World Grain -- May 2011 - 22

GRAINMARKETREVIEW

Wheat
Crop and political news add up to a volatile market
by Chris Lyddon
Wheat markets around the world have spent much of 2011 so far dealing with what the normally reticent International Grains Council (IGC) called “huge price swings.” “After nearing the peaks last seen in 2008, large-scale speculative selling of futures contracts in the second week of March resulted in a $50 drop in export prices of wheat and maize, followed by a renewed surge in values, recapturing a sizeable portion of earlier losses,” the IGC said in its March Grain Market Report. “The fall was attributed to increased economic uncertainties following the political unrest in parts of North Africa and Near East Asia, with Japan’s earthquake and tsunami disaster also a factor.” That drop was followed by a partial recovery in prices as the bullish underlying fundamentals of the market reasserted themselves. By mid-April, concern over dry weather in Europe, the U.S. and China was putting a strong bullish tone into the market. Speculation surrounding Russia’s export ban has been a factor in the market. Broker Benson Quinn Commodities, part of Archer Daniels Midland, reported rumors that Russia might re-enter the market in the near future. “The managing director of Sovecon, a Russian agricultural research and consulting body, was quoted in a news story that Russia would not be back in the export market until at least July after the current crops are more fully assessed,” the broker said in a commentary on the wheat market. “Even though prospects are much better than a year ago at this time due to the drought they were suffering, there doesn’t seem to be a hurry to begin exporting. Once they begin shipping wheat again, current estimates would put the available amount of wheat to be exported between 5 and 10 million tonnes in 2011-12 season.” In its latest monthly report, Rabobank noted that wheat had been supported by corn and suggested that there could be increasing use of wheat to replace corn in feed as the old crop prices of the products trade at parity, the first time nearby corn and wheat have traded at parity for 15 years. “We expect further upside in the short term with the wheat market direction set to continue tracking corn’s lead in the front months,” it said. The bank’s analysts also predicted that mounting new crop production risks for premium quality wheat will move already wide quality spreads higher. “Very dry conditions in the Plains are impacting the HRW crop, and little relief is expected in the medium term forecasts,” they said. “The U.S. Department of Agriculture (USDA) reported 36% of the winter wheat crop was considered poor/very poor, one of the worst ratings ever at this stage of the season. It is likely some yield reduction has already occurred.” The British Home Grown Cereals Authority (HGCA) came up with a list of factors affecting the new crop around the world. “In the E.U., winter wheat is in satisfactory condition but dryness in NW/central countries is holding back spring crops,” HGCA said in its latest market report, citing a crop estimate from French analysts Strategie Grains, which left the E.U.-27 2011-12 total unchanged at
22

Average wheat price received by farmers in the U.S.
(in dollars per bushel)

8 7 6 5 4 3 2 1 0 Apr-10 800 700 600 500 400 300 200 100 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 May-10 Jun-10 Jul-10 Aug-10 Sept-10 Oct- 10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11

Note: Latest data may be preliminary or projected Source: U.S. Department of Agriculture

World wheat supply and disappearance
(in 1,000 tonnes)

Ending stocks Feed use*

Exports* Production

Disappearance

* Excludes intra-European Union trade Source: U.S. Department of Agriculture

135.2 million tonnes, up from 126 million in 2010-11. “In Russia, planting continues only slightly late despite wet weather, and the Ukrainian crop is currently reported in fairly good condition,” the HGCA said. “U.S. wheat is in need of rain with only small amounts expected this week while in maize regions forecast showers raise concerns over delayed plantings.” In its latest World Agricultural Supply and Demand Estimates report, the USDA had higher beginning stocks mostly offset by lower world production. It now puts the 2010-11 world crop at 647.18 million tonnes, compared with its previous estimate of 647.6 million and 683.81 million in 2009-10. “Production is lowered 1.3 million tonnes for Egypt as the latest reports indicate a sharp year-to-year drop in yields as unusual, early season heat affected pollination and reduced grain size,” it said. “Production is raised 1.1 million tonnes for Iran on higher area.” Chris Lyddon is World Grain’s European editor. He may be contacted at: chris.lyddon@ntlworld.com.
We want to hear from you — Send comments and inquiries to worldgrain@sosland. com. For reprints of WG articles, e-mail reprints@sosland.com.

