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                                                       March 21, 2019
                                                                  
                                   Portland Price Trends
                 03-01-18    08-01-18    02-01-19    03-14-19   03-21-19
#1 SWW (bu)         5.78        6.05        6.52        5.92       6.00
White Club          5.78        6.05        6.52        5.92       6.00
DNS 14%             7.64        7.08        6.79        6.75       6.89
HRW 11.5%           6.83        6.89        6.59        6.10       6.22
#2 Corn (ton)     173.00      160.00      169.00      185.00     181.00
#2 Barley         150.00      140.00      140.00      140.00     140.00

   Wheat..West coast wheat markets saw prices stabilize from the recent
declines, marking week-to-week gains across all three classes of wheat.
Soft white wheat basis has dropped about 20 cents from recent highs but
hard red winter has strengthened nearly 20 cents; currently bid at 175
over KC May futures for 11.5% protein.
   Weekly Sales...Overall U.S. wheat sales came in slightly better than
a week ago but below expectations at 11 mb.  Year-to-date sales stand at
850 mb, which is 3% ahead of a year ago and 3% behind the 5-year average.
Top seller for the week was hard red winter with 4.7 mb, standing at 297
mb sold which is 8% behind a year ago and 6% below average.  Red spring
wheat registered 2.3 mb and with 236 mb in commitments sets 10% ahead of
a year ago but 6% behind average.  Soft red winter booked 2.2 mb to put
year-to-dates sales 29% ahead of a year ago at 112 mb.  Soft white wheat
saw 1.4 mb in sales and with 186 mb in total sales stands 11% ahead of a
year ago and 19% above average.
   Top Buyers...South Korea was the top U.S. wheat buyer last week with
2.7 mb, followed by Sri Lanka with 2.4 mb. Both Japan and Mexico were at
the 1.3 mb mark for new commitments and Taiwan booked 1 mb.

                                   -Norm Ruhoff  Contributing Analyst

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