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August 19, 2014
                                   Portland Price Trends
                 07-01-13    01-01-14    06-01-14    08-12-14    08-19-14
#1 SWW (bu)         7.20        7.03        7.35        6.85        7.02
White Club          7.20        7.63        7.60        8.45        8.77
HRS 14%             8.82        8.10        8.26        8.09        8.16
HRW 11.5%           8.08        7.62        8.08        7.18        7.34
#2 Corn (ton)     280.00      186.00      202.00      188.00      183.00
#2 Barley         230.00      155.00      195.00      175.00      175.00

   Wheat..Early-week trade showed west coast wheat markets stabilizing as 
basis held last week's levels and modest gains in futures were supportive.
Trade remains light with attention focused on harvesting. Soft white made
the $7 mark again and is back in line with the year-to-date average. Hard 
red winter stands 35 cents under the year-to-date average and at the mid-
point of the 5 and 10-year averages, and red spring bounced a dime off of
last week's low but sets 35 cents under last year and 50 cents below the
5-year average for mid-August.  PNW harvest has resumed after heavy rains 
delayed activity through the weekend.
   Shipments...Export inspections showed another decent week of movement
as all classes of wheat outpaced respective 4-week averages. White wheat
posted the best week of loadings for the year, albeit still not a stellar
week, at 4 mb.  Hard red winter also scored the best week of the year at
8.5 mb, helping pull the pace off the low end of the 10-year average, and
red spring shipments drifted again but remain 30% ahead of average. 
   Crop Progress...PNW winter wheat harvest has virtually wrapped-up and
spring wheat progress shows Washington at double the 5-year pace with 68%
cut; Idaho on track with average at 23% harvested, and Oregon is 75% done.
Idaho spring wheat ratings have taken a precipitous drop over the past 2
weeks, as recent heavy moisture hase impacted conditions and dropped the 
crop from "average" to 85% of normal; the worst ratings since 2001.

                                      -Norm Ruhoff  Contributing Analyst

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