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                                                       December 12, 2017
                                                                  
                                   Portland Price Trends
                 12-01-16    01-01-17    11-01-17    12-05-17    12-12-17
#1 SWW (bu)         4.55        4.50        5.23        5.22        5.14
White Club          4.70        4.65        5.28        5.27        5.19
DNS 14%             6.53        6.57        7.49        7.56        7.35
HRW 11.5%           4.88        4.99        5.60        5.66        5.46
#2 Corn (ton)     148.00      160.00      145.00      154.00      152.00
#2 Barley         115.00      115.00      125.00      125.00      125.00

   Wheat...West coast wheat markets opened the week somewhat defensive as
futures markets treaded near contract lows.  White wheat basis did show a
marked strengthening, pressing near 105 over; about 20 cents above recent
lows from late November.
   Shipments...Weekly export inspections showed a slower pace of movement
for wheat off U.S. ports last week, coming in at 11.6 mb.  This places the
current year shipment total at 480 mb and 7% behind a year ago. Top shipper
for the week was hard red winter with 4.1 mb, followed closely by a strong
week of loadings for white wheat with 4 mb.  Hard red spring shipped 2.7 mb
and soft red winter loaded less than half a million bushels. Top west coast
destinations were the Philipppines and Guatemala.
   Crop Report...USDA revised ending stocks upward for all classes of wheat
except for white wheat and durum.  Projected U.S. wheats stocks climbed 25
mb from last month; hard red winter was up 9 mb, hard red spring up 10 mb,
and soft red winter up 8 mb while soft white was trimmed 2 mb to 65 mb.

                                       -Norm Ruhoff  Contributing Analyst

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