Portland Grain Review 10/22

October 22, 2020 Portland Price Trends 10-01-19 01-01-20 09-01-20 10-15-20 10-22-20 #1 SWW (bu) 5.90 6.15 5.35 5.90 6.20 White Club 5.90 7.65 5.70 6.25 6.55 DNS 14% 6.58 7.21 6.51 6.79 6.97 HRW 11.5% 5.61 6.26 6.20 6.93 6.99 #2 Corn (ton) 173.00 172.00 163.00 170.00 170.00 #2 Barley 150.00 140.00 130.00 130.00 130.00 Wheat...Relative values for U.S. white wheat continue to attract the interest of global buyers, as word of South Korea booking another 4.8 mb overnight helped bolster cash bids today. Nearby cash prices remain at a marketing year high even with basis levels holding negative values to Chicago futures. Hard red winter also remains at a rare premium to hard red spring wheat on the west coast. Weekly Sales...USDA reported overall U.S. wheat export demand slipped well below the four-week average last week, coming in at 13.5 mb to put yeat-to-date sales at 566 mb; 9% above both year-ago and average levels. Top seller was hard red winter with 5.8 mb, putting sales 9% ahead of a year ago and 17% above the five-year average pace at 213 mb. Soft red winter posted the second best week of the marketing year with 3.3 mb in sales, setting 28% behind a year ago and 23% below average. White wheat saw 2.4 mb in new bookings and with 125 mb sold, stands 26% ahead of a year ago and 18% above average. Red spring wheat sales of 2.1 mb placed year-to-date commitments at 162 mb; 16% ahead of a year ago and 4% ahead of the five-year pace. -Norm Ruhoff Contributing Analyst Copyright 2020 DTN/Telvent. All Rights Reserved.