Voluntary Report - public distribution

Date: 3/9/2006

GAIN Report Number: SF6009

SF6009

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:

South Africa\'s corn crop planted in 2005 is currently estimated at 6.5
million tons, a dramatic decline from the 11.7 million tons produced in
2004. The decrease is due to a voluntary 45% cutback in area planted in
an effort to balance supply and demand and bolster prices. Prices have
increased but so has the demand for imports while export demand
declined. The crop should, however be able to supply the local and usual
export demand for white corn while the yellow corn shortage is being met
by imports.

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 45% from 2.8 million ha. in 2004 to 1.5
million ha. in 2005. As a result the crop is expected to decline from
11.5 million tons to 6.2 tons, or by 46%. After a slow start to the
2005/06-rainfall season, good falls were recorded from mid December
while very good rains followed in January and February. The cutback in
area planted meant that only the best soils were planted and only
excessive moisture causing nutrient leaching and untimely cold weather
can still damage the crop.

Due to an estimated carry over of about 3 million tons at the end of
April 2006 the 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.

US\$1 = Rand 6.25 (03/06/06)

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

**[www.grainsa.co.za]{.underline}**

**[www.safex.co.za]{.underline}**

**[www.fews.net]{.underline}**

**[www.wfp.org]{.underline}**

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      3223      2200      1950       0         2500

  Beginning Stocks    2956      2935      3572      3000       1372      500

  Production          11716     11715     7500      6500       0         9000

  TOTAL Mkt. Yr.      150       450       200       750        0         500
  Imports                                                                

  Oct-Sep Imports     131       140       200       470        0         700

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

  TOTAL SUPPLY        14822     15100     11272     10250      1372      10000

  TOTAL Mkt. Yr.      2300      2200      1000      750        0         500
  Exports                                                                

  Oct-Sep Exports     1517      2600      1500      1200       0         500

  Feed Dom.           4300      5300      4200      4400       0         4500
  Consumption                                                            

  TOTAL Dom.          8950      9900      8900      9000       0         9000
  Consumption                                                            

  Ending Stocks       3572      3000      1372      500        0         500

  TOTAL DISTRIBUTION  14822     15100     11272     10250      0         10000
  ------------------- --------- --------- --------- ---------- --------- ----------

# **Production**

The first official production estimate and the revised area planted
estimate for the FAS 2005 commercial corn crop were released on February
21, 2006. The figures are close to the forecast we supplied at the end
of January. The area planted is estimated at 1.55 million hectares and
the crop at 6.2 million tons. The area planted is 45% smaller than the
previous season and the crop is down 45.7%. The decline is mainly due to
a voluntary cutback in production in an effort to balance supply and
demand.

After a late start to the rainfall season, precipitation picked up in
December and January and February rainfall was very good, bordering on
excessive in some areas. The crop in the east is well developed and only
needs a few weeks of sunshine to mature. There are some young fields in
the far western areas of the Free State and the North West, which have
not yet tasseled and may be vulnerable to early frost. If normal weather
patterns continue these areas should also yield well. There is a
possibility of a small correction to the area planted estimate to
include very late plantings but the crop yields have much more potential
to increase, and we could see a second consecutive average yield record
being achieved. The cutback in area planted and the fact that farmers
are probably planting their very best soils and optimizing inputs also
impacts on the high yields being achieved. Although the 2005 irrigated
area planted has not been released, the 2004 plantings amounted to
70,000 ha. white corn and 120,000 ha. yellow for a total of 190,000 ha.
This was only about 7% of the area planted in 2004 but if the same area
were irrigated in 2005 it would amount to about 12.3%. At 10 tons plus
per hectare the irrigated production thus plays a bigger role in total
production and increases the average yield for the whole crop. Current
crop conditions were confirmed during an extensive recent field trip in
the company of the USDA/FAS PECAD representative.

The crop in the developing sector has not been announced and we are
using our previous forecast.

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 yields trends at this stage.

A production estimate based on the year of planting and normal rainfall
from now on follows:

<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.</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>973</td>
<td>3.9</td>
<td>3,766</td>
<td>1,300</td>
<td>4.1</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>573</td>
<td>4.3</td>
<td>2,447</td>
<td>800</td>
<td>4.3</td>
<td>3,425</td>
</tr>
<tr class="odd">
<td>Total</td>
<td>2,810</td>
<td>4.1</td>
<td>11450</td>
<td>1,546</td>
<td>4.0</td>
<td>6,213</td>
<td>2,100</td>
<td>4.2</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>307</td>
<td>0.8</td>
<td>234</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>97</td>
<td>0.6</td>
<td>53</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>404</td>
<td>0.7</td>
<td>287</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>1,280</td>
<td>3.1</td>
<td>4,000</td>
<td>1,625</td>
<td>3.4</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>670</td>
<td>3.7</td>
<td>2,500</td>
<td>875</td>
<td>4.0</td>
<td>3,475</td>
</tr>
<tr class="odd">
<td>TOTAL</td>
<td>3,224</td>
<td>3.6</td>
<td>11716</td>
<td>1,950</td>
<td>3.3</td>
<td>6,500</td>
<td>2,500</td>
<td>3.6</td>
<td>9,000</td>
</tr>
</tbody>
</table>

