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                                                      December 3, 2020
                                                                  
                                   Portland Price Trends
                 12-01-19    01-01-20    11-01-20    11-26-20   12-03-20
#1 SWW (bu)         5.95        6.15        6.05        6.25       6.40
White Club          7.75        7.65        6.40        6.60       6.65
DNS 14%             6.80        7.21        6.76        6.96       6.65
HRW 11.5%           5.99        6.26        6.88        6.76       6.78
#2 Corn (ton)     170.00      172.00      180.00      192.00     193.00
#2 Barley         135.00      140.00      135.00      135.00     140.00

   Wheat...West coast white wheat markets continued to hold firm through
the week, with strengthening basis levels offsetting declines in Chicago
futures.  Recent and ongoing export demand remains the big driver as the
year-to-date commitments set at the highest levels in more than 30 years
for late November.  Relative weakness in hard red spring prices is also
apparent, as dark northern prices are setting below hard red winter and
just 25 cents premium to soft white wheat. 
   Weekly Sales...USDA reported weekly export demand for U.S. wheat was
right at the four-week average, coming in at 16.4 mb to put year-to-date
sales at 680 mb.  This sets 12% ahead of a year ago and 11% above the 5-
year average pace.  Top seller was hard red spring with 6 mb in sales,
which puts total commitments at 188 mb; 12% ahead of a year ago and 2% 
above average.  White wheat registered another good week with 5.4 mb in
new business, putting sales 55% ahead of a year ago and 46% ahead of the
average pace at 181 mb. Hard red winter booked 4.1 mb and with 238 mb in
sales sets 6% ahead of a year ago and 10% above average.
   
                                    -Norm Ruhoff  Contributing Analyst

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