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January 29, 2015
                                                                  
                                   Portland Price Trends
                 01-01-14    08-01-14    12-01-14    01-22-14    01-29-15
#1 SWW (bu)         7.03        6.92        7.35        6.70        6.60
White Club          7.63        8.17       10.05        9.20        9.10
HRS 14%             8.10        8.31       10.22        8.50        8.43
HRW 11.5%           7.62        7.62        7.99        6.77        6.59
#2 Corn (ton)     186.00      185.00      196.00      181.00      175.00
#2 Barley         155.00      175.00      160.00      170.00      170.00

   Wheat...Despite firm basis levels, the 40 cent drop in Chicago over the
past week pressed white wheat bids near marketing year lows before getting
a modest reprieve this morning.  Recent demand has kept exporters pushing
basis on both soft white and hard red spring. White wheat basis to Chicago
has regained 60 cents from the December lows, while hard red spring gained
back 85 cents.  New crop August white wheat basis has also firmed back to
near 130 over Chicago September futures, which is more than triple 10-year 
average levels; hard red spring is posted at 150 over, almost double the
average; and hard red winter is holding near average at 65 over KC Sep.
   Weekly Sales...USDA provided some much-needed news, with wheat demand  
registering the best weekly numbers since early September. Top seller was
hard red winter with 7 mb, followed by hard red spring with nearly 6 mb.
Soft white came in with 5.7 mb, going mostly to the Philippines, and puts
year-to-date sales at 130 mb and within 20 mb of USDA projections for the
year with 4 months remaining in the marketing year. 
                                                                 
                                      -Norm Ruhoff  Contributing Analyst

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