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                                                      July 29, 2021
                                   Portland Price Trends
                 07-01-20    08-01-20    06-01-21    07-22-21   07-29-21
#1 SWW (bu)         5.80        5.60        8.20        8.95       9.10
White Club          6.30        6.00        8.20        9.95      10.60
DNS 14%             6.57        6.21        8.71        9.89      10.22
HRW 11.5%           5.83        5.71        7.52        7.67       7.93
#2 Corn (ton)     162.00      151.00      298.00      245.00     250.00
#2 Barley         130.00      130.00      180.00      180.00     200.00

   Wheat...West coast wheat prices continued to reflect drought impacted
crops this week, with both soft white and hard red spring wheat advancing
to new highs.  Another notable price move was club wheat premiums moving
to $1.50 over white wheat as the predominantly spring-grown club crop is
seeing reduced potential from the drought in Washington state.
   Weekly Sales...USDA reported the best weekly total of the new year for
U.S. wheat sales, coming in at nearly 19 mb on the shoulders of sales for
hard red and soft red winter wheat.  Year-to-date sales of 298 mb are now
running 16% behind a year ago and 12% below the 5-year average pace.  Top
seller was hard red winter, registering the best sales since last December
with 8.2 mb to put the total at 100 mb, which is 23% behind a year ago and
17% below average.  Soft red winter saw another big week of sales, putting
another 6.2 mb in the books and with 54 mb in commitments, sets 58% ahead
of a year ago and 46% above average. Hard red spring garnered 3.6 mb which
puts total sales at 87 mb, setting 17% behind a year ago and 11% below the
five-year average pace.  Soft white booked 1 mb and with 55 mb in sales is
now 22% behind a year ago and 24% below average.
   Top Buyers...China was the top buyer last week with 4.7 mb of hard red
winter wheat.  Mexico bought 3.2 mb of hard and soft red winter wheat and
the Philippines booked a total of 2.2 mb.

                                     -Norm Ruhoff  Contributing Analyst

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