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                                                       November 21, 2019
                                                                  
                                   Portland Price Trends
                 11-01-18    01-01-19    10-01-19    11-14-19   11-21-19
#1 SWW (bu)         6.22        6.15        5.90        5.98       5.90
White Club          6.22        6.15        5.90        7.83       7.75
DNS 14%             6.92        6.59        6.58        6.88       6.72
HRW 11.5%           6.51        6.39        5.61        5.92       5.94
#2 Corn (ton)     159.00      168.00      173.00      172.00     170.00
#2 Barley         140.00      140.00      150.00      135.00     135.00

   Wheat...Mostly steady basis levels across protein wheat markets kept
bids for those classes of wheat in-line with respective futures over the
past week.  Exporter bids reflect exporter interest in nearby ownership,
as front month deliveries remain at a premium to deferred months.  White
wheat basis remains defensive against rallies in Chicago, maintaining a
cash bid that has been within a dime of $6 through most of the fall.
   Weekly Sales...USDA reported a much-improved pace of export demand for
U.S. wheat last week, coming in nearly double the prior week at 16.1 mb.
Year-to-date commitments now set at 574 mb, setting is 8% ahead of a year
ago but 3% below the five-year average pace.  Hard red winter was primary
seller last week with 8.9 mb, the second best weekly tally for the year.
Sales for that class set 40% ahead of a year ago and 5% above average at
213 mb.  Hard red spring sales of 3.6 mb put the total at 158 mb, which
is 8% behind a year ago and 14% below average.  Soft white registered 2.5
mb and with 110 mb in commitments sets 15% behind a year ago and 6% below
the five-year pace.
                                    -Norm Ruhoff  Contributing Analyst

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