May 2011 / World Grain / www.World-Grain.com


http://www.World-Grain.com

World Grain -- May 2011

Table of Contents for the Digital Edition of World Grain -- May 2011

World Grain -- May 2011
from the editor-in-chief
Meetings
FEFAC annual meeting June 8 in Belgium
News review -- Viterra, Montreal Port reach agreement for grain terminal
News review -- Viterra reports record grain exports for South Australia
News review -- Seaboard returns to Madagascar
News review -- No recovery seen in world wheat stocks
News review -- First panamax shipment due in Japan’s Kashima Port
News review -- Cargill’s third-quarter earnings increase 30%
News review -- Glencore plans initial public offering
News review -- Cargill to invest $25 million at Hales Point grain facility
News review -- Cargill acquires Fort Dodge corn wet mill ethanol facility
News review -- ADM to acquire soybean crushing, biodiesel facility
News review -- CHS reports six-month earnings of $396.3 million
News review -- New grain terminal planned in Louisiana
News review -- USGC pursues solutions to Turkey’s DDGS restrictions
News review -- Bunge creates joint venture for grain terminal in Illinois
News review -- Biotech company to build facility in China
News review -- Bunge, Senwes to create grain, oilseed joint venture
News review -- Cargill granted patent for pet food cooking process
Grain Market Review -- Wheat
Country Focus -- Focus on Japan
Feature --Saudi Arabia’s new grain supply policy
Feature -- Strategic grain reserves
Feature -- Grain storage and handling projects
Feature -- MYCOTOXINS
Grain Operations -- Preventing grain entrapment
Feature -- CWB buys grain ships
Milling Operations -- Wheat Conditioning
Feature -- High prices drive decline in FLOUR EXPORTS
Feature -- Global bioengineered crops increase
RICE QUARTERLY -- Groups partner for Global Rice Research
Rice News Roundup -- India continues export ban on non-basmati rice
Rice News Roundup -- New rice mill planned for Louisiana
Rice News Roundup -- USDA chief economist sees fewer rice acres
Rice News Roundup -- USA Rice discusses Doha Round objectives
Feature -- FROM LAB TO LINE
Supplier News -- Twenty-four graduate from SMS
Supplier News -- Intersystems applies for patent on RollerFLO 3i
Supplier News -- Mühlenchemie develops compounds to improve damaged wheat
Supplier News -- Kepler Weber’s 2010 net profi t reaches R25.4 million
Supplier News -- Kepler Weber to supply a grain storage system in Angola
Supplier News -- JCB updates website
Product Showcase
World Grain -- May 2011 - World Grain -- May 2011
World Grain -- May 2011 - 2
World Grain -- May 2011 - 3
World Grain -- May 2011 - 4
World Grain -- May 2011 - 5
World Grain -- May 2011 - 6
World Grain -- May 2011 - 7
World Grain -- May 2011 - from the editor-in-chief
World Grain -- May 2011 - 9
World Grain -- May 2011 - FEFAC annual meeting June 8 in Belgium
World Grain -- May 2011 - 11
World Grain -- May 2011 - News review -- Viterra reports record grain exports for South Australia
World Grain -- May 2011 - 13
World Grain -- May 2011 - News review -- Seaboard returns to Madagascar
World Grain -- May 2011 - News review -- First panamax shipment due in Japan’s Kashima Port
World Grain -- May 2011 - News review -- Glencore plans initial public offering
