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                                                       May 3, 2018
                                                                  
                                   Portland Price Trends
                 05-01-17    08-01-17    04-01-18    04-26-18    05-03-18
#1 SWW (bu)         4.87        5.20        5.80        5.90        6.00
White Club          5.02        5.30        5.80        5.90        6.00
DNS 14%             6.88        8.38        7.03        7.43        7.69
HRW 11.5%           5.36        5.65        6.17        6.49        6.89
#2 Corn (ton)     161.00      148.00      175.00      181.00      182.00
#2 Barley         125.00      125.00      152.00      152.00      158.00

   Wheat...West coast white wheat markets saw bids hold at or above $6.00
this week, even with a roll to Chicago July futures and sharply lower spot
basis levels.  Exporters continue to work on enticing farm selling against 
prior sales.  Bids for both hard red winter and red spring wheat also show
mostly flat bid structures through July.  New crop August bids today place
white wheat at $5.85, 14% protein dark northern spring at $7.50 and 11.5%
protein hard red winter at $6.76.  
   Weekly Sales...USDA reported a total of 8.6 mb in old crop wheat sales
over the past week, putting the year-to-date total at 863 mb; which is 16%
behind a year ago and 9% below the five-year average pace.  Top seller for
the week was hard red winter with 4 mb, placing sales at 340 mb which sets
21% behind a year ago and 1% below average.  Soft white registered 2.1 mb
and with 194 mb in commitments, stands 11% ahead of a a year ago and 22%
above average. Soft red winter also booked 2.1 mb and with total sales of
92 mb sets 4% ahead of a year ago. Total new crop sales came in at 7.7 mb,
putting commitments for next year at 69 mb. 

                                      -Norm Ruhoff  Contributing Analyst

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