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July 31, 2014
                                   Portland Price Trends
                 07-01-13    01-03-14    06-01-14    07-24-14    07-31-14
#1 SWW (bu)         7.20        7.03        7.35        6.88        6.90
White Club          7.20        7.63        7.60        7.88        8.13
HRS 14%             8.82        8.10        8.26        8.19        8.31
HRW 11.5%           8.08        7.62        8.08        7.50        7.63
#2 Corn (ton)     280.00      186.00      208.00      179.00      178.00
#2 Barley         230.00      155.00      195.00      175.00      175.00

   Wheat...Firm basis levels held all west coast wheat markets steady to
better relative to last week, drawing additional support from a bounce in
futures today. Recent strong demand for hard red spring has export buyers
pushing for nearby shipment, reflected in flat carries and a strong basis,
and basis also remains well above-average for both soft white and hard red 
winter wheat.  Record heat across the PNW is moving winter wheat harvest
along a week to 10 days ahead of average.
   Weekly Sales...USDA reported a strong surge in US wheat sales over the
past week, as four-year lows in wheat futures finally stimulated interest,
especially in the stalwart hard red winter. Sales for that class jumped to
16.6 mb, 75% above the 5-year weekly average for late July, putting total
sales at 112 mb and 25% behind a year ago. Nigeria and Brazil combined for
half the weekly tally. Hard red spring beat the four-week average with 5.1
mb, placing current year sales 58% ahead of last year and 53% above 5-year
averages for late July at 118 mb.  Soft red winter also doubled the four-
week pace with 6.6 mb, while soft white slipped to just 1 mb on the week,
leaving year-to-date sales 12% ahead of last year at 57.6 mb.
   Red Spring Buyers...Hard red spring wheat sales are currently running
43 mb ahead of last year.  Sales by destination show that aside from the
traditional big buyers of Japan and the Philippines being up a combined
5 mb, sales to Unknown are up 10 mb, Mexico is most notably up 10 mb and 
Taiwan, Indonesia and South Korea as a group are up a combined total of 
13.4 mb; 75% over their total for last year at this time.

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