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September 11, 2014
                                   Portland Price Trends
                 09-02-13    01-01-14    08-01-14    09-04-14    09-05-14
#1 SWW (bu)         7.40        7.03        6.92        6.90        6.80
White Club          7.60        7.63        8.17        9.40        9.30
HRS 14%             8.24        8.10        8.31        9.08        9.32
HRW 11.5%           8.75        7.62        7.62        7.50        7.36
#2 Corn (ton)     280.00      186.00      185.00      172.00      172.00
#2 Barley         180.00      155.00      175.00      160.00      155.00

   Wheat...USDA acknowledgement of burgeoning global wheat supplies and a
reduced US export forecast pulled all wheat markets lower today.  Futures
did bounce off the lows, however, and basis levels continue to strengthen
which is helping offset some of the declines.  Spring wheat basis climbed
40 cents this week, soft white gained a dime and red winter was unchanged.
   Weekly Sales..The retreat in U.S. wheat prices finally stimulated some 
much-needed demand last week, with overall sales hitting the second-best 
tally of the year with 25 mb. Taiwan registered as the top buyer with 3.6 
mb, but Malaysia, the Philippines and Nigeria each reported in at 3 mb or 
more.  Soft white wheat hit the best level of the year with 7.4 mb to put 
total sales at 75 mb and 5% ahead of last year.  Spring wheat also hit a 
high water mark for the year at 8 mb, for total sales of 139 mb that sets 
42% ahead of last year. 
   Crop Report...USDA numbers this month acknowledged the slower pace of 
demand, adding to US wheat inventories.  White wheat exports were dropped 
5 mb to 145 mb, the lowest in 5 years, and stocks-to-use was bumped by 2%
from last month to 21% but remains the tightest of any class. Exports for
hard red winter exports were also decreased 15 mb but stocks-use remains 
the tightest since 2007.  Soft red winter claimed the only month-to-month 
carryout reduction on a 5 mb increase in exports. Hard red spring took a 
one-two punch, with Canadian imports and reduced exports adding 20 mb to 
carryout and pushing stocks-use up 4% from last month to 42%; a 12% jump 
over last year and the highest since 2007.                                      
                                      -Norm Ruhoff  Contributing Analyst

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