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                                                       January 19, 2018
                                                                  
                                   Portland Price Trends
                 01-02-17    08-01-17    12-01-17    01-12-18    01-19-18
#1 SWW (bu)         4.53        5.20        5.22        5.22        5.32
White Club          4.65        5.30        5.27        5.22        5.32
DNS 14%             6.57        8.38        7.61        7.43        7.39
HRW 11.5%           4.99        5.65        5.72        5.61        5.81
#2 Corn (ton)     160.00      148.00      153.00      157.00      160.00
#2 Barley         115.00      125.00      125.00      135.00      140.00

   Wheat...Firming basis levels were evident across the west coast wheat 
markets this week, most notably for hard red winter and soft white.  Spot
basis on hard red winter bids jumped 15 to 20 cents higher, posted at 155
over KC March as exporters work to cover prior sales.  White wheat basis 
also strengthened through the week, which ties the marketing year high of
plus 110 that was also posted in early August.  Japan booked 3.3 mb this 
week, which included about 900,000 bushels of wheat from the U.S. market. 
   Weekly Sales..USDA reported improvement in U.S. wheat demand last week, 
with overall totals impacted by a 5 mb reduction from unknown. Total sales 
were a net 5.6 mb. Year-to-date sales are now setting at 724 mb; 9% below 
a year ago at this time and 5% behind the five-year average pace.  The top 
seller was hard red winter with 2.8 mb.  Hard red spring booked 2 mb and
soft white netted less than a million bushels.

                                       -Norm Ruhoff  Contributing Analyst

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