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                                                      September 23, 2021
                                   Portland Price Trends
                 09-01-20    01-01-20    08-01-21    09-16-21   09-23-21
#1 SWW (bu)         5.35        6.65        9.25       10.85      10.85
White Club          5.70        6.65       10.75       12.85      12.85
DNS 14%             6.51        7.14       10.33       10.41      10.50
HRW 11.5%           6.20        7.38        8.33        8.80       8.80
#2 Corn (ton)     163.00      211.00      246.00      249.00     248.00
#2 Barley         130.00      145.00      200.00      240.00     240.00

   Wheat...West coast white wheat markets remained steady throughout the
week, supported by an improved pace of export demand over the past week.
Nearby basis levels weakened against the spike in Chicago futures today,
and cash bids have remained at $10.85 since the first of the month. Hard
red winter and spring wheat basis levels were unchanged for the week.
   Weekly Sales...USDA reported export demand of 13.1 mb this past week,
coming in right at the four-week average. Overall sales now stand at 396
mb, which is 20% behind a year ago and 16% below the 5-year average pace.
Hard red spring wheat recorded the best week of export demand since July
with 4.6 mb, putting commitments at 107 mb which is 26% behind a year ago
and 21% below average. White wheat also posted the best tally of the year  
with 4.2 mb to put sales at 71 mb, setting 33% behind a year ago and 29%
below average.  Hard red winter registered just 1.3 mb and with 151 mb in
sales, sets 18% behind a year ago and 14% below average.
   Top Buyers..The Philippines was the big wheat buyer over the past week,
booking 4.7 mb of hard red spring and white wheat. Mexico secured another
2.6 mb of springs and soft red winter and Japan rounded-out the top three
with 2.2 mb across all classes of wheat.
                                     -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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