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June 30, 2015
                                   Portland Price Trends
                 06-01-14    08-01-14    05-01-15    06-23-15    06-30-15
#1 SWW (bu)         7.21        6.92        6.20        6.25        6.85
White Club          7.71        8.17        7.70        7.00        7.60
HRS 14%             8.37        8.31        7.33        7.46        7.64
HRW 11.5%           7.99        7.62        6.07        6.29        6.85
#2 Corn (ton)     208.00      185.00      162.00      166.00      181.00
#2 Barley         185.00      175.00      150.00      150.00      150.00

   Wheat...USDA ignited the fireworks a bit early today, with lower than
expected stocks and acreage in the corn sector pulling the wheat complex
higher.  West coast basis levels on wheat remain defensive, but even at
that flat prices moved toward 3 month highs for both soft white and hard
red winter markets.  Bids remain mostly flat into August, with bids for
January showing a 20 cent carry for whites and winters.
   Crop Progress...Extreme heat continues to cut into potential yields 
for the PNW wheat crop, with the 3-state winter wheat index registering
a four point decline to put the crop at 88% of normal. Good to excellent
ratings for all three states showed declines of 2% over the past week.
Spring wheat ratings have also declined, with Washington now setting at
at 4% below average, Montana 2% below and Idaho back down to average.
   Basis...West coast wheat basis levels have been defensive against the
advance across the futures complex, drifting lower over the past 2 weeks
toward 10-year average levels.  Soft white at 70 over Chicago is down 30
cents over the past week; hard red winter is off 15 cents at 75 over and
hard red spring basis is off 25 cents to 140 over.
                                      -Norm Ruhoff  Contributing Analyst

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