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                                                       July 18, 2019
                                   Portland Price Trends
                 07-01-18    08-01-18    06-01-19    07-11-19   07-18-19
#1 SWW (bu)         6.00        6.05        6.20        6.15       6.10
White Club          6.00        6.05        6.20        6.15       6.10
DNS 14%             6.52        7.08        6.43        6.21       6.07
HRW 11.5%           5.86        6.89        6.22        5.75       5.56
#2 Corn (ton)     157.00      160.00      182.00      197.00     196.00
#2 Barley         150.00      140.00      140.00      140.00     140.00

   Wheat...West coast white wheat basis firmed to the best levels since
early June this week, offsetting all but a nickel of the declines posted
in Chicago. Firmer basis levels were also seen for hard red winter which 
picked up 5 cents.  Dark northern spring wheat basis remains well below 
average, setting 45 cents under the 10-year mid-July average of $1.25.
   Weekly Sales...USDA reported a modest improvement in US wheat export
demand last week, coming in at 12.8 mb and right at the 4-week average.
Year-to-date sales now stand 22% ahead of a year ago but 4% behind the
average pace at 289 mb.  Top seller for the week was hard red winter at
4.7 mb, putting sales at 116 mb which is 102% of a year ago and 24% on
top of the 5-year average. Soft red winter booked 3.3 mb and with 41 mb
in commitments sets 35% ahead of a year ago and slightly behind average.
Hard red spring saw 2.7 mb in sales and soft white 1.4 mb, with both of
those classes setting behind year-ago and average commitments.

                                    -Norm Ruhoff  Contributing Analyst

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