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July 22, 2014
                                                                  
                                   Portland Price Trends
                 07-01-13    01-01-14    06-01-14    07-15-14    07-22-14
#1 SWW (bu)         7.20        7.03        7.35        6.90        6.85
White Club          7.20        7.63        7.60        7.60        7.75
HRS 14%             8.82        8.10        8.26        7.90        8.08
HRW 11.5%           8.08        7.62        8.08        7.44        7.41
#2 Corn (ton)     280.00      186.00      202.00      178.00      182.00
#2 Barley         230.00      155.00      195.00      175.00      175.00

   Wheat...Trading activity remained fairly light as winter wheat harvest
gets underway across the PNW. Nearby West coast wheat basis levels remain 
strong: white wheat basis at 150 over Chicago September, double last year 
and 150 above the 10-year average; red spring at 190 over Minneapolis is 
80 cents above both last year and the 10-year, and hard red winter at 120
over KC is on par with last year and double the 10-year average. 
   Shipments...Weekly export inspections showed total wheat loadings near
19 mb last week, up from a 16 mb four-week average. White wheat recorded
1.6 mb, about half the four-week average, while red spring wheat beat the 
average by 35% at 5.8 mb and hard red winter was up 30% from the average
at 6.3 mb.  Overall year-to-date shipments lag last year by over 25%.
   Crop Progress..PNW winter wheat harvest is progressing ahead of 5-year
average pace, with Oregon approaching the 25% completion mark. The latest
ratings show conditions continuing to deteriorate, with the 3-state index
at 318/500; down more than 30 points from early May and challenging a low
score of 283 set back in 1992.

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