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February 26, 2015
                                                                  
                                   Portland Price Trends
                 02-01-14    08-01-14    01-01-15    02-19-15    02-26-15
#1 SWW (bu)         7.04        6.92        6.97        6.80        6.65
White Club          7.54        8.17        9.47        9.30        9.15
HRS 14%             8.41        8.31        8.22        8.74        8.56
HRW 11.5%           7.74        7.62        7.21        6.75        6.62
#2 Corn (ton)     200.00      185.00      195.00      180.00      177.00
#2 Barley         160.00      175.00      170.00      170.00      170.00

   Wheat...West coast white wheat markets drifted lower this week against
weakness across the wheat futures complex and limited export demand. Spot
basis levels showed soft white wheat posted at a dime better than a week
ago at 160 over the May; hard red winter 11.5% was unchanged at 130 over;
and hard red spring held steady at 300 over.  New crop August bids closed
at $6.42 for soft white today, hard red winter 11.5% was posted at $6.51,
and hard red spring 14% showed $7.15 for last-half August delivery.   
   Weekly Sales...USDA reported 12 mb in old crop sales last week, which
puts year-to-date sales 24% behind last year.  Sales to Canada and Mexico
helped soft red winter lead the pack with 4 mb, followed by red spring at
2.7 mb and hard red winter with 1.9 mb.  Soft white recorded 1.6 mb under
old crop sales and stands 7% behind a year ago; new crop sales came in at
3.7 mb and stand nearly double to a year ago as buyers take advantage of
relative low prices and hedge against tight carryout supplies. 
                                                                  
                                      -Norm Ruhoff  Contributing Analyst

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