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November 20, 2014
                                   Portland Price Trends
                 11-01-13    01-01-14    10-01-14    11-13-14    11-20-14
#1 SWW (bu)         7.18        7.03        6.60        7.11        7.03
White Club          7.58        7.63        9.50        9.81        9.68
HRS 14%             8.50        8.10        8.81        9.34        9.76
HRW 11.5%           8.42        7.62        7.17        7.60        7.46
#2 Corn (ton)     173.00      186.00      173.00      191.00      193.00
#2 Barley         150.00      155.00      150.00      150.00      150.00

   Wheat...It was somewhat of a roller coaster week for west coast white
wheat markets, as prices took a 20 cent retreat from the highs last week
before settling higher with Chicago today. Improved demand over the past 
week, along with Japan and Taiwan being in the market this week, provided
support.  New crop August bids showed white wheat at $6.85 today; spring
wheat 14% protein at $7.15 and hard red winter 11.5% protein bid $6.95.  
   Weekly Sales...Total US wheat sales held in-line with the 4-week pace,
coming in at 13.3 mb to place the year-to-date total at 594 mb and 26% off
last year's tally.  White wheat was the top seller with 4.5 mb, mostly to
Unknown, placing commitments at 101 mb and 8% behind a year ago. A steady
improvement in demand over the past month has helped white wheat recover 
from weak sales in August and September, moving the 4-week average above 
the 10-year average pace. Hard red spring reported 3.9 mb for the week to
put year-to-date sales 20% ahead of last year at 185 mb.
   Top Buyers..USDA showed sales to Unknown accounting for nearly 5 mb of
the total last week, followed by the Philippines and Japan each with 1.9 
mb, South Korea with 1.6 mb and Jamaica rounding out the top 5 at 1.5 mb.
Year-to-date top buyers by class: white wheat, the Philippines with 23 mb;
hard red spring, Japan with 28 mb; soft red winter, Mexico with 30 mb; and
hard red winter, Brazil with 48 mb.
                                      -Norm Ruhoff  Contributing Analyst

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