Portland Grain Review 05/21

May 21, 2020 Portland Price Trends 05-01-19 08-01-19 04-01-20 05-14-20 05-21-20 #1 SWW (bu) 5.67 5.90 6.10 6.10 6.10 White Club 5.67 5.90 7.60 7.60 7.60 DNS 14% 6.12 5.98 7.04 6.78 6.90 HRW 11.5% 5.70 5.36 6.30 6.02 6.03 #2 Corn (ton) 168.00 170.00 155.00 150.00 151.00 #2 Barley 140.00 140.00 130.00 140.00 140.00 Wheat...West coast wheat markets recovered some ground this week on the shoulders of gains across the futures complex. Basis levels held steady for the protein wheats, while white wheat basis weakened nearly 20 cents. USDA confirmed a relatively good week of export demand for white wheat, reflected by surging basis levels over the past week. Weekly Sales..USDA reported a good week of overall export demand for U.S. wheat across old and new crop positions, registering nearly 20 mb on both fronts. Old crop sales of 10.7 mb placed year-to-date bookings at 976 mb, which stands 3% ahead of a year ago and 9% above the average five-year pace. New crop sales of 9 mb put commitments for next year at 93 mb, which is 15% behind the prior year. White wheat was top seller in the old crop positions, booking 3.1 mb to put sales at 190 mb; 4% below a year ago but 12% above average. Hard red spring garnered 3 mb and with 289 mb in sales sets 11% ahead of a year ago and 9% above average. Hard red winter added 1.9 mb to old crop commitments and with 365 mb in sales sets 7% ahead of a year ago and 13% above average. Top Buyers...Unknown registered as top buyer for the week with 5.8 mb in old and new crop purchases, followed by the Philippines with combined purchases of 4 mb across old and new crop positions. -Norm Ruhoff Contributing Analyst Copyright 2020 DTN/Telvent. All Rights Reserved.