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                                                      February 21, 2020
                                                                  
                                   Portland Price Trends
                 02-01-19    08-01-19    01-01-20    02-14-20   02-21-20
#1 SWW (bu)         6.52        5.90        6.15        6.25       6.27
White Club          6.52        5.90        7.65        7.75       7.77
DNS 14%             6.79        5.98        7.21        7.08       7.07
HRW 11.5%           6.59        5.36        6.26        6.26       6.28
#2 Corn (ton)     169.00      170.00      172.00      175.00     175.00
#2 Barley         140.00      140.00      140.00      140.00     140.00

   Wheat...West coast wheat markets saw basis levels somewhat defensive
on an early week sprike across the futures complex, finishing the week
slightly weaker.  All wheats saw basis pared back a nickel and exporter
bid structure show dark northern spring markets in an inverse; posting
a premium for nearby deliveries. PNW corn markets remain reflective of
underlying futures, with basis and price trending sideways.
   Weekly Sales...USDA revealed a marked slowdown in the pace of export
demand for U.S. wheat last week, coming in 40% under the four-week pace
at 12.7 mb. Year-to-date commitments stand at 818 mb, which is 4% above
a year ago and 5% ahead of the five-year average pace.  Top seller was
hard red witner with 6.1 mb, putting sales 14% ahead of a year ago and
11% above average at 306 mb. Hard red spring sales stepped back to 2.9
mb for the week, seeting at 235 mb which is 4% above a year ago but 1%
behind average. Soft white also secured another 2.9 mb and with 165 mb 
in bookings sets 6% below a year ago but 8% ahead of average.
   Top Buyers...Indonesia was a primary buyer of hard red winter wheat
last week and in total topped all buyers with 2.6 mb.  Mexico was also
in for 2.6 mb, Colombia at 1.8 mb, Thailand with 1.7 and Japan 1.6 mb.

                                   -Norm Ruhoff  Contributing Analyst

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