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                                                       April 20, 2017
                                                                  
                                   Portland Price Trends
                 04-01-16    08-01-16    03-01-17    04-13-17    04-20-17
#1 SWW (bu)         5.14        4.95        4.90        4.80        4.66
White Club          5.34        4.95        5.05        4.95        4.81
DNS 14%             6.24        6.03        6.96        6.65        6.62
HRW 11.5%           5.52        5.10        5.47        5.02        4.77
#2 Corn (ton)     153.00      158.00      175.00      161.00      156.00
#2 Barley         140.00      135.00      118.00      125.00      125.00

   Wheat...A CCC donation tender on white wheat for Yemen strengthened the
nearby basis for that class of wheat this week, but all wheats moved lower
against declines across respective futures markets.  Intermittent showers
continued to delay spring planting activity in the Pacific Northwest this
week, with many areas more than 50% behind the average planting pace.
   Weekly Sales...USDA reported another relatively good week of demand for
U.S. wheat, coming in at 15.2 mb to put year-to-date commitments at 1.016
bln bushels; up 41% from a year ago and 9% above the five-year average for
mid-April. Top seller was hard red winter, surpassing the four-week average
with 9.8 mb and placing sales at 424 mb; more than doubale a year ago and
30% above average.  Soft white demand was also above the four-week average
at 2.5 mb, placing current year demand 26% ahead of a year ago at 174 mb.
Hard red spring secured another 2.3 mb, standing at 311 mb and 31% above a
year ago.
   Top Buyers...Indonesia took top buyer honors last week with 2.7 mb of
hard red winter, followed by Japan and Mexico with 2.6 mb each.  Rounding
out the top five were South Korea with 2.5 mb and Nigeria with 2.2 mb.

                                      -Norm Ruhoff  Contributing Analyst

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