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                                                       September 14, 2017
                                                                  
                                   Portland Price Trends
                 09-01-16    01-01-17    08-01-17    09-07-17    09-14-17
#1 SWW (bu)         4.68        4.50        5.20        5.20        5.30
White Club          4.78        4.65        5.30        5.30        5.40
DNS 14%             5.96        6.57        8.36        7.80        7.62
HRW 11.5%           4.87        4.99        5.65        5.57        5.57
#2 Corn (ton)     156.00      160.00      148.00      146.00      145.00
#2 Barley         125.00      115.00      125.00      125.00      125.00

   Wheat....West coast white wheat basis levels remained firm through the
week, supported by an improved pace of demand through the early fall and
limited farm selling at current price levels.  All three wheat markets are
developing modest carries into deferred delivery positions.  
   Weekly Sales...USDA reported overall U.S. wheat demand declined for the
second straight week, coming in 35% below the four-week average at 11.6 mb.
Year-to-date sales now stand at 469 mb, which is 1% below a year ago and 2%
under the five-year average.  Hard red winter was top seller with 6 mb and
at 178 mb stands 10% below a year ago and 4% below average. Hard red spring
saw 2 mb in new commitments and with 125 mb sold, stands 15% behind a year
ago and 2% below the average.  Soft white demand came in at 1.5 mb to place
current year sales at 112 mb; 42% above a year ago and 47% above average.
   White Wheat Buyers...Total white wheat sales are running 33 mb ahead of
a year ago.  Top buyer has been the Philippines with 23.4 mb, which is 2.5
mb above last year.  South Korea has booked 18.7 mb, 8 mb more than a year
ago; Japan has 11.1 mb, down 300,000 bushels; China has booked 10 mb, 9 mb
more than a year ago; and Indonesia has committed to 9.8 mb which is 2.7 
mb more than a year ago.

                                       -Norm Ruhoff  Contributing Analyst

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