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                                                       August 15, 2019
                                                                  
                                   Portland Price Trends
                 08-01-18    01-01-19    07-01-19    08-08-19   08-15-19
#1 SWW (bu)         6.05        6.15        6.00        5.88       5.85
White Club          6.05        6.15        6.00        5.88       5.85
DNS 14%             7.08        6.59        6.24        6.02       5.84
HRW 11.5%           6.89        6.39        5.59        5.38       5.08
#2 Corn (ton)     160.00      168.00      182.00      173.00     167.00
#2 Barley         140.00      140.00      140.00      140.00     140.00

   Wheat..West coast wheat markets saw the protein wheat markets take the
brunt of a retreat across the futures complex this week, as basis levels
strengthened for white wheat.  Nearby soft white basis to Chicago firmed
nearly 30 cents over the past week while protein wheats held unchanged.
   Weekly Sales...USDA reported another fairly good week of export demand
for U.S. wheat, coming in near the four-week average at 17 mb to put year-
to-date sales at 362 mb; 18% above a year ago but 3% below the five-year
average pace.  Top seller was hard red spring with 6.6 mb, putting sales
at 97 mb and 2% ahead of a year ago but 15% below average.  Sales of soft
white wheat hit the 5 mb mark for the week and with 65 mb in commitments
stands 22% behind a year ago and 15% below average.  Hard red winter saw
a softer week of demand, coming in just under 4 mb to put sales at 139 mb
to put the current year tally 72% ahead of a year ago and 14% better than
the five-year average pace.
   Top Buyers...Japan and South Korea registered as top U.S. wheat buyers
for the week with each buying 3.9 mb.  Sri Lanka bolstered sales of white
wheat with 2.7 mb, followed by Vietnam with 2.1 mb and Italy at 1.5 mb.

                                      -Norm Ruhoff  Contributing Analyst

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