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                                                       January 11, 2018
                                                                  
                                   Portland Price Trends
                 01-02-17    08-01-17    12-01-17    01-04-18    01-11-18
#1 SWW (bu)         4.53        5.20        5.22        5.30        5.35
White Club          4.65        5.30        5.27        5.30        5.35
DNS 14%             6.57        8.38        7.61        7.58        7.61
HRW 11.5%           4.99        5.65        5.72        5.75        5.74
#2 Corn (ton)     160.00      148.00      153.00      158.00      158.00
#2 Barley         115.00      125.00      125.00      135.00      135.00

   Wheat...Firming basis levels pushed white wheat bids to the best levels
since late October this week, as exporters are focused in generating some
nearby farmer movement to cover prior sales.  Bid structures for all three
classes of wheat show flat markets through March.
   Weekly Sales...USDA reported yet another week of dismal demand for U.S.
wheat, as total weekly sales posted consecutive marketing year low.  Sales
of 2.6 mb last puts year-to-date export sales at 718 mb, which stands 8%
below a year ago and 3% below the five-year average pace.  Hard red spring
accounted for over half the total with 1.4 mb, followed by soft red winter,
soft white and hard red winter; all below a million bushels.  South Korea
and Japan were top buyers for the week.
   Top Buyers..White wheat sales remain the shining star of the complex as
year-to-date sales are running 22% ahead of last year and 27% ahead of the
five-year pace.  Top buyer year-to-date for soft white is the Philippines,
followed by South Korea, Japan, Indonesia and China.

                                       -Norm Ruhoff  Contributing Analyst

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