December 5 2019
                                                                  
                                   Portland Price Trends
                 12-01-18    01-01-19    11-01-19    11-29-19   12-05-19
#1 SWW (bu)         6.25        6.15        6.00        5.95       5.90
White Club          6.25        6.15        7.50        7.75       7.65
DNS 14%             6.97        6.59        7.06        6.84       6.88
HRW 11.5%           6.56        6.39        5.96        6.07       6.00
#2 Corn (ton)     170.00      168.00      177.00      135.00     140.00
#2 Barley         140.00      140.00      135.00      172.00     176.00

   Wheat..Announcement of a USDA donation tender put some footing under
west coast white wheat prices this week, with the agency seeking offers
next week on 2.1 mb to be shipped in January.  Nearby basis levels have
otherwise been defensive while basis on protein wheat markets have held
firm over the past month.
   Weekly Sales...USDA showed export sales for U.S. wheat took a major
setback over the past week, coming in 63% below the prior week and 44%
below the four-week average. Sales of 8.4 mb put the year-to-date total
at 8.4 mb; 5% ahead of a year ago but 3% below the 5-year average pace.
Top seller was hard red winter with 5.9 mb, holding above the four-week
average, to put total sales for the year at 224 mb; 35% ahead of a year
ago and 6% above average. Hard red spring saw 1.3 mb in new commitments
to put sales at 167 mb, which sets 9% behind a year ago and 13% behind
average. Soft white garnered 1.1 mb and with 147 mb in commitments sets
14% behind a year ago and 5% below average.

                                    -Norm Ruhoff  Contributing Analyst

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