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                                                       July 20, 2017
                                                                  
                                   Portland Price Trends
                 07-01-16    08-01-16    06-01-17    07-13-17    07-20-17
#1 SWW (bu)         5.05        4.95        4.90        5.45        5.50
White Club          5.05        4.95        5.05        5.55        5.60
DNS 14%             6.00        6.03        6.68        8.69        8.93
HRW 11.5%           4.82        5.10        4.97        6.05        5.88
#2 Corn (ton)     163.00      158.00      157.00      160.00      160.00
#2 Barley         140.00      135.00      127.00      120.00      120.00

   Wheat...Confirmation of additional white wheat demand provided support
to nearby white wheat basis levels, which have been holding firm near the
50 over level against Chicago.  New crop basis levels have also more than
doubled over the past week, with nickel carries being posted from October
into January.  Early harvest results continue to suggest good yields and
good quality.
   Export Sales...USDA reported a solid rebound in U.S. wheat demand over
the past week, coming in at a marketing year high of 24.5 mb to put total
sales at 346 mb which is 2% above a year ago.  Hard red winter was the top
seller for the week with 10.1 mb, putting sales at 122 mb and 2% below a
year ago.  White wheat continues to see good demand, registering 7.3 mb on
the week to put year-to-date demand at 89.7 mb and 47% ahead of last year.
Hard red spring booked 3.7 mb and stands 23% behind a year ago with 90 mb
sold, while soft red winter saw 3.3 mb sold and stands 19% ahead of last
year with 37 mb booked.
   Top Buyers...The Philippines accounted for 25% of total sales for the
week, booking 6 mb of which half was white wheat.  South Korea and Mexico
followed with 3.2 mb each.  Venezuela bought 2.7 mb and rounding-out the
top five was Nigeria with 2.2 mb.

                                    -Norm Ruhoff  Contributing Analyst

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