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November 25, 2014
                                   Portland Price Trends
                 11-01-13    01-01-14    10-01-14    11-18-14    11-25-14
#1 SWW (bu)         7.18        7.03        6.60        7.06        7.10
White Club          7.58        7.63        9.50        9.76        9.80
HRS 14%             8.50        8.10        8.81        9.61        9.85
HRW 11.5%           8.42        7.62        7.17        7.36        7.59
#2 Corn (ton)     173.00      186.00      173.00      190.00      195.00
#2 Barley         150.00      155.00      150.00      150.00      165.00

   Wheat..A nice bounce in Chicago helped move west coast white wheat bids
back to within a nickel of recent highs today, countering what is normally
a quiet holiday week.  Basis levels on all wheat remained relatively firm
with hard red spring adding another dime over the past week to 385 over;
challenging the high water marks posted only one other year over the past 
20+ years when spot basis reached a high near 450 in February of 2008. A
new marketing year high in corn also helped awake the barley market from
a two-month slumber, with export bids advancing $15 a ton this week.
   Shipments...Weekly export inspections showed the best week of shipping
activity in over a month, moving 16.4 mb off all ports; more than double 
the 4-week average.  Year-to-date loadings stand at 436 mb and 32% behind 
a year ago. White wheat reported the biggest bounce relative to the 4-week 
average, with 4 mb going to a list of destinations that included Indonesia,
Yemen and Taiwan.  Shipments for hard red spring also rebounded to 6.9 mb, 
triple the 4-week average pace, putting the year-to-date total 27% ahead 
of last year.                                                                   
   Crop Progress...PNW winter wheat conditions showed a modest setback the
past week, with the 3-state index slipping 3 points to 337/500 as ratings
remain well below average for Washington.  Moisture profiles and rainfall 
totals over the past month show south Idaho losing ground on precipitation
but profiles still at 130% of normal; north central Oregon improving from
recent rainfall and approaching normal profiles; while Washington profiles
remain at roughly two-thirds of normal in the southeastern portion of the
state as precipitation stands at 70% of normal, but heavy rains are moving
through the area this week.
                                       -Norm Ruhoff  Contributing Analyst

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