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October 21, 2014
                                   Portland Price Trends
                 10-01-13    01-01-14    09-01-14    10-14-14    10-21-14
#1 SWW (bu)         7.25        7.03        7.00        6.70        6.87
White Club          7.25        7.63        9.30        9.65        9.82
HRS 14%             8.28        8.10        8.72        9.14        9.19
HRW 11.5%           8.45        7.62        7.57        7.65        7.77
#2 Corn (ton)     195.00      186.00      178.00      184.00      184.00
#2 Barley         155.00      155.00      165.00      150.00      150.00

   Wheat...West coast wheat markets ratcheted higher in early-week trade,
supported by the rebound in futures and solid basis levels.  White wheat
moved closer to the $7 mark, with basis near 170 over Chicago and stands
40 cents above the late September lows; hard red spring basis has held at
350 over, closing near $9.20 today and 50 cents above recent lows; while
hard red winter remains bid at 175 over, for a flat price today of $7.77
that is nearly 65 cents better since the first of the month.  
   Shipments...US wheat shipments came in slightly ahead of last week with 
17.7 mb, 10% off the 4-week average, placing the year-to-date tally at 374 
mb and 31% behind a year ago. Soft white wheat was the only class of wheat 
to beat the 4-week average, registering 3.7 mb on loadings for Taiwan and 
the Philippines, and now stands 4% behind last year. Hard red spring wheat 
shipments continue to tail-off from a strong early season pace but remain 
30% ahead of last year, while hard red winter posted a respectable 5.7 mb 
for the week but continues to lag 44% behind last year.                         
   Crop Progress...PNW winter wheat plantings made good progress in Oregon
last week, with another 20% of the crop going in to place the state at 85%
complete.  Idaho sowed another 11% to stand at 92% planted and Washington 
is 93% in. Montana winter wheat is going in nearly 10% ahead of the 5-year
average, standing 97% complete with soil moisture remaining well above the
average profile for this time of year.  Montana also rates 79% in the good
to excellent category, 18% ahead of last year, while Washington reports in
at 24% good to excellent and 16% poor to very poor.
                                       -Norm Ruhoff  Contributing Analyst

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