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                                                      May 29, 2020
                                                                  
                                   Portland Price Trends
                 05-01-19    08-01-19    04-01-20    05-22-20   05-29-20
#1 SWW (bu)         5.67        5.90        6.10        6.05       6.10
White Club          5.67        5.90        7.60        7.55       7.60
DNS 14%             6.12        5.98        7.04        6.83       6.82
HRW 11.5%           5.70        5.36        6.30        5.94       6.21
#2 Corn (ton)     168.00      170.00      155.00      153.00     157.00
#2 Barley         140.00      140.00      130.00      140.00     140.00

   Wheat...West coast wheat markets saw gains against a higher futures
complex muted by defensive basis levels this week.  Nearby white wheat
basis was pared nearly 20 cents from the highs last week and hard red
spring basis pulled back a dime, while hard red winter held steady.
   Weekly Sales...USDA reported a relatively good week of export demand
for U.S. wheat across old and new crop positions, coming in just under a
combined 26 mb.  Old crop sales of 7.7 mb moved total commitments to 983
mb, which is 3% ahead of a year ago and 10% above the five-year average
pace.  Top seller was hard red winter with 3.5 mb, putting sales at 369
mb; 7% ahead of a year ago and 14% above average.  Hard red spring saw
3.2 mb and with 293 mb in bookings, sets 11% ahead of a year ago and 9%
above average.  Soft white booked 1.8 mb to put sales at 197 mb, which
is 2% below a year ago but 14% ahead of average.
   Top Buyers..Japan was the top buyer of U.S. wheat last week with 4.7
mb in old and new crop purchases, followed by the Philippines with 2.4 
mb, South Korea with 3.4 mb and Indonesia with 2.2 mb.
   
                                   -Norm Ruhoff  Contributing Analyst

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