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August 4, 2015
                                                                  
                                   Portland Price Trends
                 08-01-14    01-01-15    07-01-15    07-28-15    08-04-15
#1 SWW (bu)         6.92        6.97        6.60        5.78        5.67
White Club          8.17        9.47        7.35        6.53        6.42
HRS 14%             8.31        8.27        7.63        6.40        6.19
HRW 11.5%           7.63        7.31        6.67        5.70        5.60
#2 Corn (ton)     178.00      195.00      180.00      161.00      160.00
#2 Barley         175.00      170.00      150.00      155.00      159.00

   WheatWest coast white wheat markets held to a fairly narrow range in
early-week trade, with very limited market activity.  Bid structures show
premiums in place for sub 10.5% proteins on both soft white and club wheat,
as an early dry harvest is seeing proteins on the higher end of historical
levels.  Basis levels on all wheats have also been moving modestly higher
as exporters seek coverage for another Japanese tender this week.
   ShipmentsWeekly export inspections revealed another slow week of wheat
movement off US ports, coming in at only 10.9 mb, setting the year-to-date
pace 23% behind last year at 115 mb.  Top shipper was hard red winter with
4 mb, followed by soft white wheat with 2.6 mb that went mostly to Yemen.
   Crop ProgressWheat harvest is progressing across the Pacific Northwest
at a near-record early pace. Winter wheat harvest for Washington stands at
50% ahead of average at 82% complete, and spring wheat is also nearly 50%
ahead at 55%; Idaho winter wheat is 34% ahead at 54% and spring wheat is
15% ahead at 19% cut; and Oregon winter wheat is reporting in 42% ahead of
average at 90% harvested.
                                        -Norm Ruhoff  Contributing Analyst

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