estimate, in this table it shows that white corn supplies should be
sufficient to carry through the 2006/07 marketing year and allow for
some feed use and exports. The higher price levels are likely to
suppress domestic and regional demand. White corn conforming to South
Africa's Biotech requirements will be hard to find in the world market.
If the situation becomes tight, imports can always be milled near the
ports restricting whole grain movement.

The South African industry is, however, finding it more and more
difficult to effectively separate Biotech and non-Biotech corn and with
cross contamination both in the fields and in the handling equipment it
will soon become difficult to supply non-Biotech certification. Yellow
corn supplies will be tight but the shortfall can be made up by suitable
Biotech imports from Argentina. From May 2005 to April 28, 2006, 358,000
tons were imported and unloaded in the ports of Cape Town, Port
Elizabeth, East London and Durban.

The following table contains the details:

  ----------------- ----------------- ----------------- -----------------
  FAS 2005 forecast MY May 06/April   Commercial S&D    '000 MT
                    07                                  

  1,000 MT          White             Yellow            Total

  B/Stocks          2240              850               3090

  Crop estimate     3565              2355              5920

  Farm retentions   165               355               520

  Expected          3400              2000              5400
  Deliveries                                            

  Imports           0                 750               750

  Supply            5640              3600              9240

  Exports           700               50                750

  Consumption       4700\*            3550              8250

  E/Stock           240               0                 240
  ----------------- ----------------- ----------------- -----------------

\*Including some white corn used for feed in lieu of yellow.

# **Trade**

Preliminary data for the May 05/April 06 marketing season is available.
Exports jumped from 766,000 mt. in 2004/05 to 2.124 million tons in
2005/06 mainly due to early overseas sales of cheap yellow corn to
Indonesia, Iran and Japan. The main increase for white corn was the
million tons sold to Zimbabwe after only 205,000 tons were sold in
2004/05.

  ------------ -------- --------- -------- ---------- ---------- ----------
  EXPORTS      May 04   to                 May 05     to April   MT
                        April05                       06         

               White    Yellow    Total    White      Yellow     Total

  Angola       33 644   430       34 074   14 162     204        14 366

  Benin                                    2 278                 2 278

  Botswana     110 873  8 205     119 078  175 247    20 063     195 310

  Cameroon                                 3 001                 3 001

  Chad                                     151                   151

  Congo        216                216                            

  Ghana                                    7 638                 7 638

  Indonesia                                           49 500     49 500

  Iran                                                93 284     93 284

  Japan                                               113 098    113 098

  Kenya        129 451            129 451  40 038                40 038

  Lesotho      112 070  6 712     118 782  82 351     1 647      83 998

  Madagascar   2 382              2 382    967                   967

  Malawi                                   67 322     359        67 681

  Mali                                     2 258                 2 258

  Mozambique   48 044   5 488     53 532   137 724    10 324     148 048

  Namibia      43 452   12 500    55 952   53 607     16 922     70 529

  Somalia                                  3 158                 3 158

  Sudan                                    28 272                28 272

  Swaziland    17 968   28 434    46 402   25 860     34 761     60 621

  Tanzania                                 10 000                10 000

  Zambia                                   89 370     189        89 559

  Zimbabwe     205 424  653       206 077  1 029 897  10 727     1 040 624

                                                                 

  Total        703 524  62 422    765 946  1 773 301  351 078    2 124 379
  ------------ -------- --------- -------- ---------- ---------- ----------

Customs Union sales (basically domestic sales) are a prime, natural
market for the South African industry averaging about 400,000 tons,
340,000 tons white and 60,000 tons yellow per season. This market will
have to be serviced in 2006/07 irrespective of the supply situation.
Mozambique (100,000 mt.) and Zimbabwe (600,000 mt.) are the other
important markets. Early estimates show a demand for more than a million
tons of mainly white corn in the immediate vicinity, which will be
difficult to supply.

<table>
<colgroup>
<col style="width: 19%" />
<col style="width: 9%" />
<col style="width: 9%" />
<col style="width: 7%" />
<col style="width: 9%" />
<col style="width: 9%" />
<col style="width: 7%" />
<col style="width: 9%" />
<col style="width: 9%" />
<col style="width: 7%" />
</colgroup>
<tbody>
<tr class="odd">
<td>’000MT</td>
<td><p>MY</p>
<p>03/04</p></td>
<td></td>
<td></td>
<td><p>MY</p>
<p>04/05</p></td>
<td></td>
<td></td>
<td><p>MY</p>
<p>05/06</p></td>
<td></td>
<td></td>
</tr>
<tr class="even">
<td>Customs Union</td>
<td>White</td>
<td>Yellow</td>
<td>Total</td>
<td>White</td>
<td>Yellow</td>
<td>Total</td>
<td>White</td>
<td>Yellow</td>
<td>Total</td>
</tr>
<tr class="odd">
<td>Botswana</td>
<td>140</td>
<td>2</td>
<td>142</td>
<td>111</td>
<td>8</td>
<td>119</td>
<td>175</td>
<td>20</td>
<td>195</td>
</tr>
<tr class="even">
<td>Lesotho</td>
<td>124</td>
<td>6</td>
<td>130</td>
<td>112</td>
<td>7</td>
<td>119</td>
<td>82</td>
<td>23</td>
<td>84</td>
</tr>
<tr class="odd">
<td>Namibia</td>
<td>103</td>
<td>19</td>
<td>122</td>
<td>43</td>
<td>13</td>
<td>56</td>
<td>54</td>
<td>17</td>
<td>71</td>
</tr>
<tr class="even">
<td>Swaziland</td>
<td>29</td>
<td>26</td>
<td>55</td>
<td>18</td>
<td>28</td>
<td>46</td>
<td>26</td>
<td>36</td>
<td>61</td>
</tr>
<tr class="odd">
<td>Total</td>
<td>396</td>
<td>53</td>
<td>449</td>
<td>284</td>
<td>56</td>
<td>340</td>
<td>337</td>
<td>96</td>
<td>411</td>
</tr>
</tbody>
</table>

