Portland Grain Review 07/23

July 23 2020 Portland Price Trends 07-01-19 08-01-19 06-01-20 07-16-20 07-23-20 #1 SWW (bu) 6.00 5.90 6.08 5.85 5.75 White Club 6.00 5.90 7.33 6.35 6.25 DNS 14% 6.24 5.98 6.81 6.30 6.29 HRW 11.5% 5.59 5.36 6.12 5.84 5.79 #2 Corn (ton) 182.00 170.00 154.00 152.00 152.00 #2 Barley 140.00 140.00 130.00 130.00 130.00 Wheat..West coast wheat markets showed basis levels remaining on the defensive this week, as exporters held prices in a competitive stance. Harvest continues to advance under hot and dry conditions, with reports noting good quality and lower protein levels. Weekly Sales...USDA reported another solid week of export demand for U.S. wheat, registering 22.7 mb to put current year commitments at 328 mb. Totals now stand 5% ahead of a year ago and 5% above the five-year average pace. Top seller was hard red spring with 5.7 mb, putting sales at 96 mb which is 22% ahead of a year ago and 3% above average. White wheat also had a robust week, booking 5.5 mb to put sales at 65 mb; 20% ahead of a year ago but 1% behind average. Soft red winter sold 5.4 mb and with 33 mb in commmitments, sets 22% behind a year ago and 19% off the five-year pace. Hard red winter showed 4.8 mb in new business and with 122 mb in sales sets 3% behind a year ago but 15% above average. Top Buyers...China claimed top buying honors for the week, booking in with 4.5 mb of mostly soft red winter wheat. Yemen bought 3.6 mb of white wheat, Japan covered 2.9 mb and both Ital and Chile booked 1.7 mb. -Norm Ruhoff Contributing Analyst Copyright 2020 DTN/Telvent. All Rights Reserved.