World Grain -- May 2011 - News review -- Cargill acquires Fort Dodge corn wet mill ethanol facility
World Grain -- May 2011 - News review -- CHS reports six-month earnings of $396.3 million
World Grain -- May 2011 - News review -- USGC pursues solutions to Turkey’s DDGS restrictions
World Grain -- May 2011 - News review -- Biotech company to build facility in China
World Grain -- May 2011 - News review -- Cargill granted patent for pet food cooking process
World Grain -- May 2011 - Grain Market Review -- Wheat
World Grain -- May 2011 - 23
World Grain -- May 2011 - Country Focus -- Focus on Japan
World Grain -- May 2011 - 25
World Grain -- May 2011 - 26
World Grain -- May 2011 - 27
World Grain -- May 2011 - 28
World Grain -- May 2011 - 29
World Grain -- May 2011 - Feature --Saudi Arabia’s new grain supply policy
World Grain -- May 2011 - 31
World Grain -- May 2011 - 32
World Grain -- May 2011 - 33
World Grain -- May 2011 - 34
World Grain -- May 2011 - 35
World Grain -- May 2011 - 36
World Grain -- May 2011 - 37
World Grain -- May 2011 - Feature -- Strategic grain reserves
World Grain -- May 2011 - 39
World Grain -- May 2011 - 40
World Grain -- May 2011 - 41
World Grain -- May 2011 - 42
World Grain -- May 2011 - 43
World Grain -- May 2011 - Feature -- Grain storage and handling projects
World Grain -- May 2011 - 45
World Grain -- May 2011 - 46
World Grain -- May 2011 - 47
World Grain -- May 2011 - 48
World Grain -- May 2011 - 49
World Grain -- May 2011 - 50
World Grain -- May 2011 - 51
World Grain -- May 2011 - 52
World Grain -- May 2011 - 53
World Grain -- May 2011 - 54
World Grain -- May 2011 - 55
World Grain -- May 2011 - 56
World Grain -- May 2011 - 57
World Grain -- May 2011 - Feature -- MYCOTOXINS
World Grain -- May 2011 - 59
World Grain -- May 2011 - 60
World Grain -- May 2011 - 61
World Grain -- May 2011 - 62
World Grain -- May 2011 - 63
World Grain -- May 2011 - Grain Operations -- Preventing grain entrapment
World Grain -- May 2011 - 65
World Grain -- May 2011 - 66
World Grain -- May 2011 - 67
World Grain -- May 2011 - Feature -- CWB buys grain ships
World Grain -- May 2011 - 69
World Grain -- May 2011 - 70
World Grain -- May 2011 - 71
World Grain -- May 2011 - Milling Operations -- Wheat Conditioning
World Grain -- May 2011 - 73
World Grain -- May 2011 - 74
World Grain -- May 2011 - 75
World Grain -- May 2011 - Feature -- High prices drive decline in FLOUR EXPORTS
World Grain -- May 2011 - 77
World Grain -- May 2011 - 78
World Grain -- May 2011 - 79
World Grain -- May 2011 - Feature -- Global bioengineered crops increase
World Grain -- May 2011 - 81
World Grain -- May 2011 - 82
World Grain -- May 2011 - 83
World Grain -- May 2011 - RICE QUARTERLY -- Groups partner for Global Rice Research
World Grain -- May 2011 - 85
World Grain -- May 2011 - 86
World Grain -- May 2011 - 87
World Grain -- May 2011 - Rice News Roundup -- New rice mill planned for Louisiana
World Grain -- May 2011 - 89
World Grain -- May 2011 - Rice News Roundup -- USA Rice discusses Doha Round objectives
World Grain -- May 2011 - 91
World Grain -- May 2011 - Feature -- FROM LAB TO LINE
World Grain -- May 2011 - 93
World Grain -- May 2011 - 94
World Grain -- May 2011 - 95
World Grain -- May 2011 - 96
World Grain -- May 2011 - 97
World Grain -- May 2011 - 98
World Grain -- May 2011 - 99
