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July 28, 2015
                                                                  
                                   Portland Price Trends
                 07-01-14    08-01-14    06-01-15    07-21-15    07-28-15
#1 SWW (bu)         7.03        6.92        6.20        5.88        5.78
White Club          7.83        8.17        7.70        6.63        6.53
HRS 14%             8.30        8.31        7.33        6.56        6.40
HRW 11.5%           7.89        7.62        6.07        5.83        5.70
#2 Corn (ton)     190.00      185.00      162.00      162.00      161.00
#2 Barley         155.00      175.00      150.00      155.00      155.00

   WheatWest coast wheat markets found a bit of stability in early-week
trading, with white wheat basis moving modestly higher against a better
Chicago market today.  Spreads in the cash bids show carries of 16 cents
from August to January for white wheat, a carry of 40 cents for the same
period on hard red winters, and 36 cent carry on hard red spring wheat.
   ShipmentsWeekly export inspections showed another fairly good week of
wheat movement off US ports, coming in at 16 mb but off the pace needed to
meet USDA projections.  Shipments by class showed soft red winter leading
the pack with 4.8 mb; soft white loaded 2.2 mb off the west coast.
   Crop ProgressThe Pacific Northwest wheat harvest continues to progress
well ahead of the average pace, as recent warm and dry conditions bring on
the crops early.  Washington winter wheat is coming in 45% ahead of the 5-
year average at 63% complete, Oregon is 43% ahead with 69% cut, and Idaho
stands 20% ahead of the average with 27% harvested. Higher protein remains
an issue with the white wheat crop, as exporters are posting a premium on 
low protein deliveries to meet Pacific Rim specifications. 
  
                                      -Norm Ruhoff  Contributing Analyst

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