#### **Prices**

The main reason for the production cutback this year was the low SAFEX
prices after harvest in 2005. In June 2005 both white and yellow corn
prices for August, October and December were well below \$100/ton, or
R600/ton at the current exchange rate. This was due to the usual post
harvest price slump and the commercial crop estimate of 12 million tons
at that stage implying a big surplus. Farmers claimed that the \$100/ton
was below their cost of production and decided to cut back the area
planted in 2005. This had a major effect on SAFEX prices. SAFEX is a
volatile market with the March 06 white corn price nearly doubling from
June to December 2005 and the yellow corn price increasing by 50%.

The following table shows current SAFEX futures prices.

+-----------+-------------+-------------+-------------+-------------+
| Rand/MT   | US\$/MT     |             |             |             |
+-----------+-------------+-------------+-------------+-------------+
| White     | December 05 | #           | May 06      | October 05  |
| corn      |             | ## March 06 |             |             |
+-----------+-------------+-------------+-------------+-------------+
| 09/30/05  | R           | R           | R           | R           |
|           | 847=\$133.4 | 868=\$136.7 | 867=\$136.5 | 823=\$129.6 |
+-----------+-------------+-------------+-------------+-------------+
| 11/03/05  | R           | R           | R           | ## July 06  |
|           | 834=\$125.4 | 851=\$128.0 | 856=\$128.7 |             |
+-----------+-------------+-------------+-------------+-------------+
| 11/30/05  | R           | R           | R           | R           |
|           | 959=\$147.5 | 978=\$150.5 | 975=\$150.0 | 980=\$150.8 |
+-----------+-------------+-------------+-------------+-------------+
| 12/27/05  | September   | R1          | R1          | R1          |
|           | 06          | 227=\$193.2 | 204=\$189.6 | 195=\$188.2 |
+-----------+-------------+-------------+-------------+-------------+
| 01/26/06  | R1          | R1          | R1          | R1          |
|           | 110=\$185.0 | 076=\$179.3 | 075=\$179.2 | 091=\$181.8 |
+-----------+-------------+-------------+-------------+-------------+
| 03/06/06  | R1          | December 06 | R1          | R1          |
|           | 150=\$187.0 |             | 120=\$182.1 | 132=\$184.1 |
+-----------+-------------+-------------+-------------+-------------+
| 03/29/06  | R1          | R1          | R1          | R1          |
|           | 183=\$189.3 | 212=\$193.9 | 152=\$184.3 | 164=\$186.2 |
+-----------+-------------+-------------+-------------+-------------+
| 05/03/06  | R1          | R1          | R1          | R1          |
|           | 104=\$182.5 | 132=\$187.1 | 071=\$177.0 | 088=\$179.8 |
+-----------+-------------+-------------+-------------+-------------+
|           |             |             |             |             |
+-----------+-------------+-------------+-------------+-------------+
| Yellow    | December 05 | #           | May 06      | October 05  |
| corn      |             | ## March 06 |             |             |
+-----------+-------------+-------------+-------------+-------------+
| 09/30/05  | R           | R           | R           | R           |
|           | 772=\$121.6 | 780=\$122.8 | 786=\$123.8 | 755=\$118.9 |
+-----------+-------------+-------------+-------------+-------------+
| 11/03/05  | R           | R           | R           | ## July 06  |
|           | 777=\$116.8 | 789=\$118.6 | 801=\$120.9 |             |
+-----------+-------------+-------------+-------------+-------------+
| 11/30/05  | R           | R           | R           | R           |
|           | 797=\$122.6 | 804=\$123.7 | 837=\$128.8 | 814=\$125.2 |
+-----------+-------------+-------------+-------------+-------------+
| 12/27/05  | September   | R           | R1          | R1          |
|           | 06          | 995=\$156.7 | 005=\$158.3 | 005=\$158.3 |
+-----------+-------------+-------------+-------------+-------------+
| 01/26/06  | R           | R           | R           | R           |
|           | 975=\$162.5 | 970=\$161.7 | 964=\$160.7 | 960=\$160.0 |
+-----------+-------------+-------------+-------------+-------------+
| 03/03/06  | R1          | December 06 | R           | R           |
|           | 000=\$162.6 |             | 993=\$161.5 | 995=\$161.8 |
+-----------+-------------+-------------+-------------+-------------+
| 03/29/06  | R1          | R1          | R1          | R1          |
|           | 045=\$167.2 | 072=\$171.5 | 030=\$164.8 | 029=\$164.6 |
+-----------+-------------+-------------+-------------+-------------+
| 05/03/06  | R1          | R1          | R           | R1015=167.8 |
|           | 036=\$171.2 | 054=\$174.2 | 998=\$165.0 |             |
+-----------+-------------+-------------+-------------+-------------+