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                                                       June 20, 2019
                                                                  
                                   Portland Price Trends
                 06-01-18    08-01-18    05-01-19    06-13-19   06-20-19
#1 SWW (bu)         6.05        6.05        5.67        6.20       6.15
White Club          6.05        6.05        5.67        6.20       6.15
DNS 14%             7.49        7.08        6.12        6.46       6.23
HRW 11.5%           6.71        6.89        5.70        5.93       5.87
#2 Corn (ton)     178.00      160.00      168.00      190.00     197.00
#2 Barley         155.00      140.00      140.00      140.00     140.00

   Wheat...A slowed pace of export demand was apparent last week and export
bids are reflecting that through weaker basis levels.  Both white wheat and
hard red winter basis have weakened in recent weeks but remain well above
average.  In contrast to that, dark northern spring wheat basis is starting
the new marketing year 50 cents under average, continuing the path followed
through most of last year. 
   Weekly Sales...The recent uptick in wheat prices tempereed export sales
over the past week, coming in at only 6.9 mb to put year-to-date totals at
233 mb and 27% ahead of last year. Top seller was hard red spring with 3.9
mb and with 56 mb in commitments sets 8% behind a year ago. Soft red winter
saw 2.1 mb booked, putting sales at 35 mb and 50% ahead of a year ago. Soft
white wheat registered 1.7 mb to put new year sales at 39 mb and 28% behind
a year ago.  Hard red winter cancellations put net sales on the minus side
for the week, but overall sales of 95 mb stand 131% ahead of a year ago.
   Top Buyers...Algeria was top buyer for the week with 2.2 mb, followed by
Ymen with 2.1 mb, Japan with 1.4 mb, Mexico at 1.2 mb and Guatemala rounded
out the top five with 1.1 mb.  Hard red winter sales to Algeria and Nigeria
are more than double a year ago. 
                                        -Norm Ruhoff  Contributing Analyst

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