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    4.03    3.78     3.94    2658    1455     4113

  2005         340     193      533     3.85    3.59     3.76    1309    693      2002

  North West                                                                      

  2004         680     215      895     3.21    3.15     3.20    2185    678      2863

  2005         375     112      487     3.2     3.1      3.18    1200    347      1547

  Mpumalanga                                                                      

  2004         224     336      560     5.06    4.98     5.01    1134    1673     2807

  2005         154     182      336     4.75    4.7      4.72    732     855      1587

  Total                                                                           

  2004         1700    1110     2810    3.85    4.42     4.07    6541    4909     11450

  2005         973     573      1546    3.87    4.27     4.02    3766    2447     6213
  ------------ ------- -------- ------- ------- -------- ------- ------- -------- -------

**Consumption**

We include commercial silo deliveries for March and April in our
delivery figure as, depending on the season, the new crop becomes
available from March each year. We would normally expect to receive only
a few thousand tons in February.

Commercial deliveries up to the end of January 2006 are shown in the
following table:

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

  March 2005        18                53                71

  April             37                104               141

  May -- Jan.       6,027             3,853             9,800

  TOTAL             6,082             4,010             10,092

  Crop estimate     6,540             4,910             11,450

  Farm retentions   458               900               1,358
  ----------------- ----------------- ----------------- -----------------

There is still more than 1.3 million tons of the revised 2004 crop
unaccounted for. We can consider this as farm retentions although it is
much higher than the usual estimate of 450,000 tons (100,000 tons white
and 350,000 tons yellow) retained on farms. (It is more likely that the
2004 crop was overestimated, as the average e yields were very high). It
can also be assumed that a portion of the additional retentions is being
stored for later sale. If half of the additional retentions reach the
market later this year it could amount to about 180,000 tons of white
and 275,000 tons of yellow corn for a total of 455,000 tons.

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                |                |                |                |
+-------------------+----------------+----------------+----------------+
| Revised           | 6540           | 4910           | 11450          |
| Production        |                |                |                |
+-------------------+----------------+----------------+----------------+
| Deliveries, March | 6080           | 4010           | 10090          |
| --Jan             |                |                |                |
+-------------------+----------------+----------------+----------------+
| Farm retentions   | 460            | 900            | 1360           |
+-------------------+----------------+----------------+----------------+
| Imports           | 0              | 450            | 450            |
+-------------------+----------------+----------------+----------------+
| Total supply      | 8425           | 5050           | 13475          |
+-------------------+----------------+----------------+----------------+
| Expected exports  | 1750           | 450            | 2200           |
+-------------------+----------------+----------------+----------------+
| Expected          | 4675           | 3600           | 8275           |
| consumption       |                |                |                |
+-------------------+----------------+----------------+----------------+
| Ending stocks\*   | 2000           | 1000           | 3000           |
+-------------------+----------------+----------------+----------------+

\* Plus some of the additional stock kept on farms.

We can also supply a 2006/07 scenario based on the first 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 exports. The higher price levels are likely to suppress domestic
and regional demand. White corn conforming to South Africa's Biotech
requirements will be expensive and hard to find although it is rumored
that some supplies may already be on their way from Mexico. 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 no-Biotech certification. Yellow corn supplies will be tight but
the shortfall can be made up by suitable Biotech imports from Argentina.
Since January, 206,000 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\*        2000              1000              3000

  Crop estimate     3766              2447              6213

  Farm retentions   116               347               463

  Expected          3650              2100              5750
  Deliveries                                            

  Imports           0                 750               750

  Supply            5650              3850              9500

  Exports           700               50                750

  Consumption       4700              3550              8250

  E/Stock           250               250               500
  ----------------- ----------------- ----------------- -----------------

# The low ending stocks shown is not a concern as irrigation farmers will be encouraged by the higher price levels and plant early to enjoy the higher prices. 

