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April 16, 2015
                                                                  
                                   Portland Price Trends
                 04-01-14    08-01-14    03-01-15    04-09-15    04-16-15
#1 SWW (bu)         7.75        6.92        6.77        6.68        6.40
White Club          8.35        8.17        9.27        8.68        7.90
HRS 14%             9.00        8.31        8.95        8.64        7.84
HRW 11.5%           8.83        7.62        6.75        6.71        6.24
#2 Corn (ton)     224.00      185.00      176.00      166.00      166.00
#2 Barley         180.00      175.00      170.00      155.00      155.00

   Wheat...Weather-dominated futures markets driven lower by rains moving
across the Midwest wheat belt and slow demand combined for a one-two punch
to west coast wheat markets this week. New marketing year lows were posted
for all wheat classes; most notably for hard red spring which saw the spot
basis drop another 40 cents to settle 70 cents off the high from last week.
Japan was the highlight on the demand front this week, securing a total of
4 mb which included 1.8 mb of US wheat for late May-June delivery. Weather 
conditions have opened up across the PNW, allowing a good window for field
work well into next week.
   Weekly Sales...Net old crop wheat sales of 1.8 mb were highlighted by a 
2 mb sale of hard red winter to Egypt, placing total sales 24% behind last
year at 855 mb.  New crop wheat sales totaled 4 mb, putting commitments at
54 mb compared to 92 mb in the books a year ago.  By class, sales of hard
red winter stand 35% behind last year at 15 mb; soft red winter is on par
with a year ago at 15 mb; hard red spring is down nearly 70% with 10 mb on
the ledger; and soft white stands 52% behind last year with 9 mb sold for
the coming year.                                        
                                       -Norm Ruhoff  Contributing Analyst

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