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                                                      November 19, 2020
                                   Portland Price Trends
                 11-01-19    01-01-20    10-01-20    11-12-20   11-19-20
#1 SWW (bu)         6.00        6.15        5.70        6.05       6.20
White Club          7.50        7.65        6.05        6.40       6.55
DNS 14%             7.06        7.21        6.53        6.79       6.72
HRW 11.5%           5.96        6.26        6.46        6.74       6.84
#2 Corn (ton)     177.00      172.00      168.00      189.00     193.00
#2 Barley         135.00      140.00      130.00      135.00     130.00

   Wheat...West coast white wheat markets continue to firm as spot price
levels hit a marketing year high of $6.20 today.  USDA confirmed Chinese
demand of 4.6 mb over the past week, as U.S. white wheat values reflect
a relative bargain against other classes of wheat.  White wheat basis to
Chicago December futures has also strengthened back to 30 over which is
still about 20 cents below the 10-year average, but up more than 60 cents
from the harvest lows.
   Weekly Sales...USDA reported export demand for U.S. wheat declined for
the third straight week, coming in at a marketing year low of 7.1 mb. The
bright spot was another solid week of white wheat sales, which registered
5.6 mb to place commitments at 158 mb and 44% ahead of a year ago and 33%
above the five-year pace. Remaining sales for the week were spread across
hard red spring and hard red winter.  Overall U.S. wheat export sales set
at 634 mb, which is 10% ahead of a year ago and 8% above average.
                                      -Norm Ruhoff  Contributing Analyst

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