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                                                       July 19, 2018
                                                                  
                                   Portland Price Trends
                 07-01-17    08-01-17    06-01-18    07-12-18    07-19-18
#1 SWW (bu)         5.55        5.20        6.05        5.85        5.95
White Club          5.65        5.30        6.05        5.85        5.95
DNS 14%             9.31        8.38        7.49        6.40        6.39
HRW 11.5%           6.34        5.65        6.71        5.95        6.25
#2 Corn (ton)     157.00      148.00      178.00      157.00      157.00
#2 Barley         127.00      125.00      155.00      150.00      150.00

   Wheat...West coast wheat market dynamics were reflective of impending
harvest activity this week as nearby basis levels weakened, especially 
in hard red spring wheat where spot basis retreated 15 to 20 cents. Soft
white basis remained relatively firm but also held under the recent highs
as winter wheat harvest triggered some sales.  USDA completed a tender on
2.4 mb of U.S. white wheat for donation to Yemen.
   Weekly Sales...USDA reported an improvement in export demand for U.S.
wheat over the past week, coming in at 11 mb; nearly double last week but
25% below the four-week average.  Total U.S. wheat sales year-to-date are
at 236 mb, which is 27% behind both a year ago and the five-year average
pace.  Top seller was hard red spring with 4.7 mb, putting sales at 77 mb
which is 11% behind a year ago and 14% behind average. Soft red winter saw
2.6 mb in sales, putting total sales at 30 mb; 10% behind a year ago and
55% below average. Soft white booked another 1.8 mb to put sales at 65 mb;
21% behind a year ago but 14% ahead of average.  Hard red winter saw only
1.1 mb in new sales and with 57 mb stands 49% below a year ago and 44% off
the five-year average pace.  Top buyer last week was the Philippines with
nearly 5 mb in purchases.
                                       -Norm Ruhoff  Contributing Analyst

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