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January 14, 2021
Portland Price Trends
01-01-20 08-01-20 12-01-20 01-07-21 01-14-21
#1 SWW (bu) 6.15 5.60 6.35 6.85 7.05
White Club 7.65 6.00 6.60 7.10 7.20
DNS 14% 7.21 6.21 6.59 7.18 7.51
HRW 11.5% 6.26 5.71 6.69 7.33 7.67
#2 Corn (ton) 175.00 151.00 193.00 218.00 218.00
#2 Barley 140.00 130.00 135.00 145.00 150.00
Wheat..West coast white wheat markets remained well supported through
the week, but generally topped-out near the $7 mark as exporters see a
slowing of demand at current price levels. Basis levels on protein wheat
remained strong, moving those prices sharply higher on the week and both
white wheat and hard red winter prices are at the best levels in 6 years.
Weekly Sales..The sharp rally in U.S. wheat futures has slowed export
demand, as overall sales numbers came in well below the recent pace for
the second straight week. USDA reported 8.2 mb in total wheat sales last
week, about half the four-week average pace, placing commitments-to-date
at 774 mb; 8% ahead of a year ago and 11% better than the 5-year average
pace. Top seller was hard red spring with 4.8 mb, placing sales at 224
mb which is 9% ahead of a year ago and 7% above average. Hard red winter
sold 3.4 mb and with 265 mb in sales, sets 1% ahead of a year ago and 6%
above average. White wheat actually saw a net decrease on cancellations,
but sales of 204 mb remain historically strong; 42% ahead of a year ago
and 46% ahead of the five-year average for early January.
-Norm Ruhoff Contributing Analyst
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