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                                                      June 25, 2020
                                                                  
                                   Portland Price Trends
                 06-01-19    08-01-19    05-01-20    06-18-20   06-25-20
#1 SWW (bu)         6.20        5.90        6.06        5.90       5.80
White Club          6.20        5.90        7.56        6.90       6.80
DNS 14%             6.43        5.98        6.77        6.74       6.59
HRW 11.5%           6.22        5.36        6.33        5.83       5.76
#2 Corn (ton)     182.00      170.00      144.00      157.00     155.00
#2 Barley         140.00      140.00      130.00      130.00     130.00

   Wheat...West coast wheat markets moved lower this week as spot basis 
levels weakened against buyers shifting toward new crop month purchases.
Exporters also shifted to September futures this week.  Crop conditions
continued to improve on near-ideal June weather for development.
   Weekly Sales...USDA reported a solid week of export demand for wheat,
coming in at 19.1 mb to put year-to-date sales at 252 mb, which sets 1%
behind a year ago but 1% above the 5-year average pace.  Top seller was
hard red winter with 9.7 mb, placing sales at 95 mb which is 8% behind
a year ago but 14% above average. Soft white wheat registered 4.1 mb to
put commitments at 49 mb, setting 11% ahead of a year ago but 7% below
average.  Hard red spring booked 2.4 mb and with 72 mb in sales is now
16% ahead of a year ago but 2% behind the average pace.
   Top Buyers...Japan took top buyer honors for U.S. wheat last week at
3.2 mb, followed by Nigeria with 3 mb and South Korea at 2.9 mb. Mexico
booked 3 mb and Italy registered 1.5 mb.  

                                    -Norm Ruhoff  Contributing Analyst

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