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July 29, 2014
                                   Portland Price Trends
                 07-01-13    01-01-14    06-01-14    07-22-14    07-29-14
#1 SWW (bu)         7.20        7.03        7.35        6.85        6.90
White Club          7.20        7.63        7.60        7.75        8.15
HRS 14%             8.82        8.10        8.26        8.08        8.20
HRW 11.5%           8.08        7.62        8.08        7.41        7.46
#2 Corn (ton)     280.00      186.00      202.00      182.00      179.00
#2 Barley         230.00      155.00      195.00      175.00      175.00

   Wheat...With wheat futures trading near four-year lows, basis levels
on the west coast continue to firm as all wheats were posting a stronger
number in early-week trade.  Most notable is the surging red spring wheat
market where basis has jumped 45 cents over the past two weeks against a
strong slate of demand, settling at plus 210 today and double the 10-year
average for late July. Soft white wheat at 170 over is also double the 20
year high for this date, and hard red winter at 130 over stands at double
the ten year average for late July.
   Shipments...Weekly export inspections showed total wheat loadings last
week just under the 4-week average at 14.5 mb. Soft white saw 2 mb loaded
and is running 48% ahead of last year; red spring with 4.7 mb stands 63% 
ahead of a year ago, while only 3.7 mb in hard red winter shipments puts
total shipments 47% behind last year and 27% off the 10-year pace.  USDA
also reported 1 mb of barley shipped, mostly to Japan and Mexico.
   Crop Progress..Record heat across the PNW is promoting a rapid pace of
winter wheat harvest with both Oregon and Washington cutting 20% of their
crop last week to reach the 40% completion mark.  Idaho is progressing at
double the average pace with 18% cut and Montana is on a normal pace with
8% of the crop in the bin.

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