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                                                      February 27, 2020
                                                                  
                                   Portland Price Trends
                 02-01-19    08-01-19    01-01-20    02-20-20   02-27-20
#1 SWW (bu)         6.52        5.90        6.15        6.27       6.05
White Club          6.52        5.90        7.65        7.77       7.55
DNS 14%             6.79        5.98        7.21        7.01       6.90
HRW 11.5%           6.59        5.36        6.26        6.18       6.03
#2 Corn (ton)     169.00      170.00      172.00      172.00     170.00
#2 Barley         140.00      140.00      140.00      140.00     1.4000

   Wheat...West coast wheat markets faltered with the retreact across the
futures complex this week, drifting 10 to 15 cents lower. Hard red spring
markets saw a firmer basis offset some of the decline.
   Weekly Sales...USDA reported a modest week-to-week improvement in U.S.
wheat export demand, with an overall total of 14 mb being reported in new 
commitments.  Year-to-date sales now stand at 832 mb, which is 3% ahead of
a year ago and 5% above the five-year average pace.  Top seller was hard
red spring at 7.4 mb for the week, placing sales at 242 mb which stands 6%
above a year ago and 1% above average.  Hard red winter booked 4.1 mb and
with 310 in sales stand 12% ahead of a year ago and 10% above the average. 
Soft white registered 1.8 mb to put sales at 167 mb; 7% behind a year ago
but 8% above average. 
   Top Buyers...Japan was the big U.S. wheat buyer last week with 4.3 mb,
followed the Philippines with 2.8 mb, Indonesia with 2 mb and Thailand and
Peru with 1.6 mb each.
                                   -Norm Ruhoff  Contributing Analyst

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Futures and commodities trading involves significant risk of loss and is not suitable for every investor. Information herein is strictly the opinion of its author and is intended for informational purposes. Information is obtained from sources believed to be reliable but is in no way guaranteed. Neither Northern Crops Marketing nor its employees are liable or responsible for its use. Opinions, data, and recommendations are subject to change; past performance is not indicative of future results.
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