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                                                       May 21, 2018
                                                                  
                                   Portland Price Trends
                 05-01-17    08-01-17    04-01-18    05-14-18    05-21-18
#1 SWW (bu)         4.87        5.20        5.80        5.90        5.98
White Club          5.02        5.30        5.80        5.90        5.98
DNS 14%             6.88        8.38        7.03        7.46        7.66
HRW 11.5%           5.36        5.65        6.17        6.40        6.56
#2 Corn (ton)     161.00      148.00      175.00      181.00      181.00
#2 Barley         125.00      125.00      152.00      158.00      155.00

   Wheat...West coast white wheat prices have seen a highly variable spot
basis again Chicago over the past two weeks, as exporters adjust to moves
in Chicago futures to hold prices near $6.  Basis levels have held mostly
steady for both hard red winter and spring wheat.
   Crop Progress...Recent moisture and warm weather have provided a near
ideal environment for winter wheat conditions across the PNW and the crop
rating index continues to climb.  The three-state weighted index now sets
at 106% of the twenty-year average.  Good to excellent ratings for Idaho
stand at 80% with Washington at 89%.  Spring plantings are also virtually
complete for PNW wheat and barley crops.
   Shipments...Weekly export inspections showed a respectable late-season
week of wheat shipments off the west coast, with white wheat registering a
total of 2.8 mb.  Total U.S. wheat loadings came in under expectations at
12.2 mb, putting year-to-date shipments at 847 mb and 13% behind last year.
Hard red spring was top shipper with 5.1 mb followed by hard red winter at
3.7 mb.  Top destinations off the west coast included South Korea with 3.4
mb and the Philippines with 2.9 mb.

                                       -Norm Ruhoff  Contributing Analyst

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