January 24, 2020
                                                                  
                                   Portland Price Trends
                 01-01-19    08-01-19    12-01-19    01-17-20   01-24-20
#1 SWW (bu)         6.15        5.90        5.95        6.22       6.31
White Club          6.15        5.90        7.75        7.72       7.81
DNS 14%             6.59        5.98        6.80        7.20       7.27
HRW 11.5%           6.39        5.36        5.99        6.25       6.31
#2 Corn (ton)     168.00      170.00      170.00      171.00     176.00
#2 Barley         140.00      140.00      135.00      140.00     140.00

   Wheat...West coast wheat markets saw cash bids reach new marketing
year highs this week, bolstered by higher futures and firming of basis
levels.  Hard red spring actually marked the highest levels since June
2018 while hard red winter marked the best levels since February 2019.
Recent improved demand has been the primary driver.
   Weekly Sales...USDA reported a strong week of export demand for U.S.
wheat, coming in at a marketing year high of 25.6 mb.  Commitments to
date now stand at 745 mb, which is 13% ahead of a year ago and 4% over
the five-year-average pace.  Top seller last week was hard red winter
with 10.4 mb, putting sales at 273 mb; 33% ahead of a year ago and 11%
above average.  Hard red spring garnered 8.1 mb to put commitments at
213 mb; 5% over a year ago but 3% behind average. Soft white wheat saw
6.7 mb in new commitments, placing year-to-date sales at 151 mb which
is 1% behind a year ago but 7% above the average pace. 
   Top Buyers...Bangladesh topped a long list of buyers last week with
4.1 mb of protein wheat. Japan booked 3.5 mb, Guatemala was at 3.3 mb,
Taiwan bought 2.8 mb and South Korea 2.6 mb.
   
                                      -Norm Ruhoff  Contributing Analyst

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