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                                                      December 1, 2020
                                                                  
                                   Portland Price Trends
                 12-01-19    01-01-20    11-01-20    11-24-20   12-01-20
#1 SWW (bu)         5.95        6.15        6.05        6.25       6.40
White Club          7.75        7.65        6.40        6.60       6.75
DNS 14%             6.80        7.21        6.76        6.96       6.59
HRW 11.5%           5.99        6.26        6.88        6.76       6.74
#2 Corn (ton)     170.00      172.00      180.00      193.00     194.00
#2 Barley         135.00      140.00      135.00      135.00     135.00

   Wheat...West coast white wheat markets continued to surge higher as
the week got underway, moving to fresh marketin year highs.  Spot prices
have now rallied more than a dollar per bushel from the August lows and
mark the highest levels since February 2019.  Exporters also rolled bids
to March futures, with nearby basis on red winter and springs weakening
to reflect carry in the respective futures.
   Shipments...Weekly export inspections showed a marked increase in the
pace of U.S. wheat shipments over the past week, registering 18.5 mb off
all ports to put year-to-date loadings at 474 mb and 2% ahead of a year
ago. Top shipper was hard red spring wheat with 5.8 mb, followed by hard
red winter at 5 mb and soft white at 4.8 mb. The Philippines was the top
destination off west coast ports with 4.3 mb, followed by China with 2.3
mb and Indonesia at 2.2 mb.
   
                                    -Norm Ruhoff  Contributing Analyst

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