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August 27, 2015
                                                                  
                                   Portland Price Trends
                 08-01-14    01-01-15    07-01-15    08-20-15    08-27-15
#1 SWW (bu)         6.92        6.97        6.60        5.80        5.65
White Club          8.17        9.47        7.35        6.55        6.40
DNS 14%             8.31        8.27        7.63        6.28        6.14
HRW 11.5%           7.63        7.31        6.67        5.86        5.84
#2 Corn (ton)     178.00      195.00      180.00      163.00      162.00
#2 Barley         175.00      170.00      150.00      160.00      160.00

   Wheat...West coast wheat markets once again held to a relatively narrow
trading range this week, sustained by limited farm offerings and a firming
of basis levels that helped offset declines against futures. USDA revealed
there has been some commercial interest over the past week, with demand up
from the prior two weeks.  Basis levels on white wheat against Chicago saw
a move above 80 cents today, a two-month high; hard red spring climbed to
120 over Minneapolis, a two-month high; and hard red winter was posted 120
over Kansas City and the strongest basis in three months.
   Weekly Sales...USDA reported a revived interest in US wheat last week,
with total sales near the 20 mb mark to put year-to-date totals 13% behind
a year ago at 360 mb; 21% behind the five-year average for the third week
of August. Hard red winter was the top seller with nearly 10 mb, supported
primarily by Nigerian buying.  Hard red spring recorded nearly 4 mb and is
standing 14% behind a year ago, and white wheat booked 3.7 mb to stand 6%
below last year; both classes saw interest primarily from the Pacific Rim.
Soft red winter tallied 1.4 mb and sets 21% under a year ago.
 
                                      -Norm Ruhoff  Contributing Analyst

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