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                                                       May 23, 2019
                                                                  
                                   Portland Price Trends
                 05-01-18    08-01-18    04-01-19    05-16-19   05-23-19
#1 SWW (bu)         6.05        6.05        5.95        5.95       6.00
White Club          6.05        6.05        5.95        5.95       6.00
DNS 14%             7.68        7.08        6.68        6.14       6.32
HRW 11.5%           6.93        6.89        6.14        5.84       5.90
#2 Corn (ton)     184.00      160.00      172.00      173.00     176.00
#2 Barley         155.00      140.00      140.00      140.00     140.00

   Wheat...A resurgence across the wheat futures complex this week was 
muted by defensive basis levels for west coast white wheat bids.  Spot
markets bids hovered near the $6 mark through the week, and at a modest
premium to new crop deliveries.  Hard red winter also saw basis slip a
dime but nearby bids are holding a 50 cent premium to August delivery.
Hard red spring basis remains historically weak and bid structures show
a carry into new crop delivery months.
   Weekly Sales...USDA reported overall U.S. wheat export sales coming
in at 14.5 mb between old and new crop positions.  Old crop sales were
at 12.7 mb, putting year-to-date sales at 945 mb, which sets 8% above
a year ago and 1% ahead of the five-year-average. New crop commitments
stand at 122 mb and 39% ahead of a year ago.  Hard red winter was top
seller across all positions with 7.1 mb. Top buyer honors for the week
went to Indonesia with 4.8 mb, followed by Taiwan with 2.1 mb.  

                                  -Norm Ruhoff  Contributing Analyst

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