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                                                       December 14, 2017
                                                                  
                                   Portland Price Trends
                 12-01-16    01-01-17    11-01-17    12-07-17    12-14-17
#1 SWW (bu)         4.55        4.50        5.23        5.17        5.18
White Club          4.70        4.65        5.28        5.22        5.23
DNS 14%             6.53        6.57        7.49        7.43        7.45
HRW 11.5%           4.88        4.99        5.60        5.55        5.53
#2 Corn (ton)     148.00      160.00      145.00      152.00      153.00
#2 Barley         115.00      115.00      125.00      125.00      125.00

   Wheat...West coast wheat markets caught a modest late week rebound as
futures markets opened higher today.  Basis levels moved higher on white
wheat this week and held mostly steady on the protein wheats.  Japan was
in the market this week, covering a portion of their January and February
requirements.  
   Weekly Sales...USDA reported a solid rebound in U.S. wheat sales over
the past week, coming in at the best level in over a month. Sales of 21.6
mb puts year-to-date commitments at 664 mb, which stands 9% below a year
ago and 4% below the five-year average pace.  Top seller for the week was
hard red winter with 9.4 mb, putting total sales at 263 mb; 10% behind a
year ago but 8% above average. Hard red spring registered the second best
total of the year with 7.7 mb, and with 181 mb in sales stands 23% under
a year ago and 5% below average.  White wheat garnered 3.1 mb, setting at
148 mb in commitments which is 19% above a year ago and 25% ahead better
that the average pace. 
   Top Buyers...Thailand was on top on a long list of wheat buyers last
week with 3.5 mb, followed by Morocco with 3.3 mb, Mexico with 3 mb, and
Unknown with 2.4 mb. Taiwan rounded out the top five with 2.3 mb. 

                                       -Norm Ruhoff  Contributing Analyst

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