World Grain -- May 2011 - Supplier News -- Intersystems applies for patent on RollerFLO 3i
World Grain -- May 2011 - 101
World Grain -- May 2011 - Supplier News -- JCB updates website
World Grain -- May 2011 - 103
World Grain -- May 2011 - Product Showcase
World Grain -- May 2011 - 105
World Grain -- May 2011 - 106
World Grain -- May 2011 - 107
World Grain -- May 2011 - 108
https://digital.world-grain.com/sosland/wg/world-grain-march-2024
https://digital.world-grain.com/sosland/wg/world-grain-february-2024
https://digital.world-grain.com/sosland/wg/world-grain-january-2024
https://digital.world-grain.com/sosland/wg/world-grain-december-2023
https://digital.world-grain.com/sosland/wg/world-grain-november-2023
https://digital.world-grain.com/sosland/wg/world-grain-october-2023
https://digital.world-grain.com/sosland/wg/world-grain-september-2023
https://digital.world-grain.com/sosland/wg/world-grain-august-2023
https://digital.world-grain.com/sosland/wg/world-grain-july-2023
https://digital.world-grain.com/sosland/wg/world-grain-june-2023
https://digital.world-grain.com/sosland/wg/world-grain-may-2023
https://digital.world-grain.com/sosland/wg/world-grain-april-2023
https://digital.world-grain.com/sosland/wg/world-grain-march-2023
https://digital.world-grain.com/sosland/wg/world-grain-february-2023
https://digital.world-grain.com/sosland/wg/world-grain-january-2023
https://digital.world-grain.com/sosland/wg/world-grain-december-2022
https://digital.world-grain.com/sosland/wg/world-grain-november-2022
https://digital.world-grain.com/sosland/wg/world-grain-october-2022
https://digital.world-grain.com/sosland/wg/world-grain-september-2022
https://digital.world-grain.com/sosland/wg/world-grain-august-2022
https://digital.world-grain.com/sosland/wg/world-grain-july-2022
https://digital.world-grain.com/sosland/wg/world-grain-june-2022
https://digital.world-grain.com/sosland/wg/world-grain-may-2022
https://digital.world-grain.com/sosland/wg/world-grain-april-2022
https://digital.world-grain.com/sosland/wg/world-grain-march-2022
https://digital.world-grain.com/sosland/wg/world-grain-february-2022
https://digital.world-grain.com/sosland/wg/world-grain-january-2022
https://digital.world-grain.com/sosland/wg/world-grain-december-2021
https://digital.world-grain.com/sosland/wg/-world-grain-november-2021
https://digital.world-grain.com/sosland/wg/world-grain-october-2021
https://digital.world-grain.com/sosland/wg/world-grain-september-2021
https://digital.world-grain.com/sosland/wg/world-grain-august-2021
https://digital.world-grain.com/sosland/wg/world-grain-july-2021
https://digital.world-grain.com/sosland/wg/world-grain-june-2021
https://digital.world-grain.com/sosland/wg/world-grain-may-2021
https://digital.world-grain.com/sosland/wg/world-grain-april-2021
https://digital.world-grain.com/sosland/wg/world-grain-march-2021
https://digital.world-grain.com/sosland/wg/world-grain-february-2021
https://digital.world-grain.com/sosland/wg/2021_01_01
https://digital.world-grain.com/sosland/wg/2020_12_01
https://digital.world-grain.com/sosland/wg/2020_11_01
https://digital.world-grain.com/sosland/wg/2020_10_01
https://digital.world-grain.com/sosland/wg/2020_09_01
https://digital.world-grain.com/sosland/wg/2020_08_01
https://digital.world-grain.com/sosland/wg/2020_07_01
