Portland Grain Review 09/24

September 24, 2020 Portland Price Trends 09-01-19 01-01-20 08-01-20 09-17-20 09-24-20 #1 SWW (bu) 5.70 6.15 5.60 5.40 5.55 White Club 5.70 7.65 6.00 5.75 5.90 DNS 14% 5.67 7.21 6.21 6.59 6.52 HRW 11.5% 5.20 6.26 5.71 6.27 6.26 #2 Corn (ton) 162.00 172.00 151.00 164.00 164.00 #2 Barley 140.00 140.00 130.00 130.00 130.00 Wheat...Recent white wheat export demand is becoming apparent in bids, as both flat price and basis levels moved higher this week. Basis moved back into positive territory versus Chicago futures, marking a recovery of nearly 40 cents from harvest lows. Protein wheats put in a relatively steady week, holding mostly in-line with week-ago levels. Weekly Sales...USDA reported another relatively subdued week of export demand for all wheats except soft white wheat. Overall sales came in at 12.9 mb for the week, 30% below the four-week average, which puts current year commitments at 496 mb; 7% better than a year ago and 9% above the 5- year average pace. White wheat was top seller for the week with 4.8 mb, setting 25% ahead of a year ago and 14% above average with 105 mb booked. Hard red spring sold 3.7 mb and with 145 mb in sales, sets 15% ahead of a year ago and 8% above average. Hard red winter garnered 3.4 mb, placing sales 3% ahead of a year ago and 11% ahead of average. Top Buyers...South Korea was atop a long list of buyers last week with 4.1 mb, followed by Vietnam with 2.3 mb, Japan at 2.1 mb, the Philippines with 1.5 mb and Nigeria with 1.1 mb. -Norm Ruhoff Contributing Analyst Copyright 2020 DTN/Telvent. All Rights Reserved.