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                                                      June 4, 2020
                                   Portland Price Trends
                 06-01-19    08-01-19    05-01-20    05-28-20   06-04-20
#1 SWW (bu)         6.20        5.90        6.06        6.10       6.00
White Club          6.20        5.90        7.56        7.60       7.25
DNS 14%             6.43        5.98        6.77        6.85       6.63
HRW 11.5%           6.22        5.36        6.33        6.20       6.13
#2 Corn (ton)     182.00      170.00      144.00      156.00     155.00
#2 Barley         140.00      140.00      130.00      140.00     130.00

   Wheat..West coast white wheat markets went on the defensive this week,
as nearby basis weakened 20 cents against gains in Chicago futures.  This
came on the heels of a weaker club wheat premium, as exporters are seeing
buyers positioning for new crop versus old crop.  Nearby hard red winter 
basis remains firm, holding at the top end of the range for the marketing
year and double the ten-year average for early June.  
   Weekly Sales...USDA reported another relatively good week of demand on
the export front last week, with wheat sales across both old and new crop 
coming in at 23 mb.  Old crop sales of 6.6 mb put year-to-date commitments
at 990 mb, which stands 4% ahead of a year ago and 11% above the five-year
average pace.  Top seller was hard red winter at 4.9 mb and with 374 mb in 
commitments, sets 8% ahead of a year ago and 16% above average.  New crop
sales of 16 mb put that total at 127 mb, which is 18% below a year ago.
   Shipments..Ecuador was the top buyer in both old and new crop positions
last week with 8.7 mb.  The Philippines booked 4.2 mb, Nigeria 3.5 mb and 
2.7 mb each for China and Yemen.

                                       -Norm Ruhoff  Contributing Analyst

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