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                                                      July 22, 2021
                                                                  
                                   Portland Price Trends
                 07-01-20    08-01-20    06-01-21    07-15-21   07-22-21
#1 SWW (bu)         5.80        5.60        8.20        8.35       8.95
White Club          6.30        6.00        8.20        8.35       9.95
DNS 14%             6.57        6.21        8.71        9.85       9.89
HRW 11.5%           5.83        5.71        7.52        7.49       7.67
#2 Corn (ton)     162.00      151.00      298.00      258.00     245.00
#2 Barley         130.00      130.00      180.00      180.00     180.00

   Wheat...A roller-coaster week across the futures complex showed white
wheat prices hitting the $9 mark for the first time since 2012, and hard
red spring retreating from above $10. Drought impacts on the 2021 harvest
across the Pacific Northwest are becoming more apparent, with discounts
posted for high protein soft white and club premiums jumping to a dollar
over white wheat as new crop club supplies dwindle.
   Weekly Sales...USDA reported an improved pace of export demand for the
third straight week, as U.S. wheat sales reached 17.4 mb last week on the
shoulders of a large Chinese purchase. Year-to-date sales stand at 279 mb,
which is 15% behind a year ago and 14% below the five-year average pace.
Top seller was soft red winter at 6.8 mb, and with 48 mb in bookings sets
46% ahead of a year ago and 34% above average.  Hard red winter garnered
5 mb in new sales to put commitments at 92 mb, which is 25% behind a year
ago and 20% below average. Red spring sales came in at 4.2 mb and with 84
mb in bookings is now 13% behind a year ago and 11% below average.  White
wheat registered 1.4 mb and with sales of 54 mb is setting 17% under last
year and 22% below average.
   Top Buyers...China was the big buyer of U.S. wheat last week, booking
nearly 5 mb of soft red winter, followed by the Philippines taking 4.5 mb
of mostly red protein wheat and Mexico buying 4.3 mb.

                                     -Norm Ruhoff  Contributing Analyst

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Prices based on delayed futures quotes For current bid contact New Vision Co-op Brewster office
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