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Estimating Portland Wheat Basis 06 White Wheat¹
CRC/ Portland: Idaho, Nevada, Oregon, Utah, and Washington
	Daily	Average				Daily
	Closing	Closing	Daily	Average	Daily	Estimated
	Price	Price	Closing	Closing	Basis	Portland
	CBOT	CBOT	Portland	Portland	for	White
	Sep-05	Sep-05	Cash	Cash	Nearby	Wheat
Date	Wheat	Wheat	Price	Price	Contract	Basis
08/01/05	3.3050	3.3050	3.6100	3.6100	0.3050	0.5614
08/02/05	3.3200	3.3125	3.6100	3.6100	0.2975	0.5599
08/03/05	3.2600	3.2950	3.6100	3.6100	0.3150	0.5634
08/04/05	3.2500	3.2838	3.6150	3.6113	0.3275	0.5659
08/05/05	3.2000	3.2670	3.6050	3.6100	0.3430	0.5690
08/08/05	3.2225	3.2596	3.5950	3.6075	0.3479	0.5700
08/09/05	3.1950	3.2504	3.5800	3.6036	0.3532	0.5711
08/10/05	3.2350	3.2484	3.5750	3.6000	0.3516	0.5708
08/11/05	3.2625	3.2500	3.5850	3.5983	0.3483	0.5701
08/12/05	3.2125	3.2463	3.5800	3.5965	0.3503	0.5705
08/15/05	3.1575	3.2382	3.5750	3.5945	0.3564	0.5717
08/16/05	3.1025	3.2269	3.5300	3.5892	0.3623	0.5729
08/17/05	3.1425	3.2204	3.5250	3.5842	0.3638	0.5732
08/18/05	3.2075	3.2195	3.5200	3.5796	0.3602	0.5725
08/19/05	3.2525	3.2217	3.5100	3.5750	0.3533	0.5711
08/22/05	3.2300	3.2222	3.5250	3.5719	0.3497	0.5704
08/23/05	3.1725	3.2193	3.5150	3.5685	0.3493	0.5703
08/24/05	3.1400	3.2149	3.4800	3.5636	0.3488	0.5702
08/25/05	3.1575	3.2118	3.4700	3.5587	0.3468	0.5698
08/26/05	3.1225	3.2074	3.4600	3.5538	0.3464	0.5697
08/29/05	3.1050	3.2025	3.4450	3.5486	0.3461	0.5697
08/30/05	3.0725	3.1966	3.4050	3.5420	0.3455	0.5695
08/31/05	3.0150	3.1887	3.5150	3.5409	0.3522	0.5709

Historical Portland-CBOT Nearby Basis by year					2005	0.35
					2004	0.80
					2003	0.29
					2002	0.60
					2001	0.82
			5 Yr Average Basis			0.5700

¹Portland white wheat basis is defined as the difference between Portland cash price and nearby (September 05) Chicago wheat closing price. A simple 5 year average basis will be added to the September 06 Chicago new crop wheat price to set the 06 CRC Portland wheat price.