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December 18, 2014
                                                                  
                                   Portland Price Trends
                 12-01-13    01-01-14    11-01-14    12-11-14    12-18-14
#1 SWW (bu)         7.40        7.03        6.97        7.09        7.35
White Club          7.80        7.63        9.92        9.59        9.85
HRS 14%             8.44        8.10        9.19        9.65        9.61
HRW 11.5%           8.11        7.62        7.50        7.52        7.83
#2 Corn (ton)     185.00      186.00      185.00      196.00      200.00
#2 Barley         165.00      155.00      150.00      165.00      170.00

   Wheat...Weaker basis levels across the west coast wheat complex offset
a good share of the advances in futures markets this week, but soft white
wheat did manage to mark a new seasonal high this morning at $7.40.  Hard
red spring wheat basis has declined 95 cents from the highs, but remains
more than double the 10-year average for mid-December.  Basis levels for
hard red winter have dropped 75 cents from October high but are 30 cents
above average, while soft white has dropped $1 off the September highs to
settle today at 40 cents above the 10-year average.  New crop August bids
today showed white wheat at $7.30, hard red winter 11.5% at $7.70 and red
spring 14% closing at $7.76. 
   Weekly Sales...Demand for US wheat spiked to the best level since late
September last week, coming in at 17.5 mb to place overall wheat sales at
656 mb and 24% behind last year. Hard red winter led the pack with 6.1 mb
as traditional buyers returned to the market, putting year-to-date sales
at 202 mb and 37% behind a year ago.  Hard red spring registerd nearly 4
mb on the week, and with 208 mb in commitments stands 19% ahead of a year
ago. Soft red winter saw the best weekly improvement relative to the past
10 weeks with a 3.1 mb weekly tally, while soft white posted another good 
week at 2.7 mb and with 113 mb in the books stands 5% behind last year.         
                                                                          
   Top Buyers...Japan once again topped all buyers for the week, booking
another 4 mb that included 2.5 mb of white wheat; Mexico stepped in for a
total of 3 mb of mostly soft red winter; Nigeria led the charge for hard 
red winter claiming a total of 2.3 mb for the week; Italy bought 1.7 mb 
of durum; and South Korea rounded out the top 5 for the week with nearly 
1 mb of mostly hard red spring wheat.
                                       -Norm Ruhoff  Contributing Analyst

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