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October 17 2014
                                                                  
                                   Portland Price Trends
                 10-01-13    01-01-14    09-01-14    10-10-14    10-17-14
#1 SWW (bu)         7.25        7.03        7.00        6.65        6.85
White Club          7.25        7.63        9.30        9.60        9.80
HRS 14%             8.28        8.10        8.72        9.03        9.20
HRW 11.5%           8.45        7.62        7.57        7.52        7.76
#2 Corn (ton)     195.00      186.00      178.00      176.00      181.00
#2 Barley         155.00      155.00      165.00      150.00      150.00

   Wheat...West coast wheat markets held to an upward trek this week, as
all classes posted gains of 20 cents or more on higher futures and solid
basis levels. Club wheat premiums also held firm at 295 over white wheat,
closing the week at $9.80 and at the best flat price level since February
of 2010 when prices peaked at $9.90. 
   Weekly Sales...US wheat demand saw a modest improvement over the prior
week with overall sales showing signs of at least stabilizing, coming in 
at 16.7 mb and right on track with the 4-week average.  Hard red winter 
was the top seller with 6.3 mb as Nigeria booked another 4 mb, and sales 
for that class have narrowed to 35% behind last year.  White wheat also 
recorded the best week of demand in a month, notably on a 3.6 mb booking 
out of traditional swing buyer Yemen. Hard red spring and soft red winter 
lagged their respective 4-week averages, coming in with sales of 3.5 mb 
and 1.8 mb for the week.                                           
   Top Buyers...Nigeria has stepped up the pace of US wheat purchases and
was top buyer last week with nearly 4 mb of hard red winter. Year-to-date
bookings from Nigeria are now 6 mb ahead of last year at 59.2 mb.  Yemen
took second place, securing 3.6 mb of white wheat, followed by Japan with
3.1 mb of mostly hard red spring, and the Philippines with 2.2 mb of hard 
red spring and white.  Brazil rounded-out the top five for the week with
2 mb of hard red winter and spring wheat.                                       
                                                    
                                                                                
                                                                                
                                
                                      -Norm Ruhoff  Contributing Analyst

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