January 15, 2019
                                                                  
                                   Portland Price Trends
                 01-01-18    08-01-18    12-01-18    01-08-19   01-15-19
#1 SWW (bu)         5.32        6.05        6.25        6.30       6.24
White Club          5.32        6.05        6.25        6.30       6.24
DNS 14%             7.52        7.08        6.91        6.77       6.68
HRW 11.5%           5.60        6.89        6.50        6.55       6.45
#2 Corn (ton)     157.00      160.00      166.00      168.00     169.00
#2 Barley         128.00      140.00      140.00      140.00     140.00

   Wheat....White wheat remained the stalwart of the west coast grains
complex in early-week trade, with bids holding near the marketing year 
high on support from recent demand. USDA completed a donation to Yemen
last week and will conduct another tender in the week ahead.  Hard red 
wheat basis is holding steady while exporters trimmed basis levels for
dark northern spring a nickel at the open today.
   Shipments...Weekly export inspections showed a solid rebound in the
pace of U.S. wheat shipments last week, coming in more than double the
prior week at 20 mb.  Year-to-date loadings now stand 11% behind a year
ago at 495 mb. Top shipper was hard red winter with 9.2 mb, followed by
hard red spring with 6.4 mb. Soft white moved a total of 2.7 mb off the
PNW ports.  Top destinations off the west coast were Japan with 5.3 mb,
the Philippines with 4.4 mb and Guatemala with 1.8 mb.
   
                                      -Norm Ruhoff  Contributing Analyst

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