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                                                       February 19, 2019
                                                                  
                                   Portland Price Trends
                 02-01-18    08-01-18    01-01-19    02-12-19   02-19-19
#1 SWW (bu)         5.42        6.05        6.15        6.40       6.30
White Club          5.42        6.05        6.15        6.40       6.30
DNS 14%             7.41        7.08        6.59        6.75       6.66
HRW 11.5%           6.17        6.89        6.39        6.47       6.30
#2 Corn (ton)     161.00      160.00      168.00      174.00     176.00
#2 Barley         140.00      140.00      140.00      140.00     140.00

   Wheat...West coast cash wheat markets continued to drift against weaker
futures in early-week trade, with white wheat basis firming and spot basis
on protein wheats holding steady. White wheat is now twenty-plus cents off
recent highs but is in the rare position of showing at even money to 11.5% 
protein hard red winter wheat. All PNW cash markets remain flat into May. 
   Shipments...Weekly export inspections showed a slowed pace of movement
off U.S. ports for wheat last week, coming in at 13.1 mb to place the year-
to-date total at 578 mb and 10% below a year ago.  Weather hampered west
coast loadings, as soft white wheat saw oly 1.4 mb shipped. Hard red winter
was top shipper for the week with 5.8 mb, followed by hard red spring with
3.1 mb.  Top destination off the west coast was Japan with 2.3 mb, followed
by South Korea with 2 mb and Bangladesh at 1.2 mb.

                                        -Norm Ruhoff  Contributing Analyst

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