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                                                       July 27, 2017
                                                                  
                                   Portland Price Trends
                 07-01-16    08-01-16    06-01-17    07-20-17    07-27-17
#1 SWW (bu)         5.05        4.95        4.90        5.50        5.30
White Club          5.05        4.95        5.05        5.60        5.40
DNS 14%             6.00        6.03        6.68        8.93        8.56
HRW 11.5%           4.82        5.10        4.97        5.88        5.80
#2 Corn (ton)     163.00      158.00      157.00      160.00      153.00
#2 Barley         140.00      135.00      127.00      120.00      125.00

   Wheat...A modest rebound across the futures complex helped to stabilize
west coast cash markets the past two days.  Basis levels on white wheat to
Chicago were a bit weaker, but hard red winter basis firmed up and spring
wheat basis held mostly steady.  Farmer selling interest waned against the
lower price levels this week, but some loan redemptions were noted in hard
red winter on a stronger basis and softer protein scales.
   Export Sales...USDA reported a relatively good week of demand over the
past week, with the price break notably generating some buying interest in
hard red spring wheat.  Total U.S. wheat sales were at 18.3 mb last week,
putting year-to-date sales 1% ahead of a year ago at 364 mb. Sales of both
hard red winter and springs came in at 5.5 mb, putting current year sales
for thoses classes 7% ahead and 19% behind a year ago, respectively. Soft
white sales continue to build, with another 5.2 mb booked last week for a
current year tally of 95 mb that stands 48% ahead of a year ago.
   Top Buyers...At the top end of a long list of buyers last week was 3.8
mb in wheat sales to Taiwan.  South Korea followed with 3.2 mb, Chile at
2.5 mb, the Philippines at 1.3 mb and Mexico with 1 mb.

                                    -Norm Ruhoff  Contributing Analyst

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