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                                                       July 25, 2017
                                                                  
                                   Portland Price Trends
                 07-01-16    08-01-16    06-01-17    07-18-17    07-25-17
#1 SWW (bu)         5.05        4.95        4.90        5.50        5.25
White Club          5.05        4.95        5.05        5.60        5.35
DNS 14%             6.00        6.03        6.68        9.00        8.42
HRW 11.5%           4.82        5.10        4.97        5.92        5.72
#2 Corn (ton)     163.00      158.00      157.00      153.00      150.00
#2 Barley         140.00      135.00      127.00      120.00      125.00

   Wheat...Firming basis levels were apparent for nearby white wheat bids,
as exporters continued to prop up cash markets relative to the decline in
Chicago.  Spot basis was generally bid at 55 over Chicago September. Hard
red winter basis also firmed-up in early week trade, along with softening
discount scales, while hard red spring basis held steady. 
   Shipments...Weekly export inspections showed 16.5 mb of U.S. wheat was
shipped off all ports last week, putting year-to-date loadings at 162 mb;
up 19% over a year ago.  Top shipper was hard red winter with 6.8 mb, hard
red spring loaded 4.8 mb and soft white 2.9 mb.  Top destinations off the
west coast was Japan with 3.2 mb, followed by Guatemala and Chile each at
about 1.8 mb.
   Crop Progress..Winter wheat is progressing on an average pace for both
Idaho and Oregon, at 11% and 31% complete, respectively. Washington trails
the averrage by 6% at 18% harvested.  Spring wheat ratings showed declines
for both Idaho and Washington, with both losing more than 5 points off the
weighted index. Excessive heat over the past week has cut into prospective
yield potential.  The U.S. spring wheat crop condition index stands second
lowest only to the 1988 crop for this time of year since 1986.

                                    -Norm Ruhoff  Contributing Analyst

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