# **Trade**

In the meantime exports continue unabated with about 200,000 tons
exported in February. Zimbabwe continues to be the main market taking
59% of white corn exports through March 3 and is averaging about 85,000
tons per month. Both Malawi and Zambia must pick up their rate of
imports substantially over the next few months to avert famine. Current
high price levels and clogged supply lines are slowing down the process.
The high prices also killed off the possibility of major overseas sales
as well as dampening the World Food Program's appetite for South African
corn.

The following table shows South Africa's 2005/06-corn trade to date.

+-----------+--------+--------+--------+-----+--------+------------+
| Corn      | 01/28  | 02/04  | 02/11  | 02/ | 02/25  | 05/04/3    |
| Exports   | -02/03 | -02/10 | -02/17 | 18- | -03/03 | 0-06/02/17 |
| MT        |        |        |        |     |        |            |
|           |        |        |        | 02  |        |            |
|           |        |        |        | /24 |        |            |
+-----------+--------+--------+--------+-----+--------+------------+
| White     |        |        |        |     |        |            |
+-----------+--------+--------+--------+-----+--------+------------+
| Angola    |        |        |        |     |        | 13 344     |
+-----------+--------+--------+--------+-----+--------+------------+
| Benin     |        |        |        |     |        | 2 278      |
+-----------+--------+--------+--------+-----+--------+------------+
| Botswana  | 3222   | 3810   | 2670   | 1   | 2073   | 154 027    |
|           |        |        |        | 552 |        |            |
+-----------+--------+--------+--------+-----+--------+------------+
| Cameroon  |        |        | 409    |     | 560    | 2 743      |
+-----------+--------+--------+--------+-----+--------+------------+
| Chad      |        |        | 151    |     |        | 151        |
+-----------+--------+--------+--------+-----+--------+------------+
| Ghana     |        |        |        |     |        | 7 638      |
+-----------+--------+--------+--------+-----+--------+------------+
| Kenya     |        |        |        |     |        | 33 614     |
+-----------+--------+--------+--------+-----+--------+------------+
| Lesotho   | 3594   | 4641   | 3809   | 1   | 68     | 67 754     |
|           |        |        |        | 135 |        |            |
+-----------+--------+--------+--------+-----+--------+------------+
| M         |        |        |        |     |        | 967        |
| adagascar |        |        |        |     |        |            |
+-----------+--------+--------+--------+-----+--------+------------+
| Malawi    | 906    | 973    | 2564   | 1   | 1802   | 49 922     |
|           |        |        |        | 828 |        |            |
+-----------+--------+--------+--------+-----+--------+------------+
| Mali      |        |        |        |     |        | 2 258      |
+-----------+--------+--------+--------+-----+--------+------------+
| M         | 1995   | 1938   | 3510   | 2   | 2128   | 119 570    |
| ozambique |        |        |        | 175 |        |            |
+-----------+--------+--------+--------+-----+--------+------------+
| Namibia   | 3783   | 2438   | 1542   | 2   | 1583   | 41 217     |
|           |        |        |        | 411 |        |            |
+-----------+--------+--------+--------+-----+--------+------------+
| Sudan     |        |        |        |     |        | 28 272     |
+-----------+--------+--------+--------+-----+--------+------------+
| Swaziland | 59     | 906    | 768    | 631 | 29     | 21 198     |
+-----------+--------+--------+--------+-----+--------+------------+
| Tanzania  |        |        |        |     |        | 10 000     |
+-----------+--------+--------+--------+-----+--------+------------+
| Zambia    | 2887   | 4671   | 3151   | 5   | 3131   | 60 631     |
|           |        |        |        | 773 |        |            |
+-----------+--------+--------+--------+-----+--------+------------+
| Zimbabwe  | 13181  | 49869  | 13517  | 13  | 15527  | 874 603    |
|           |        |        |        | 955 |        |            |
+-----------+--------+--------+--------+-----+--------+------------+
| Total     | 29 627 | 69 246 | 32 091 | 29  | 26901  | 1 490 187  |
|           |        |        |        | 460 |        |            |
+-----------+--------+--------+--------+-----+--------+------------+
|           |        |        |        |     |        |            |
+-----------+--------+--------+--------+-----+--------+------------+
| Yellow    |        |        |        |     |        |            |
+-----------+--------+--------+--------+-----+--------+------------+
| Angola    |        |        |        |     |        | 204        |
+-----------+--------+--------+--------+-----+--------+------------+
| Botswana  | 336    | 682    | 791    | 152 | 337    | 18 634     |
+-----------+--------+--------+--------+-----+--------+------------+
| Indonesia |        |        |        |     |        | 49 500     |
+-----------+--------+--------+--------+-----+--------+------------+
| Iran      |        |        |        |     |        | 93 284     |
+-----------+--------+--------+--------+-----+--------+------------+
| Japan     |        |        |        |     |        | 113 098    |
+-----------+--------+--------+--------+-----+--------+------------+
| Lesotho   |        |        |        |     |        | 1 647      |
+-----------+--------+--------+--------+-----+--------+------------+
| Malawi    |        |        |        | 118 |        | 118        |
+-----------+--------+--------+--------+-----+--------+------------+
| M         | 535    | 79     | 387    | 80  | 52     | 8 215      |
| ozambique |        |        |        |     |        |            |
+-----------+--------+--------+--------+-----+--------+------------+
| Namibia   | 287    | 370    | 270    | 302 | 99     | 15 345     |
+-----------+--------+--------+--------+-----+--------+------------+
| Swaziland | 812    | 859    | 720    | 978 | 593    | 28 665     |
+-----------+--------+--------+--------+-----+--------+------------+
| Zambia    |        |        |        |     |        | 189        |
+-----------+--------+--------+--------+-----+--------+------------+
| Zimbabwe  | 276    | 906    | 1308   | 804 | 853    | 6 283      |
+-----------+--------+--------+--------+-----+--------+------------+
| Total     | 2 246  | 2 896  | 3 476  | 2   | 1934   | 335 182    |
|           |        |        |        | 434 |        |            |
+-----------+--------+--------+--------+-----+--------+------------+
|           |        |        |        |     |        |            |
+-----------+--------+--------+--------+-----+--------+------------+
| Grand     | 31 873 | 72 142 | 35 567 | 31  | 28 835 | 1 825 369  |
| total     |        |        |        | 894 |        |            |
+-----------+--------+--------+--------+-----+--------+------------+
|           |        |        |        |     |        |            |
+-----------+--------+--------+--------+-----+--------+------------+
| Imports   |        |        |        |     |        |            |
+-----------+--------+--------+--------+-----+--------+------------+
| Yellow    |        |        |        |     |        |            |
+-----------+--------+--------+--------+-----+--------+------------+
| Argentina | 16 507 | 40 920 | 39 834 | 19  | 31519  | 206 504    |
|           |        |        |        | 006 |        |            |
+-----------+--------+--------+--------+-----+--------+------------+

