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                                                      August 6, 2020
                                                                  
                                   Portland Price Trends
                 08-01-19    01-01-20    07-01-20    07-30-20   08-06-20
#1 SWW (bu)         5.90        6.15        5.80        5.75       5.50
White Club          5.90        7.65        6.30        6.25       5.90
DNS 14%             5.98        7.21        6.57        6.24       6.11
HRW 11.5%           5.36        6.26        5.83        5.77       5.58
#2 Corn (ton)     170.00      172.00      162.00      151.00     148.00
#2 Barley         140.00      140.00      130.00      130.00     130.00

   Wheat..Seasonal harvest pressure remained apparent across west coast
wheat markets over the past week, as basis levels maintained a defensive
posture.  Soft white basis slipped below the 10-year average, hovering 
just under the 50 over mark against Chicago.  Hard red spring basis at
115 over is right at the 10-year average while hard red winter basis is
running 60 cents above average at 140 over KC futures.
   Weekly Sales...USDA reported another solid week of export demand for
U.S. wheat, coming in above 20 mb for the fourth straight week.  Sales
of 22.2 mb put the year-to-date total at 376 mb, which now stands at 9%
above both a year ago and five-year pace.  Hard red winter registered a
total of 10 mb and with 140 mb in commitments, sets 3% ahead of a year
ago and 19% above the average pace. Hard red spring garnered 5.6 mb for
the week and with 110 mb in bookings is 23% ahead of a year ago and 9%
above average.  Soft white secured 3.4 mb, putting sales 24% ahead of a
year ago and 2% above average at 74 mb. 
   Top Buyers...China registered as top U.S. wheat buyer last week with
3.1 mb, followed by Indonesia with 2.8 mb, Brazil at 2.3 mb, Thailand at
2.2 mb and Nigeria with 1.8 mb.
                                    -Norm Ruhoff  Contributing Analyst

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