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                                                       January 20, 2017
                                                                  
                                   Portland Price Trends
                 01-02-16    08-01-16    12-01-16    01-13-17    01-20-17
#1 SWW (bu)         5.35        4.95        4.55        4.59        4.60
White Club          6.60        4.95        4.70        4.74        4.75
DNS 14%             6.17        6.03        6.53        7.01        6.95
HRW 11.5%           5.60        5.10        4.88        5.34        5.28
#2 Corn (ton)     159.00      158.00      148.00      164.00      173.00
#2 Barley         150.00      135.00      115.00      115.00      115.00

   Wheat...West coast wheat markets held to a relatively narrow trading
range through the week, with protein wheat basis levels holding firm and
white wheat basis remaining defensive on any gains in Chicago.  Overall
demand for protein wheat remains good while the recent pace of sales for
soft white have been weak. Export bid structures show all markets being
bid flat through March.
   Weekly Sales...USDA reported total wheat sales slipped from the prior
week, coming in at a disappointing 8.9 mb to put year-to-date commitments
at 793 mb; 31% ahead of last year adn 6% above the five-year average pace.
Hard red spring and hard red winter both saw an additional 3.3 mb in sales
for the week. Spring wheat now stands with 256 mb in commitments, which is
30% above both last year and five-year average.  Hard red winter sales are
at 321 mb; up 89% over a year ago and 23% above average.  Soft white wheat
sales came in at 1.4 mb, placing year-to-date commitments at 131 mb which
stands 16% above a year ago but 1% behind average.

                                     -Norm Ruhoff  Contributing Analyst

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