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January 20, 2015
                                                                  
                                   Portland Price Trends
                 01-01-14    08-01-14    12-01-14    01-13-15    01-20-15
#1 SWW (bu)         7.03        6.92        7.35        6.78        6.67
White Club          7.63        8.17       10.05        9.28        9.17
HRS 14%             8.10        8.31       10.22        8.27        8.53
HRW 11.5%           7.62        7.62        7.99        6.82        6.86
#2 Corn (ton)     186.00      185.00      196.00      180.00      182.00
#2 Barley         155.00      175.00      160.00      170.00      170.00

   Wheat...West coast wheat markets came out of the extended weekend with
a weaker tone, following futures markets on an initial retreat early today
before gaining back some ground by the close.  Basis levels held steady on
the protein wheats while soft white saw a modest retreat today.  Carry for
both hard red winter and red spring remained relatively flat, while white
wheat continues to show 3 cents per month.  New crop basis for white wheat
is hovering near 105 over Chicago September; club wheat is posted at a 75
cent premium to soft white; hard red winter 11.5% is bid 65 over KC Sept;
and hard red spring 14% is showing 150 over Minneapolis September.
   Shipments...Export loadings posted a better week of movement off of US 
ports for wheat last week, coming in at 11.4 mb to place the year-to-date 
shipment total at 530 mb and 32% behind last year; soft white and hard red 
spring were the top shippers coming in near the 4 mb mark. 
   Average Prices...The recent setback in price levels has prices for soft
white wheat hovering near 5 and 10-year average price levels for the middle
of January and 30 cents below the year-to-date average.  Hard red winter is
below both long-term averages, and 65 cents under the year-to-date average.
Hard red spring has drifted below the 5-year average, setting near the 10-
year average and 28 cents below the year-to-date average.                       
                                                    -Norm Ruhoff  Contributing 
Analyst

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