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                                                       September 21, 2017
                                                                  
                                   Portland Price Trends
                 09-01-16    01-01-17    08-01-17    09-14-17    09-21-17
#1 SWW (bu)         4.68        4.50        5.20        5.30        5.36
White Club          4.78        4.65        5.30        5.40        5.41
DNS 14%             5.96        6.57        8.36        7.62        7.56
HRW 11.5%           4.87        4.99        5.65        5.57        5.63
#2 Corn (ton)     156.00      160.00      148.00      145.00      125.00
#2 Barley         125.00      115.00      125.00      125.00      143.00

   Wheat....West coast white wheat basis levels remained firm, holding at
levels more than double the ten-year average and supporting nearby prices
near the $5.30 mark. Basis levels were also steady for hard red winter and
red spring wheat, but exporters did stiffen protein discounts for hard red
winter near the end of the week. 
   Weekly Sales...USDA reported overall demand for U.S. wheat held on-par
with the prior week at 11.3 mb; about 20% below the four-week average pace.
Total commitments stand at 481 mb which is 3% below both a year ago and the
five-year average for this time of year.  Top seller was hard red spring at
4.5 mb and with sale of 130 mb sets 16% behind a year ago and 3% below the
average.  Soft white registered 2.7 mb for the week and with 115 mb in the
books stands about 45% above both year-ago and average. Sales for hard red 
winter came in at 2.1 mb, placing year-to-date demand at 180 mb which sets
14% below a year ago and 2% above average.
   Top Buyers...The Philippines registered as top buyer of U.S. wheat last
week with 2.8 mb, followed by Mexico with 2 mb. Kenya bought 1.5 mb of hard
red winter wheat, and 2 mb was booked for both Japan and Unknown.
 
                                       -Norm Ruhoff  Contributing Analyst

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