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                                                       June 21, 2018
                                                                  
                                   Portland Price Trends
                 06-01-17    08-01-17    05-01-18    06-14-18    06-21-18
#1 SWW (bu)         4.90        5.20        6.05        6.05        6.10
White Club          5.05        5.30        6.05        6.05        6.10
DNS 14%             7.03        8.38        7.68        7.22        6.98
HRW 11.5%           5.10        5.65        6.93        6.52        6.22
#2 Corn (ton)     158.00      148.00      184.00      167.00      167.00
#2 Barley         127.00      125.00      158.00      155.00      155.00

   Wheat...White wheat continued to be the stalwart this week for the west 
coast wheat markets, with strengthening basis levels and new demand helping
support prices.  Exporter coverage on prior sales remains apparent as spot
bids hold a premium to deferred months.  Markets also received an announced
CCC tender on 4 mb of U.S. white wheat for donation to Yemen. Shipment will
be for late July and early August with offers due next week.
   Weekly Sales...The retreat is U.S wheat values last week helped generate
buying interest, as USDA reported 17 mb in new export demand.  Year-to-date
sales now stand at 183 mb; lagging year-ago levels by 29% and 25% below the
five-year average pace.  Top seller last week was hard red spring wheat with
6.6 mb, putting current year commitments at 61 mb which is 14% below both a 
year ago and average.  White wheat saw another 5.5 mb booked to put overall
sales at 54 mb which is 13% below a year ago but 26% above average. Hard red
winter sales were at 4 mb, placing total sales at 41 mb which is less than
half a year ago and 47% off the five-year average pace. Top buyer last week
was the Philippines with 5 mb followed by Japan with 4.3 mb.   

                                       -Norm Ruhoff  Contributing Analyst

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