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                                                      January 27, 2022
                                                                  
                                   Portland Price Trends
                 01-01-20    08-01-21    12-01-21    01-20-22   01-27-22
#1 SWW (bu)         6.65        9.25       10.65       11.00      10.75
White Club          6.65       10.75       12.65       12.75      12.50
DNS 14%             7.14       10.33       11.30       10.55      10.12
HRW 11.5%           7.38        8.33        9.83        9.96       9.93
#2 Corn (ton)     211.00      251.00      269.00      287.00     292.00
#2 Barley         145.00      200.00      240.00      240.00     240.00

   Wheat...West coast white wheat markets saw a modest retreat this week as
exporters completed the offer on the 3 mb CCC donation tender.  Spot basis
for white wheat moved within a 20 cent range this week against movement in
Chicago futures, but closed near 300 over Chicago futures today.  
   Weekly Sales...USDA reported a resurgence in export demand for US wheat
last week, as buying set a marketing year high of nearly 25 mb.  This puts
year-to-date commitments at 632 mb, which sets 21% behind a year ago and
17% behind the five-year average pace. Top seller was hard red winter with
10.3 mb, putting sales 8% below a year ago and 11% behind average at 249 mb.
Hard red spring booked 7.3 mb to put sales at 170 mb, which is 28% behind a
year ago and 24% below average. Soft white garnered 4 mb to put commitments
at 112 mb, which stands 47% behind last year's record pace and 32% behind
average.  Soft red winter also saw another relatively good week with 3.2 mb
and with 95 mb in sales, sets 61% ahead of a year ago and 28% above average.
   Top Buyers...The Philippines and Nigeria were the big buyers, with each
committing to another 4 mb.  This was followed by Japan with 3.8 mb, Mexico
with 2.9 mb and South Korea buying 2.8 mb.
   
                                       -Norm Ruhoff  Contributing Analyst

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