This study simulates the consequences of replacing the competitive market for wheat and feed grains in the United States with a producer marketing board daich practices price discrimination. A U.S. producer board for wheat and feed ;rains would increase prices in the nonfeed and export markets by reducing sales in those markets. Further, board carry-out stocks would rise, while prices in lonboard markets would fall to the loan rate. U.S. growers would receive wind- fall rents, most of which would be income transfers from U.S. consumers. The Rifted States would receive a monopoly rent from foreign consumers. The board policy would support foreign producers through windfall gains. Finally, the board's operation would reduce the variability in grain prices.