October 22, 2019
                                                                  
                                   Portland Price Trends
                 10-01-18    01-01-19    09-01-19    10-15-19   10-22-19
#1 SWW (bu)         6.15        6.15        5.70        6.10       6.10
White Club          6.15        6.15        5.70        6.60       6.85
DNS 14%             6.67        6.59        5.67        7.07       7.00
HRW 11.5%           6.36        6.39        5.20        5.76       5.81
#2 Corn (ton)     157.00      168.00      162.00      180.00     178.00
#2 Barley         140.00      140.00      140.00      150.00     150.00

   Wheat...West coast basis levels on both hard red winter and springs
remained firm in early week trade, while soft white basis to Chicago has
been somewhat defensive.  Export bid structures are showing the front
side of the market relatively flat for white and hard red winter wheat,
with better carries in the dark northern spring wheat market.
   Shipments...Weekly export inspections showed a relatively solid week
of loadings for U.S. wheat, coming in at 20.7 mb to put the year-to-date
total at 359 mb and 19% ahead of a year ago.  Top shipper for the week 
was hard red winter with 7.6 mb, followed by hard red spring with 6.9 mb
and soft white at 4.6 mb.  The Philippines was top destination off west
coast ports, taking 6.8 mb. Japan took 2.3 mb, with Taiwan and Guatemala
each registering 1.7 mb.
   Crop Progress...USDA reported that 5% of the North Dakota spring wheat
crop remains unharvested with Montana showing 8% to cut. PNW winter wheat
plantings in Washington and Oregon are tracking near the average pace and
both states show good emergence. Idaho sowings are 8% behind average with
emergence 12% below the five-year average mark.

                                      -Norm Ruhoff  Contributing Analyst

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