https://digital.world-grain.com/sosland/wg/2020_06_01
https://digital.world-grain.com/sosland/wg/2020_05_01
https://digital.world-grain.com/sosland/wg/2020_04_01
https://digital.world-grain.com/sosland/wg/2020_03_01
https://digital.world-grain.com/sosland/wg/2020_02_01
https://digital.world-grain.com/sosland/wg/2020_01_01
https://digital.world-grain.com/sosland/wg/2019_12_01
https://digital.world-grain.com/sosland/wg/2019_11_01
https://digital.world-grain.com/sosland/wg/2019_10_01
https://digital.world-grain.com/sosland/wg/2019_09_01
https://digital.world-grain.com/sosland/wg/2019_08_01
https://digital.world-grain.com/sosland/wg/2019_07_01
https://digital.world-grain.com/sosland/wg/2019_06_01
https://digital.world-grain.com/sosland/wg/2019_05_01
https://digital.world-grain.com/sosland/wg/2019_04_01
https://digital.world-grain.com/sosland/wg/2019_03_01
https://digital.world-grain.com/sosland/wg/2019_02_01
https://digital.world-grain.com/sosland/wg/2019_01_01
http://digital.world-grain.com/sosland/wg/2018_12_01
http://digital.world-grain.com/sosland/wg/2018_11_01
http://digital.world-grain.com/sosland/wg/2018_10_01
http://digital.world-grain.com/sosland/wg/2018_09_01
http://digital.world-grain.com/sosland/wg/2018_08_01
http://digital.world-grain.com/sosland/wg/2018_07_01
http://digital.world-grain.com/sosland/wg/2018_06_01
http://digital.world-grain.com/sosland/wg/2018_05_01
http://digital.world-grain.com/sosland/wg/2018_04_01
http://digital.world-grain.com/sosland/wg/2018_03_01
https://www.nxtbook.com/sosland/wg/2018_02_01
https://www.nxtbook.com/sosland/wg/2018_01_01
https://www.nxtbook.com/sosland/wg/2017_12_01
https://www.nxtbook.com/sosland/wg/2017_11_01
https://www.nxtbook.com/sosland/wg/2017_10_01
https://www.nxtbook.com/sosland/wg/2017_09_01
https://www.nxtbook.com/sosland/wg/2017_08_01
https://www.nxtbook.com/sosland/wg/2017_07_01
https://www.nxtbook.com/sosland/wg/2017_06_01
https://www.nxtbook.com/sosland/wg/2017_05_01
https://www.nxtbook.com/sosland/wg/2017_04_01
https://www.nxtbook.com/sosland/wg/2017_03_01
https://www.nxtbook.com/sosland/wg/2017_02_01
https://www.nxtbook.com/sosland/wg/2017_01_01
https://www.nxtbook.com/sosland/wg/2016_12_01
https://www.nxtbook.com/sosland/wg/2016_11_01
https://www.nxtbook.com/sosland/wg/2016_10_01
https://www.nxtbook.com/sosland/wg/2016_09_01
https://www.nxtbook.com/sosland/wg/2016_08_01
https://www.nxtbook.com/sosland/wg/2016_07_01
https://www.nxtbook.com/sosland/wg/2016_06_01
https://www.nxtbook.com/sosland/wg/2016_05_01
https://www.nxtbook.com/sosland/wg/2016_04_01
https://www.nxtbook.com/sosland/wg/2016_03_01
https://www.nxtbook.com/sosland/wg/2016_02_01
https://www.nxtbook.com/sosland/wg/2016_01_01
https://www.nxtbook.com/sosland/wg/2015_12_01
https://www.nxtbook.com/sosland/wg/2015_11_01
https://www.nxtbook.com/sosland/wg/2015_10_01
http://digital.world-grain.com/sosland/wg/2015_09_01
http://digital.world-grain.com/sosland/wg/2015_08_01
http://digital.world-grain.com/sosland/wg/2015_07_01
http://digital.world-grain.com/sosland/wg/2015_06_01
http://digital.world-grain.com/sosland/wg/2015_05_01
https://www.nxtbook.com/sosland/wg/2015_04_01
https://www.nxtbook.com/sosland/wg/2015_03_01
https://www.nxtbook.com/sosland/wg/2015_02_01
http://digital.world-grain.com/sosland/wg/2015_01_01
