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                                                      May 21, 2020
                                                                  
                                   Portland Price Trends
                 05-01-19    08-01-19    04-01-20    05-14-20   05-21-20
#1 SWW (bu)         5.67        5.90        6.10        6.10       6.10
White Club          5.67        5.90        7.60        7.60       7.60
DNS 14%             6.12        5.98        7.04        6.78       6.90
HRW 11.5%           5.70        5.36        6.30        6.02       6.03
#2 Corn (ton)     168.00      170.00      155.00      150.00     151.00
#2 Barley         140.00      140.00      130.00      140.00     140.00

   Wheat...West coast wheat markets recovered some ground this week on
the shoulders of gains across the futures complex.  Basis levels held
steady for the protein wheats, while white wheat basis weakened nearly
20 cents.  USDA confirmed a relatively good week of export demand for
white wheat, reflected by surging basis levels over the past week.
   Weekly Sales..USDA reported a good week of overall export demand for
U.S. wheat across old and new crop positions, registering nearly 20 mb 
on both fronts.  Old crop sales of 10.7 mb placed year-to-date bookings
at 976 mb, which stands 3% ahead of a year ago and 9% above the average
five-year pace.  New crop sales of 9 mb put commitments for next year at
93 mb, which is 15% behind the prior year. White wheat was top seller in
the old crop positions, booking 3.1 mb to put sales at 190 mb; 4% below
a year ago but 12% above average. Hard red spring garnered 3 mb and with
289 mb in sales sets 11% ahead of a year ago and 9% above average. Hard
red winter added 1.9 mb to old crop commitments and with 365 mb in sales
sets 7% ahead of a year ago and 13% above average.
   Top Buyers...Unknown registered as top buyer for the week with 5.8 mb
in old and new crop purchases, followed by the Philippines with combined 
purchases of 4 mb across old and new crop positions.
   
                                     -Norm Ruhoff  Contributing Analyst

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