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                                                       June 18, 2018
                                                                  
                                   Portland Price Trends
                 06-01-17    08-01-17    05-01-18    06-11-18    06-18-18
#1 SWW (bu)         4.90        5.20        6.05        6.10        6.05
White Club          5.05        5.30        6.05        6.10        6.05
DNS 14%             7.03        8.38        7.68        7.34        7.08
HRW 11.5%           5.10        5.65        6.93        6.67        6.29
#2 Corn (ton)     158.00      148.00      184.00      167.00      166.00
#2 Barley         127.00      125.00      158.00      155.00      155.00

   Wheat...The retreat across the wheat futures complex has weighed heavily
on west coast protein wheat markets, while a strengthening soft white basis
against Chicago has held cash prices relatively intact.  White wheat prices
stand within a dime of recent highs, thanks to a 50 cent basis improvement,
while hard red winter 11.5% protein is 65 cents below recent highs and dark
northern spring 14% protein is 80 cents below the highs from late May.
   Crop Progress...Pacific Northwest wheat conditions remain well-above
average as "June rains" and warmer weather have proven beneficial to both
winter and spring wheat.  Washington winter wheat ratings climbed 4% over
the past week to 88% good to excellent, partially offsetting a 3% drop in
Idaho which is now at 77% and a 13% drop in Oregon; which now stands at 61%
good to excellent with 16% poor to very poor. The three-state index sets at
108% of average.  The U.S. spring wheat crop ratings jumped 13% from a week
ago to 105% of average with good to excellent ratings for North Dakota up 9 
points to 80% and Washington up 6 points to 82%. 
   Shipments...Weekly export inspections showed 13.7 mb of US wheat shipped
off all ports last week, putting year-to-date loadings 50% behind last year
at 29 mb.  Top shipper was soft white wheat with 5.7 mb as the traditional
Pacific Rim buyers all secured relatively large amounts of west coast wheat.

                                       -Norm Ruhoff  Contributing Analyst

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