http://digital.world-grain.com/sosland/wg/2014_12_15
https://www.nxtbook.com/sosland/wg/2014_12_01
https://www.nxtbook.com/sosland/wg/2014_11_01
https://www.nxtbook.com/sosland/wg/2014_10_01
https://www.nxtbook.com/sosland/wg/2014_09_01
https://www.nxtbook.com/sosland/wg/2014_08_01
https://www.nxtbook.com/sosland/wg/2014_07_01
https://www.nxtbook.com/sosland/wg/2014_06_01
https://www.nxtbook.com/sosland/wg/2014_05_01
https://www.nxtbook.com/sosland/wg/2014_04_01
https://www.nxtbook.com/sosland/wg/2014_03_01
https://www.nxtbook.com/sosland/wg/2014_02_01
https://www.nxtbook.com/sosland/wg/2014_01_01
https://www.nxtbook.com/sosland/wg/2013_12_01
https://www.nxtbook.com/sosland/wg/2013_11_01
https://www.nxtbook.com/sosland/wg/2013_10_01
https://www.nxtbook.com/sosland/wg/2013_09_01
https://www.nxtbook.com/sosland/wg/2013_08_01
https://www.nxtbook.com/sosland/wg/2013_07_01
https://www.nxtbook.com/sosland/wg/2013_06_01
https://www.nxtbook.com/sosland/wg/2013_05_01
https://www.nxtbook.com/sosland/wg/2013_04_01
https://www.nxtbook.com/sosland/wg/2013_03_01
https://www.nxtbook.com/sosland/wg/2013_02_01
https://www.nxtbook.com/sosland/wg/2013_01_01
https://www.nxtbook.com/sosland/wg/2012_12_01
https://www.nxtbook.com/sosland/wg/2012_11_01
https://www.nxtbook.com/sosland/wg/2012_10_01
https://www.nxtbook.com/sosland/wg/2012_09_01
https://www.nxtbook.com/sosland/wg/2012_08_01
https://www.nxtbook.com/sosland/wg/2012_07_01
https://www.nxtbook.com/sosland/wg/2012_06_01
https://www.nxtbook.com/sosland/wg/2012_05_01
https://www.nxtbook.com/sosland/wg/2012_04_01
https://www.nxtbook.com/sosland/wg/2012_03_01
https://www.nxtbook.com/sosland/wg/2012_02_01
https://www.nxtbook.com/sosland/wg/2012_01_01
https://www.nxtbook.com/sosland/wg/2011_12_01
https://www.nxtbook.com/sosland/wg/2011_11_01
https://www.nxtbook.com/sosland/wg/2011_10_01
https://www.nxtbook.com/sosland/wg/20111_09_01
https://www.nxtbook.com/sosland/wg/2011_08_01
https://www.nxtbook.com/sosland/wg/2011_07_01
https://www.nxtbook.com/sosland/wg/2011_06_01
https://www.nxtbook.com/sosland/wg/2011_05_01
https://www.nxtbook.com/sosland/wg/2011_04_01
https://www.nxtbook.com/sosland/wg/2011_03_01
http://digital.world-grain.com/sosland/wg/2011_02_01
http://digital.world-grain.com/sosland/wg/2011_02_01
http://digital.world-grain.com/sosland/wg/2011_02_01
http://digital.world-grain.com/sosland/wg/2011_01_01
http://digital.world-grain.com/sosland/wg/2010_12_01
http://digital.world-grain.com/sosland/wg/2010_11_01
http://digital.world-grain.com/sosland/wg/2010_10_01
http://digital.world-grain.com/sosland/wg/2010_09_01
http://digital.world-grain.com/sosland/wg/2010_08_01
http://digital.world-grain.com/sosland/wg/2010_07_01
http://digital.world-grain.com/sosland/wg/2010_06_01
http://digital.world-grain.com/sosland/wg/2010_05_01
http://digital.world-grain.com/sosland/wg/2010_04_01
http://digital.world-grain.com/sosland/wg/2010_03_01
http://digital.world-grain.com/sosland/wg/2010_02_01
http://digital.world-grain.com/sosland/wg/2010_01_01
http://digital.world-grain.com/sosland/wg/2009_12_01
http://digital.world-grain.com/sosland/wg/2009_11_01
http://digital.world-grain.com/sosland/wg/2009_10_01
http://digital.world-grain.com/sosland/wg/2009_09_01
http://digital.world-grain.com/sosland/wg/2009_08_01
