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September 18, 2014
                                   Portland Price Trends
                 09-02-13    01-01-14    08-01-14    09-11-14    09-18-14
#1 SWW (bu)         7.40        7.03        6.92        6.80        6.65
White Club          7.60        7.63        8.17        9.30        9.15
HRS 14%             8.24        8.10        8.31        9.32        8.80
HRW 11.5%           8.75        7.62        7.62        7.36        7.19
#2 Corn (ton)     280.00      186.00      185.00      172.00      171.00
#2 Barley         180.00      155.00      175.00      155.00      155.00

   Wheat..A continuing slide in wheat futures was met by stronger basis on
west coast wheats this week, helping to offset about half of the declines
for white wheat and hard red winter. Hard red spring wheat took the bigger
hit, as basis drifted a dime, combined with a 40 cent drop in Minneapolis.
White wheat closed at 177 over Chicago today, the strongest basis number
since February 2008.  All told, soft white bids closed 40 cents off late
August highs and sets right in-line with the 5-year average for this time 
of year. Hard red winter is 45 cents off the late August high and sets 45 
cents under the 5-year average, while red spring has dropped 50 cents from
last week but stands 30 cents above the 5-year average.  A higher protein
white wheat harvest has exporters pushing for low protein deliveries.
   Weekly Sales...USDA reported wheat sales coming in at less than half of
last week, hitting 11.6 mb to put the year-to-date total at 457 mb and 27%
below a year ago.  Hard red spring was top seller with nearly 6 mb, going
mostly to Japan and Venezuela, to put current year sales at 145 mb and 38% 
ahead of last year.  Hard red winter tallied 3.3 mb to place current year
demand at 141 mb and 39% behind last year. A 1.8 mb cancellation left soft
white wheat with a net decline for the week, putting total sales at 75 mb
and on par with last year but 9% off the 5-year average.                        
                                      -Norm Ruhoff  Contributing Analyst

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