SOY MEAL

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GENERAL OVERVIEW OF SOY MEAL MARKET

ISSUE DATE: JUNE 2, 2006

We have made an upward adjustment to SM since the last release. SM is at strong resistance from the three C lines. Judging by the very strong push up from IC3 we think SM is going somewhere quite a bit higher, and in a real hurry. Target 2 is a distinct possibility, or a little lower at IC1.