http://digital.world-grain.com/sosland/wg/2009_07_01
http://digital.world-grain.com/sosland/wg/2009_06_01
http://digital.world-grain.com/sosland/wg/2009_05_01
http://digital.world-grain.com/sosland/wg/2009_04_01
http://digital.world-grain.com/sosland/wg/2009_03_01
http://digital.world-grain.com/sosland/wg/2009_02_01
http://digital.world-grain.com/sosland/wg/2009_01_01
http://digital.world-grain.com/sosland/wg/2008_12_01
http://digital.world-grain.com/sosland/wg/2008_11_01
http://digital.world-grain.com/sosland/wg/2008_10_01
http://digital.world-grain.com/sosland/wg/2008_09_01
http://digital.world-grain.com/sosland/wg/2008_08_01
http://digital.world-grain.com/sosland/wg/2008_07_01
http://digital.world-grain.com/sosland/wg/2008_06_01
http://digital.world-grain.com/sosland/wg/2008_05_01
http://digital.world-grain.com/sosland/wg/2008_04_01
http://digital.world-grain.com/sosland/wg/2008_03_01
http://digital.world-grain.com/sosland/wg/2008_02_01
http://digital.world-grain.com/sosland/wg/2008_01_01
http://digital.world-grain.com/sosland/wg/2007_12_01
http://digital.world-grain.com/sosland/wg/2007_11_01
http://digital.world-grain.com/sosland/wg/2007_10_01
http://digital.world-grain.com/sosland/wg/2007_09_01
http://digital.world-grain.com/sosland/wg/2007_08_01
http://digital.world-grain.com/sosland/wg/2007_07_01
http://digital.world-grain.com/sosland/wg/2007_06_01
http://digital.world-grain.com/sosland/wg/2007_05_01
http://digital.world-grain.com/sosland/wg/2007_04_01
http://digital.world-grain.com/sosland/wg/2007_03_01
http://digital.world-grain.com/sosland/wg/2007_02_01
http://digital.world-grain.com/sosland/wg/2007_01_01
http://digital.world-grain.com/sosland/wg/2006_12_01
http://digital.world-grain.com/sosland/wg/2006_11_01
http://digital.world-grain.com/sosland/wg/2006_10_01
http://digital.world-grain.com/sosland/wg/2006_09_01
http://digital.world-grain.com/sosland/wg/2006_08_01
http://digital.world-grain.com/sosland/wg/2006_07_01
http://digital.world-grain.com/sosland/wg/2006_06_01
http://digital.world-grain.com/sosland/wg/2006_05_01
http://digital.world-grain.com/sosland/wg/2006_04_01
http://digital.world-grain.com/sosland/wg/2006_03_01
http://digital.world-grain.com/sosland/wg/2006_02_01
http://digital.world-grain.com/sosland/wg/2006_01_01
http://digital.world-grain.com/sosland/wg/2005_12_01
http://digital.world-grain.com/sosland/wg/2005_11_01
http://digital.world-grain.com/sosland/wg/2005_10_01
http://digital.world-grain.com/sosland/wg/2005_09_01
http://digital.world-grain.com/sosland/wg/2005_08_01
http://digital.world-grain.com/sosland/wg/2005_07_01
http://digital.world-grain.com/sosland/wg/2005_06_01
http://digital.world-grain.com/sosland/wg/2005_05_01
http://digital.world-grain.com/sosland/wg/2005_04_01
http://digital.world-grain.com/sosland/wg/2005_03_01
http://digital.world-grain.com/sosland/wg/2005_02_01
http://digital.world-grain.com/sosland/wg/2005_01_01
http://digital.world-grain.com/sosland/wg/2004_12_01
http://digital.world-grain.com/sosland/wg/2004_11_01
http://digital.world-grain.com/sosland/wg/2004_10_02
http://digital.world-grain.com/sosland/wg/2004_10_02
http://digital.world-grain.com/sosland/wg/2004_10_01
http://digital.world-grain.com/sosland/wg/2004_09_01
http://digital.world-grain.com/sosland/wg/2004_08_01
https://www.nxtbookmedia.com