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                                                       August 21, 2017
                                                                  
                                   Portland Price Trends
                 08-01-16    01-01-17    07-01-17    08-14-17    08-21-17
#1 SWW (bu)         4.92        4.50        5.25        5.40        5.05
White Club          5.02        4.65        5.35        5.50        5.15
DNS 14%             5.99        6.57        6.57        7.90        7.75
HRW 11.5%           5.06        4.99        4.99        5.36        5.07
#2 Corn (ton)     159.00      160.00      160.00      151.00      145.00
#2 Barley         140.00      115.00      115.00      125.00      125.00

   Wheat..West coast white wheat markets saw further drift in prices as
relatively steady basis levels mirrored lower trade across the futures
complex. Farmer selling interest has waned near the $5 coast mark, with
most producers having priced into recent rallies.
   Shipments...Weekly export inspections showed a good week of loadings
off U.S. ports for wheat, most notably white wheat moving off the west
coast.  Total shipments came in at 21.4 mb to put year-to-date movement
at 258 mb, which stands 12% better than a year ago. Hard red winter was
the top shipper with 9.7 mb, followed by white wheat with nearly 6 mb.
Hard red spring and soft red winter each shipped about 3 mb.  The top
destination off the west coast was China with 4.3 mb, followed by the
Philippines with 4.2 mb and Indonesia with 2.8 mb.
   Crop Progress...With winter wheat harvest virtually complete across
the Pacific Northwest, USDA shows spring wheat cuttings approaching the
halfway mark for Idaho; slightly behind average.  Washington also shows
the crop coming in 5% below the average pace at 62% complete.

                                    -Norm Ruhoff  Contributing Analyst

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