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                                                       September 20, 2018
                                                                  
                                   Portland Price Trends
                 09-01-17    01-01-18    08-01-18    09-13-18    09-20-18
#1 SWW (bu)         5.26        5.32        6.05        5.85        6.05
White Club          5.36        5.32        6.05        5.85        6.05
DNS 14%             7.52        7.52        7.08        6.56        6.77
HRW 11.5%           5.49        5.60        6.81        6.16        6.35
#2 Corn (ton)     151.00      157.00      160.00      148.00      148.00
#2 Barley         120.00      128.00      140.00      140.00      140.00

   Wheat...West coast white wheat markets remained the stalwart this week,
with recent demand continuing to support exporter interest in ownership on
the front side of the market. Basis levels remained strong for white wheat
and hard red winter also saw basis firm 5 to 10 cents through the week.
   Weekly Sales...USDA reported the best level of U.S. wheat export demand
in over a month, coming in at 17.2 mb to put the current year total at 375
mb; 20% behind a year ago and 23% below the five-year average pace.  White
wheat led the charge, securing a marketing year high 7.7 mb for the week to
put total sales at 97 mb which is 13% below a year ago but 18% ahead of the
five-year average. Hard red spring booked another 2.5 mb and with 109 mb in
commitments sets 9% behind a year ago and 12% behind average. Continuing on
as the laggard was hard red winter, seeing just 2.5 mb in new export demand
to put year-to-date sales at 109 mb; 39% below a year ago and 37% under the
five-year average.
   Top Buyers..The Philippines claimed top buying honors last week with 2.9
mb in wheat purchases, followed by Indonesia booking 2.6 mb of white wheat.
Vietnam bought 2.2 mb, Thailand was at 2 mb and South Korea booked 1.8 mb.

                                       -Norm Ruhoff  Contributing Analyst

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