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                                                       October 10, 2019
                                                                  
                                   Portland Price Trends
                 10-01-18    01-01-19    09-01-19    10-03-19   10-10-19
#1 SWW (bu)         6.15        6.15        5.70        5.97       6.00
White Club          6.15        6.15        5.70        5.97       6.40
DNS 14%             6.67        6.59        5.67        6.52       6.95
HRW 11.5%           6.36        6.39        5.20        5.54       5.57
#2 Corn (ton)     157.00      168.00      162.00      172.00     169.00
#2 Barley         140.00      140.00      140.00      150.00     150.00

   Wheat...The post-report retreat across the wheat futures complex today 
pressured west coast wheat markets, but basis levels continued to firm on
all the wheats.  White wheat bids reflected the impact of recent Chinese
buying, holding above the $6 mark through the week.  Excess moisture on 
unharvested club wheat acreage also boosted club wheat premiums over the 
past week, with premiums climbing to 50 cents over soft white wheat. This 
marks the largest premiums for club wheat since 2015/16 when high protein 
limited marketable supplies. 
   Weekly Sales...USDA showed a rebound in total U.S. wheat export demand
over the past week, supported by a large white wheat purchase from China.
Total sales of 19.2 mb were 35% above the four-week average, putting the
tally at 493 mb; 16% ahead of a year ago and on-track with the five-year
average pace for early October.  Top seller was soft white wheat at 8.2
mb; putting year-to-date sales at 95 mb which sets 13% behind a year ago
and 2% behind average. Hard red winter booked 5.5 mb to put current year
sales at 185 mb, standing 49% ahead of a year ago and 9% above average.
Hard red spring garnered 2.8 mb and with 133 mb in sales, sets 4% ahead
of a year ago but 10% behind the average pace.
   Top Buyers...China was the notable top buyer over the past week with
4.8 mb of white wheat.  Taiwan booked 4 mb, followed by South Korea at
2.9 mb, Mexico with 2.3 mb and the Philippines with 2.1 mb.

                                       -Norm Ruhoff  Contributing Analyst

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