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                                                      September 22, 2020
                                                                  
                                   Portland Price Trends
                 09-01-19    01-01-20    08-01-20    09-15-20   09-22-20
#1 SWW (bu)         5.70        6.15        5.60        5.35       5.50
White Club          5.70        7.65        6.00        5.70       5.88
DNS 14%             5.67        7.21        6.21        6.43       6.59
HRW 11.5%           5.20        6.26        5.71        6.06       6.39
#2 Corn (ton)     162.00      172.00      151.00      164.00     161.00
#2 Barley         140.00      140.00      130.00      130.00     130.00

   Wheat...West coast white wheat markets regained some footing over the
past week.  While basis levels remain historically weak, gains in Chicago
have supported the market. Exporter bid structures also show carries have
now gone flat into November, signaling a need for nearby shipments.
   Crop Progress...Spring wheat harvest is virtually complete across the
Pacific Northwest and producers have been busy planting winter wheat. USDA
reports Washington plantings right on track with average at 49%, Idaho is
slightly behind average at 22% and Oregon is on track at 14% planted.
   Shipments...Weekly export inspections showed a slowing of the U.S wheat
export engine last week, as overall exports came in at 17.2 mb to put the
year-to-date total at 317 mb and 8% ahead of a year ago.  Top shipper was
hard red winter with 6.4 mb, followed by red spring with 6.1 mb and white
wheat at 2.4 mb.  Top destinations off the west coast were Japan with 3.5
mb, Thailand with 2.1 mb and Vietnam with 1.9 mb.

                                       -Norm Ruhoff  Contributing Analyst

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