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                                                       December 11, 2018
                                                                  
                                   Portland Price Trends
                 12-01-17    01-01-18    11-01-18    12-04-18    12-11-18
#1 SWW (bu)         5.22        5.32        6.22        6.22        6.15
White Club          5.27        5.32        6.22        6.22        6.15
DNS 14%             7.61        7.52        6.92        6.95        6.90
HRW 11.5%           5.72        5.60        6.51        6.55        6.53
#2 Corn (ton)     153.00      157.00      159.00      171.00      172.00
#2 Barley         125.00      128.00      140.00      140.00      140.00

   Wheat...West coast markets opened the week with white wheat basis a bit
defensive against Chicago, while protein wheats held firm and bid structure
showed the markets flat thru January. Trading remains relatively light. 
   Crop Report...USDA acknowledged an improved pace of export demand for US
white wheat, bumping exports 5 mb to 220 mb which would be the best levels
since 1996.  If realized, this is expected to trim ending stocks to 49 mb,
putting stocks-to-use at 16%; second lowest ratio of the past twenty years. 
   Shipments...Weekly export inspections for wheat showed a modest week-to-
week decline, coming in at 15.3 mb to put total shipments ar 404 mb.  White
wheat was top shipper for the week with 4.9 mb, followed by hard red winter
with 4.4 mb and hard red spring with 4.3 mb.  Top destination off the west
coast ports was Indonesia with 2.8 mb, followed by the Philippines at 2 mb 
and Yemen with 1.9 mb.   
                                      -Norm Ruhoff  Contributing Analyst

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