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                                                       December 7, 2018
                                                                  
                                   Portland Price Trends
                 12-01-17    01-01-18    11-01-18    11-30-18    12-07-18
#1 SWW (bu)         5.22        5.32        6.22        6.25        6.22
White Club          5.27        5.32        6.22        6.25        6.22
DNS 14%             7.61        7.52        6.92        6.91        6.93
HRW 11.5%           5.72        5.60        6.51        6.50        6.60
#2 Corn (ton)     153.00      157.00      159.00      166.00      172.00
#2 Barley         125.00      128.00      140.00      140.00      140.00

   Wheat...Exceptionally strong export demand put a positive finish on a
roller-coaster week for west coast wheat prices. Basis levels held steady
on the protein wheats while soft white saw basis weaken against Chicago.
   Weekly Sales...USDA surprised the trade with a strong showing for U.S.
wheat sales last week, coming in at 26.2 mb and second only to the 29.5
mb showing in early August. This puts total commitments at 573 mb, which 
stands at 9% behind a year ago and 13% behind the five-year average pace.  
Top seller was hard red winter with 8.7 mb, putting sales at 166 mb; 33% 
behind a year ago and 29% under the five-year average.  Soft red winter 
had a solid 7.6 mb to put totals 25% ahead of a year ago, but stands 34% 
below average. Hard red spring had another good week at 6 mb, for a year-
to-date total of 183 mb; 6% ahead of last year and 1% below average. Soft 
white booked 3.6 mb, placing sales at 183 mb and 6% below a year ago but 
1% ahead of average.
   Top Buyers...Egypt's booking of 4.4 mb of soft red winter placed them
at the top of the list last week, following closely by Mexico with 4.3 mb.
Thailand bought 4 mb, South Korea 3.2 mb and Venezuela booked 2.2 mb.
   
                                      -Norm Ruhoff  Contributing Analyst

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