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                                                      September 24, 2020
                                                                  
                                   Portland Price Trends
                 09-01-19    01-01-20    08-01-20    09-17-20   09-24-20
#1 SWW (bu)         5.70        6.15        5.60        5.40       5.55
White Club          5.70        7.65        6.00        5.75       5.90
DNS 14%             5.67        7.21        6.21        6.59       6.52
HRW 11.5%           5.20        6.26        5.71        6.27       6.26
#2 Corn (ton)     162.00      172.00      151.00      164.00     164.00
#2 Barley         140.00      140.00      130.00      130.00     130.00

   Wheat...Recent white wheat export demand is becoming apparent in bids,
as both flat price and basis levels moved higher this week.  Basis moved
back into positive territory versus Chicago futures, marking a recovery
of nearly 40 cents from harvest lows.  Protein wheats put in a relatively
steady week, holding mostly in-line with week-ago levels.
   Weekly Sales...USDA reported another relatively subdued week of export
demand for all wheats except soft white wheat.  Overall sales came in at
12.9 mb for the week, 30% below the four-week average, which puts current
year commitments at 496 mb; 7% better than a year ago and 9% above the 5-
year average pace.  White wheat was top seller for the week with 4.8 mb,
setting 25% ahead of a year ago and 14% above average with 105 mb booked.
Hard red spring sold 3.7 mb and with 145 mb in sales, sets 15% ahead of a
year ago and 8% above average.  Hard red winter garnered 3.4 mb, placing
sales 3% ahead of a year ago and 11% ahead of average.
   Top Buyers...South Korea was atop a long list of buyers last week with
4.1 mb, followed by Vietnam with 2.3 mb, Japan at 2.1 mb, the Philippines
with 1.5 mb and Nigeria with 1.1 mb.
   
                                    -Norm Ruhoff  Contributing Analyst

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