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                                                       February 22, 2019
                                   Portland Price Trends
                 02-01-18    08-01-18    01-01-19    02-15-19   02-22-19
#1 SWW (bu)         5.42        6.05        6.15        6.33       6.30
White Club          5.42        6.05        6.15        6.33       6.30
DNS 14%             7.41        7.08        6.59        6.72       6.78
HRW 11.5%           6.17        6.89        6.39        6.39       6.21
#2 Corn (ton)     161.00      160.00      168.00      178.00     180.00
#2 Barley         140.00      140.00      140.00      140.00     140.00

   Wheat...West coast wheat markets found some reprieve from the recent
declines this week, as prices stablized across the futures complex near
the end of the week.  White wheat basis strengthened 20 cents over the 
past week, which offset some of the decline in Chicago. Hard red winter
and spring wheat basis were also both a nickel higher.
   Weekly Sales...The long-awaited release of U.S. wheat sales completed
over the course of the government closure were released today, showing a
nice improvement to overall wheat export demand.  Overall wheat sales for
the period of 131 mb put year-to-date sales at 789 mb and on even-par to
a year ago. Hard red winter posted a much-needed spike in sales, and now 
stands 15% behind a year ago with 268 mb in sales.  Soft white followed 
that with 25 mb in additional sales and with 176 mb sold, sets 2% above a 
year ago.  Hard red spring also saw 23 mb in new bookings to place sales 
at 225 mb and is now 2% above a year ago.  Soft red winter sales are 29% 
ahead of a year ago.
   Top Buyers...Nigeria was a big buyer of hard red winter over the past
six weeks with 16.3 mb, followed by unknown booking 14.7 mb. Mexico and
the Philippines both purchased 11 mb, with Malaysia buying 9.5 mb.  Soft
white benefited from interest out of Indonesia and Yemen.

                                      -Norm Ruhoff  Contributing Analyst

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