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John Roach's DAILY GRAIN MARKETING PLAN

Overnight Trade

May Corn up 1 1/4

May Beans up 4 3/4

May Wheat dn 10

Sell Signals

Beans are still in their extended Sell Signal after finding strength when prices could not break down through their green line 20-day moving average. We have wrapped up sales on this Sell Signal. We expect at least one more bean Sell Signal during our Selling Season and will wait for it to make additional sales.

The Sell Signal in corn has ended. We expect at lease one more Sell Signal in corn and will wait for it to make additional sales.

We continue to buy corn and bean puts to bring coverage up to ¾ of the new crop you plan on storing unsold.

Wheat prices continue to slide lower with increasingly larger crop estimates coming from almost all major world wheat production areas. We will wait for the next Sell Signal to make additional sales, hoping the prices will be higher than today when it comes.

Markets

The European DJ Stoxx 50 this morning is trading -1.21%. Asia-Pacific markets today closed mixed: Japan -0.28%, Hong Kong +1.55%, China +9.29%, Taiwan -0.20%, Australia -1.16%, Singapore -0.51%, South Korea +0.09%, Bombay +0.14%.

The Chinese stock market scored its biggest daily gain in more than six years after the government cut the stamp tax on equity trading from 0.3% to 0.1%. The tax rate change was a direct attempt by the government to provide support for the beleaguered Chinese stock market. Prior to today’s rally that market was down over 50% since its October 2007 peak erasing $1.7 trillion of market value.

The fear that the U.S. corn crop will not be planting in a timely fashion continues to be the biggest market factor traders are talking about. In addition, this week we have seen Chinese pricing of earlier commitments, which stimulated bean prices higher.

Corn planting progress is well behind normal and traders know that a late planted crop has frequently caused below trend yields as pollination gets pushed into the hottest weeks of the year. Rains continue to plague the center of the Corn Belt but field work has been reported in Nebraska, South Dakota, Indiana, Ohio and Michigan.

The news out of Argentina is not good for the continuation of their exports. Both the Administration and the farmers are taking hardened stances scaring export demand to the U.S.

On the negative side traders are pointing to a stronger U.S. Dollar and weaker energy markets this morning.

Net wheat export sales of 158,000 metric tons were 22 percent above the previous week, but 49 percent under the prior 4-week average. Net sales of 114,800 tons for delivery in 2008/09 were also reported.

Net corn sales of 775,300 metric tons were 11 percent below the previous week, but 16 percent over the prior 4-week average. Net sales of 212,300 MT for delivery in 2008/09 were also reported.

Net soybean sales of 376,700 tons were down 21 percent from the previous week and 7 percent from the prior 4-week average.

This morning’s Census Crush Report came in on the low side at 152.6 million bushels, nearly 3.5 million bushels below the average trade estimate.

Brazil’s ethanol consumption has now overtaken gasoline consumption. Ethanol demand is currently at 65 billion liters, compared to 23 billion 5 years ago. Ethanol production accounted for 56% of the country’s 2006/07 cane crop, and likely near 57% in 2008/09.

After several reports of increasing crop size in major wheat growing countries, Pakistan’s food minister expects wheat output of 21.8 million tons this year, well short of their earlier production target of 24 million tons.

These data and comments are provided for information purposes only and are not intended to be used for specific trading strategies. This commentary is written as a daily marketing tool to help farmers sell the grain they raise. Although all information is believed to be reliable, we cannot guarantee its accuracy or completeness. Commodity trading involves the risk of loss, and you should fully understand those risks before trading.