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October 30, 2014
                                   Portland Price Trends
                 10-01-13    01-01-14    09-01-14    10-23-14    10-30-14
#1 SWW (bu)         7.25        7.03        7.00        6.96        7.02
White Club          7.25        7.63        9.30        9.91        9.97
HRS 14%             8.28        8.10        8.72        9.21        9.27
HRW 11.5%           8.45        7.62        7.57        7.75        7.62
#2 Corn (ton)     195.00      186.00      178.00      185.00      190.00
#2 Barley         155.00      155.00      165.00      150.00      150.00

   Wheat...White wheat markets moved above the $7 mark this week and saw
notable selling interest as producers rewarded a 50 cent rally from lows
set a month ago.  Hard red spring also posted a better week as bids came
within a nickel of the season high, while hard red winter closed the week
a dime lower with basis somewhat defensive on softer demand and southern 
hemisphere harvest.  Carries remained relatively flat in all the wheats.   
   Weekly Sales...Total US wheat sales came in nearly 50% better than a
week ago at 16.3 mb, and held above the pace needed to meet current USDA
projections. Year-to-date sales of 556 mb stand 26% behind last year and
9% off the 5-year average.  Hard red winter held in line with the 4-week
average at 6.6 mb to place the total at 171 mb and 36% behind a year ago;
hard red spring beat the 4-week pace with 4.7 mb and is 22% ahead of last
year with 171 mb; white wheat held with the 4-week average, securing 2.5
mb to stand 11% behind last year with 90 mb; and soft red winter recorded
2.1 mb for a current year total of 103 mb that is 53% off last year but
2% ahead of the 5-year average.                                       
   Top Buyers...Weekly sales of 16 mb were spread amongst a long list of
buyers, with Japan coming in at the top end with 3.2 mb.  Following that
were Mexico, Brazil, the Philippines and Unknown; all near the 2 mb mark.
Year-to-date, Japan has been the top buyer with 62 mb, followed closely
by Nigeria and Mexico near the 61 mb mark.                                      
                                      -Norm Ruhoff  Contributing Analyst

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