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May 21, 2015
                                                                  
                                   Portland Price Trends
                 05-01-14    08-01-14    04-01-15    05-14-15    05-21-15
#1 SWW (bu)         7.95        6.92        6.87        6.30        6.25
White Club          8.20        8.17        9.37        7.80        7.75
HRS 14%             9.06        8.31        9.12        7.46        7.54
HRW 11.5%           9.19        7.62        7.04        6.48        6.45
#2 Corn (ton)     218.00      185.00      171.00      163.00      164.00
#2 Barley         190.00      175.00      160.00      150.00      150.00

   Wheat...West coast wheat markets held mostly in-line with last week's
closing numbers after a stronger opening early-week, as eroding old crop
basis levels cut into nearby gains against futures.  Basis levels from a
week ago showed nearby soft white to Chicago dropping 35 cents; hard red
winter off 15 cents and hard red spring holding steady.  New crop August
bids at the close today showed soft white at $6.25; club wheat at $7.00;
hard red winter 11.5% at $6.50 and hard red spring 14% at $7.45.  Recent
moisture continues to improve the PNW wheat crop with more showers being
forecast into the extended weekend.
   Weekly Sales...USDA reported old crop wheat sales of 2.7 mb over the 
past week, putting total year-to-date sales at 855 mb; which is 5 mb off
current USDA projections and down 27% from last year. Hard red winter is
approaching year end 40% below last year; soft red winter is off 50% and
soft white is down 14%.  Hard red spring shows a 5% increase.  Total new
crop sales last week were at 4.7 mb, putting overall commitments for the
coming year at 116 mb and 10% behind a year ago.  New crop corn and bean
sales are hovering near 5-year lows for the middle of May.
                                   
                                      -Norm Ruhoff  Contributing Analyst

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