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August 21, 2014
                                                                  
                                   Portland Price Trends
                 07-01-13    01-01-14    06-01-14    08-14-14    08-21-14
#1 SWW (bu)         7.20        7.03        7.35        6.85        7.05
White Club          7.20        7.63        7.60        8.50        9.10
HRS 14%             8.82        8.10        8.26        8.05        8.15
HRW 11.5%           8.08        7.62        8.08        7.18        7.32
#2 Corn (ton)     280.00      186.00      202.00      189.00      160.00
#2 Barley         230.00      155.00      195.00      175.00      183.00

   Wheat...Steady basis levels and a gyrating Chicago futures market had 
west coast white wheat bids swinging on both sides of $7 through the week.
Increased trading activity was noted as producers get bushels in the bin.
Crop concerns are becoming more apparent, with club wheat premiums moving 
sharply higher on lower production out of the central part of Washington 
state, and recent heavy rains raising quality issues with the spring wheat
crop out of southern Idaho.
   Weekly Sales..Total US wheat sales sank to a marketing year low of 7.7
mb last week, placing year-to-date sales at 400 mb and 26% behind a year
ago.  Soft red winter was the only notable performer as Nigeria picked up
another 3 mb out of the 5 mb total, to keep that class on track with the
5-year average. Soft white mustered 1.2 mb, placing the year-to-date tally
5% ahead of last year, and hard red spring saw only 2 mb in new business
but remains 40% ahead of last year.  
   Club Wheat...The impact of a dry growing season in the prime club wheat
growing areas of central Washington is becoming more apparent as premiums
continue to move sharply higher.  Premiums averaged a dime through most of
May, hovered at 60 over into July, and have doubled over the past month to
close at $2 today.  The last big club shortage through the 2009/10 season 
saw premiums reach the $4 plus mark.
    -Norm Ruhoff Contributing Analyst

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