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                                                      October 29, 2020
                                                                  
                                   Portland Price Trends
                 10-01-19    01-01-20    09-01-20    10-22-20   10-29-20
#1 SWW (bu)         5.90        6.15        5.35        6.20       6.05
White Club          5.90        7.65        5.70        6.55       6.40
DNS 14%             6.58        7.21        6.51        6.97       6.72
HRW 11.5%           5.61        6.26        6.20        6.99       6.77
#2 Corn (ton)     173.00      172.00      163.00      170.00     172.00
#2 Barley         150.00      140.00      130.00      130.00     130.00

   Wheat...Relative values for U.S. wheat continue to attract interest
in both white wheat and hard red spring, as both those markets reflect a
burdensome supply in weaker basis levels.  White wheat posted a stellar
week of export demand last week and with the retreat in Chicago futures,
basis levels have now climbed above even money after holding a nearly
30 cent discount the past few weeks.  
   Weekly Sales...USDA reported a surge in U.S. wheat export demand over
the past week, as total sales posted the second best week of the year at
27.3 mb.  Year-to-date commitments of 594 mb place total wheat sales 11%
ahead of a year ago and 12% above the five-year average pace. Top seller
was white wheat, registering a whopping 16.5 mb for the week on interest
primarily from South Korea and China.  Soft white is now showing 165 mb
in sales, setting 38% ahead of a year ago and 30% above average.  Sales
for hard red spring came in at 5.5 mb to put year-to-date bookings just
below 170 mb; 14% better than a year ago and 5% above average. Hard red
winter registered 4.8 mb and with 168 mb in commitments, sets 10% ahead
of a year ago and 17% above average.
   Top Buyers...South Korea was by far the big U.S. wheat buyer with a
total of 7.2 mb of white wheat, followed by Mexico with 4 mb, Japan at
2.3 mb and both China and the Philippines with 2.2 mb each.
      
                                    -Norm Ruhoff  Contributing Analyst

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