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                                                       July 18, 2017
                                                                  
                                   Portland Price Trends
                 07-01-16    08-01-16    06-01-17    07-11-17    07-18-17
#1 SWW (bu)         5.05        4.95        4.90        5.76        5.50
White Club          5.05        4.95        5.05        5.86        5.60
DNS 14%             6.00        6.03        6.68        9.16        9.00
HRW 11.5%           4.82        5.10        4.97        6.47        5.92
#2 Corn (ton)     163.00      158.00      157.00      162.00      153.00
#2 Barley         140.00      135.00      127.00      120.00      120.00

   Wheat...White wheat markets saw basis levels holding relatively firm
in early-week trade, as nearby deliveries were posted at $5.50 coast or
better.  Recent demand and relatively good carries in new crop have the
export trade beginning to push the front side of the market for movement
into Portland.  Early harvest cuttings are showing good quality.
   Shipments...Weekly export inspections showed a rebound in U.S. wheat
shipments over the past week, coming in at 21.2 mb to put year-to-date
loadings at 144 mb and 26% ahead of a year ago.  Top shipper last week
was hard red winter with 9.3 mb, followed by hard red spring with 7 mb.
Soft white loadings off the west coast registered 2.6 mb. Japan was the
top destination off the PNW, with 2.7 mb, followed closely by shipments
of 2.5 mb each for South Korea and the Philippines.
   Crop Progress...Winter wheat harvest is getting underway across the
Pacific Northwest about on track with the average pace.  USDA reports
Washingtion at 8% cut, Oregon 12% and Idaho 6%.  Spring wheat ratings
for Idaho and Washington are both currently tracking about 5% below the
long-term average.  By comparison, North Daktoa spring wheat rates at
75% of average, the lowest since 1988; South Dakota  rates the lowest
on record at 54% of the long-term average.

                                    -Norm Ruhoff  Contributing Analyst

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