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July 9, 2020
Portland Price Trends
07-01-19 08-01-19 06-01-20 07-02-20 07-09-20
#1 SWW (bu) 6.00 5.90 6.08 5.75 5.95
White Club 6.00 5.90 7.33 6.25 6.45
DNS 14% 6.24 5.98 6.81 6.50 6.49
HRW 11.5% 5.59 5.36 6.12 5.74 5.94
#2 Corn (ton) 182.00 170.00 154.00 157.00 159.00
#2 Barley 140.00 140.00 130.00 130.00 130.00
Wheat...West coast wheat markets moved higher this week, but overall
gains relative to the futures complex were muted somewhat by a defensive
basis movement across all the markets. White wheat basis slipped by 20
cents from earlier in the week, hard red winter was a dime lower and red
spring basis declined 15 cents. All three classes of wheat are now bid
flat into September.
Weekly Sales..USDA reported weekly wheat sales declined for the third
straight week, coming in at 12 mb to put year-to-date commitments at 278
mb. This total stands 1% ahead of a year ago and right on track with the
five-year average pace. Top seller was soft red winter with 5.5 mb and
with 27 mb in sales sets 25% behind both last year and average. Hard red
spring garnered 3.2 mb to put sales at 80 mb, which sets 3% below a year
ago but 1% ahead of average. Hard red winter booked 3.2 mb and with 80
mb in commitments is 3% behind a year ago but 1% ahead of average. White
wheat saw only 1 mb in sales and with 56 mb in the books sets 12% ahead
of last year but 5% behind average.
-Norm Ruhoff Contributing Analyst
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