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                                                       May 23, 2017
                                                                  
                                   Portland Price Trends
                 05-01-16    08-01-16    04-01-17    05-16-17    05-23-17
#1 SWW (bu)         5.33        4.95        4.82        4.85        4.90
White Club          5.53        4.95        4.97        5.00        5.05
DNS 14%             6.21        6.03        6.66        6.65        6.80
HRW 11.5%           5.31        5.10        4.94        4.93        5.01
#2 Corn (ton)     167.00      158.00      160.00      157.00      160.00
#2 Barley         145.00      135.00      120.00      125.00      125.00

   Wheat..Firm basis levels continued to support white wheat bids in early
week trade, as a move above the $4.90 level did trigger some farm selling.  
Exporter interest remains focused on nearby deliveries for all classes of
wheat as they seek coverage for remaining old crop sales.
   Shipments...Weekly export inspections showed another strong late-season
week of U.S. wheat shipments, coming in at 24.8 mb to put the year-to-date
tally at 971 mb and 35% ahead of a year ago.  Hard red winter registered a
total of 13.4 mb, followed by hard red spring with 4.6 mb and white wheat
4 mb. Top destinations off the west coast were South Korea with 2.9 mb and
Japan with 2.5 mb.
   Crop Progress...Modest declines in winter wheat ratings for Oregon and
Idaho were offset by slightly better conditions in Washington, leaving the
three-state weighted crop index unchanged at 105% of average.  Idaho good
to excellent ratings gained 2 points to 66%, while Oregon dropped 5 points
to 88%.  Washington good to excellent held at 81%.  Spring wheat plantings
showed the northern tier states ahead of average pace; Washington climbed
to within 5% of average at 95% while Idaho remains 22% behind at 78% in.

                                      -Norm Ruhoff  Contributing Analyst

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