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                                                       June 7, 2018
                                                                  
                                   Portland Price Trends
                 06-01-17    08-01-17    05-01-18    05-31-18    06-07-18
#1 SWW (bu)         4.90        5.20        6.05        6.00        6.15
White Club          5.05        5.30        6.05        6.00        6.15
DNS 14%             7.03        8.38        7.68        7.57        7.45
HRW 11.5%           5.10        5.65        6.93        6.72        6.73
#2 Corn (ton)     158.00      148.00      184.00      180.00      178.00
#2 Barley         127.00      125.00      158.00      155.00      155.00

   Wheat...West coast white wheat markets continued to ratchet higher this
week as spot basis levels held relatively firm against a rebound in Chicago
futures.  As a result, bids for June delivery surpassed the high end of the
market for 2017/18 and today set the best price level since July 2015. New
crop August bids today showed soft white at $6.02, dark northern spring 14%
protein at $7.29 and hard red winter 11.5% protein bid at $6.62.
   Weekly Sales...USDA reported another good week of export demand for soft
white wheat, coming in well-above all other classes with 5.5 mb.  This puts
total white wheat sales for the coming year at 45 mb compared to the 59 mb 
on the books at this time last year.  Total new crop commitments for U.S. 
wheat stand at 155 mb, which is 35% below a year ago.  Most notable on the
comparisons to last year is hard red winter, which with 2 mb in sales over
the past weeek stands 60% behind a year ago with 32 mb. Hard red spring is
24% behind a year ago while soft red winter is on-par with a year ago.     

                                       -Norm Ruhoff  Contributing Analyst

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