October 22, 2020
                                                                  
                                   Portland Price Trends
                 10-01-19    01-01-20    09-01-20    10-15-20   10-22-20
#1 SWW (bu)         5.90        6.15        5.35        5.90       6.20
White Club          5.90        7.65        5.70        6.25       6.55
DNS 14%             6.58        7.21        6.51        6.79       6.97
HRW 11.5%           5.61        6.26        6.20        6.93       6.99
#2 Corn (ton)     173.00      172.00      163.00      170.00     170.00
#2 Barley         150.00      140.00      130.00      130.00     130.00

   Wheat...Relative values for U.S. white wheat continue to attract the
interest of global buyers, as word of South Korea booking another 4.8 mb
overnight helped bolster cash bids today.  Nearby cash prices remain at
a marketing year high even with basis levels holding negative values to
Chicago futures.  Hard red winter also remains at a rare premium to hard
red spring wheat on the west coast.
   Weekly Sales...USDA reported overall U.S. wheat export demand slipped
well below the four-week average last week, coming in at 13.5 mb to put
yeat-to-date sales at 566 mb; 9% above both year-ago and average levels.
Top seller was hard red winter with 5.8 mb, putting sales 9% ahead of a
year ago and 17% above the five-year average pace at 213 mb.  Soft red
winter posted the second best week of the marketing year with 3.3 mb in
sales, setting 28% behind a year ago and 23% below average.  White wheat
saw 2.4 mb in new bookings and with 125 mb sold, stands 26% ahead of a
year ago and 18% above average. Red spring wheat sales of 2.1 mb placed
year-to-date commitments at 162 mb; 16% ahead of a year ago and 4% ahead
of the five-year pace.
      
                                    -Norm Ruhoff  Contributing Analyst

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