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                                                      September 17, 2020
                                                                  
                                   Portland Price Trends
                 09-01-19    01-01-20    08-01-20    09-10-20   09-17-20
#1 SWW (bu)         5.70        6.15        5.60        5.40       5.40
White Club          5.70        7.65        6.00        5.75       5.75
DNS 14%             5.67        7.21        6.21        6.57       6.59
HRW 11.5%           5.20        6.26        5.71        6.18       6.27
#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...West coast white wheat markets reverted to a defensive basis
posture against higher Chicago futures today.  Exporters are registering
good soft wheat demand at current price levels, but basis remains near a
10-year low at 13 under Chicago; some 60 cents below average levels.
   Weekly Sales...USDA showed an overall decline in U.S. wheat export 
demand over the past week, coming in 40% below an unusually strong four-
week average.  Total sales of 12.3 mb placed year-to-date commitments at
482 mb; 7% ahead of a year ago and 9% above the five-year average pace.
The exception was soft white wheat, which registered another solid week
as relatively weak price levels continue to attract demand. Sales of 6.4 
put current year white wheat sales 26% ahead of a year ago and 14% above
average.  Hard red winter booked 2.2 mb and with 181 mb in sales, sets
6% ahead of a year ago and 16% above average.  Hard red spring garnered
just 1.6 mb for the week and stands 13% ahead of a year and 8% ahead of
average with 141 mb in commitments.
   Top Buyers...Indonesia was a big buyer of U.S. soft white wheat last 
week, registering 3.3 mb in purchases.  Vietnam and the Philippines were
also big buyers off the west coast, booking 2.2 mb each. 
   
                                    -Norm Ruhoff  Contributing Analyst

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