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July 24, 2014
                                                                  
                                   Portland Price Trends
                 07-01-13    01-03-14    06-01-14    07-17-14    07-24-14
#1 SWW (bu)         7.20        7.03        7.35        6.95        6.88
White Club          7.20        7.63        7.60        7.55        7.88
HRS 14%             8.82        8.10        8.26        8.22        8.19
HRW 11.5%           8.08        7.62        8.08        7.64        7.50
#2 Corn (ton)     280.00      186.00      208.00      186.00      179.00
#2 Barley         230.00      155.00      195.00      175.00      175.00

   Wheat...Firming basis levels and modest consolidation in Chicago helped
stabilize west coast wheat markets this week.  Soft white wheat basis saw
the nearby Chicago September spread jump a dime from last week to 160 over,
which is double last year and 150 over the 5-year average. Hard red winter
basis gained 15 cents from last week to 130 over to double 5-year average,
and hard red spring also gained 15 cents on the week to 200 over, which is
near double both last year and 5-year average for this time of year. 
   Club Wheat...Club wheat premiums continue to escalate, with bids posted
at $1.00 over soft white wheat today. Crop production concerns are becoming
more apparent as harvest progresses through some of the prime club growing
areas in Central Washington.  Adequate supplies the past few years had held
premiums in check compared to the last big production shortfall in 2008/09
when premiums reached $4.00 a bushel or more over soft white wheat.
   Weekly Sales...Lower prices stimulated slightly better wheat demand as
total sales beat the 4-week average at 16.3 mb last week. U.S. wheat sales
now stand at 328 mb; 27% behind a year ago but slightly ahead of the 5-year 
average. Soft red winter recorded the second best week of demand this year, 
with Nigeria and Brazil booking over half the 6 mb weekly total. Soft white 
sales posted nearly 4 mb, mostly from Japan, putting year-to-date sales 10% 
ahead of last year at 56 mb and on-track with the 5-year average pace. Hard
red winter sales continue to suffer; down 30% from last year and 17% below
the 5-year average for the third week in July. 

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