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                                                       May 24, 2018
                                                                  
                                   Portland Price Trends
                 05-01-17    08-01-17    04-01-18    05-17-18    05-24-18
#1 SWW (bu)         4.87        5.20        5.80        5.90        6.10
White Club          5.02        5.30        5.80        5.90        6.10
DNS 14%             6.88        8.38        7.03        7.60        7.91
HRW 11.5%           5.36        5.65        6.17        6.49        6.87
#2 Corn (ton)     161.00      148.00      175.00      183.00      186.00
#2 Barley         125.00      125.00      152.00      155.00      155.00

   Wheat...A two-week rally across the wheat futures complex held intact,
moving Portland cash white wheat and hard red winter prices to marketing
year highs.  White wheat prices held above the $6 mark, posting the best
price levels since September 2015, while hard red winter 11.5% pro prices
are holding near three-year highs. Warm weather accompanied by persistent
moisture continued to improve winter wheat conditions throughout the PNW
this week.
   Weekly Sales...USDA reported a relatively good week of exports for U.S.
wheat, coming in above 16 mb for both old and new crop positions. Old crop
sales were at 4.1 mb, putting the year-to-date total at 871 mb; 16% behind 
a year ago, 10% below the five-year average and at 96% of USDA projections
for this year.  Top sellers were soft white and hard red spring with each
picking up 1.3 mb in old crop commitments. New crop sales came in at 12.5
mb to put commitments at 88 mb compared to 127 mb at this time last year.
Top buyers for new crop were Taiwan with 3.1 mb, followed by Japan with 2
mb and Iraq with 1.8 mb.
                                       -Norm Ruhoff  Contributing Analyst

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