#### **Prices**

The main reason for the production cutback this year was the low SAFEX
prices after harvest in 2005. In June 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. The official crop estimate is mainly based
on farmer's returns and the market also seemed to support the estimate.
Deliveries to the silos, however, disappointed while farmers reportedly
increased farm retentions due to the low prices. Farmers claimed that
the \$100/ton was below their cost of production and decided to cut back
the area planted in 2005. Grain SA was actually advising farmers not to
plant at all. Basically international corn prices vary about 10% to
either side of \$100/ton. SAFEX is a much more 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 | #           | August 05   | October 05  |
| corn      |             | ## March 06 |             |             |
+-----------+-------------+-------------+-------------+-------------+
| 06/27/05  | R634=\$94.5 | R670=\$99.9 | R574=\$85.5 | R593=\$88.4 |
+-----------+-------------+-------------+-------------+-------------+
| 07/27/05  | R           | R           | R           | R           |
|           | 671=\$100.9 | 709=\$106.6 | 619=\$122.6 | 632=\$107.8 |
+-----------+-------------+-------------+-------------+-------------+
| 08/31/05  | R           | R           | ##          | R           |
|           | 735=\$114.0 | 766=\$118.8 | #### May 06 | 695=\$107.8 |
+-----------+-------------+-------------+-------------+-------------+
| 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          |             | R1          | R1          |
|           | 150=\$187.0 |             | 120=\$182.1 | 132=\$184.1 |
+-----------+-------------+-------------+-------------+-------------+
|           |             |             |             |             |
+-----------+-------------+-------------+-------------+-------------+
| Yellow    | December 05 | #           | August 05   | October 05  |
| corn      |             | ## March 06 |             |             |
+-----------+-------------+-------------+-------------+-------------+
| 06/27/05  | R669=\$99.7 | R           | R607=\$90.5 | R629=\$93.7 |
|           |             | 705=\$105.1 |             |             |
+-----------+-------------+-------------+-------------+-------------+
| 07/27/05  | R           | R           | R625=\$94.0 | R635=&95.5  |
|           | 667=\$100.3 | 697=\$104.8 |             |             |
+-----------+-------------+-------------+-------------+-------------+
| 08/31/05  | R           | R           | ##          | R645=\$100  |
|           | 683=\$105.9 | 708=\$109.8 | #### May 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          |             | R           | R           |
|           | 000=\$162.6 |             | 993=\$161.5 | 995=\$161.8 |
+-----------+-------------+-------------+-------------+-------------+