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March 31, 2015
                                                                  
                                   Portland Price Trends
                 03-01-14    08-01-14    02-01-15    03-24-15    03-31-15
#1 SWW (bu)         7.35        6.92        6.72        6.86        6.74
White Club          8.05        8.17        9.22        9.36        9.24
HRS 14%             8.69        8.31        8.76        9.01        8.96
HRW 11.5%           8.63        7.62        6.84        6.99        6.84
#2 Corn (ton)     195.00      185.00      180.00      179.00      167.00
#2 Barley         165.00      175.00      170.00      165.00      160.00

   Wheat...An early-week rebound for west coast wheat markets was snuffed
out by the post-report selling across the futures complex today, making a
second week in a row for a "turn-around Tuesday".  Basis levels remained
relatively firm, with gains on white wheat basis helping offset a portion
of the declines today.  
   Shipments...Weekly export inspections showed wheat movement down 40%
from the prior week at 11.8 mb.  Hard red spring topped all classes with
4.8 mb, followed by soft red winter at 3.4 mb, hard red winter with 2.8
mb.  Soft white shipped 800,000 bushels off the PNW.
   Acreage...PNW winter wheat acreage intentions project a modest decline
for the 3-state region at 3.27 mln acres, with a 3% decline for ID being
offset by a like increase for WA.  Spring wheat plantings for the same 3
states are expected to be up 8.5%, with ID and OR posting a double-digit
increase.  Barley acreage shows WA expecting a 17% decline from last year
while North Dakota projects a 45% increase.
                                       
                                      -Norm Ruhoff  Contributing Analyst

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