Portland Grain Review 10/29

October 29, 2020 Portland Price Trends 10-01-19 01-01-20 09-01-20 10-22-20 10-29-20 #1 SWW (bu) 5.90 6.15 5.35 6.20 6.05 White Club 5.90 7.65 5.70 6.55 6.40 DNS 14% 6.58 7.21 6.51 6.97 6.72 HRW 11.5% 5.61 6.26 6.20 6.99 6.77 #2 Corn (ton) 173.00 172.00 163.00 170.00 172.00 #2 Barley 150.00 140.00 130.00 130.00 130.00 Wheat...Relative values for U.S. wheat continue to attract interest in both white wheat and hard red spring, as both those markets reflect a burdensome supply in weaker basis levels. White wheat posted a stellar week of export demand last week and with the retreat in Chicago futures, basis levels have now climbed above even money after holding a nearly 30 cent discount the past few weeks. Weekly Sales...USDA reported a surge in U.S. wheat export demand over the past week, as total sales posted the second best week of the year at 27.3 mb. Year-to-date commitments of 594 mb place total wheat sales 11% ahead of a year ago and 12% above the five-year average pace. Top seller was white wheat, registering a whopping 16.5 mb for the week on interest primarily from South Korea and China. Soft white is now showing 165 mb in sales, setting 38% ahead of a year ago and 30% above average. Sales for hard red spring came in at 5.5 mb to put year-to-date bookings just below 170 mb; 14% better than a year ago and 5% above average. Hard red winter registered 4.8 mb and with 168 mb in commitments, sets 10% ahead of a year ago and 17% above average. Top Buyers...South Korea was by far the big U.S. wheat buyer with a total of 7.2 mb of white wheat, followed by Mexico with 4 mb, Japan at 2.3 mb and both China and the Philippines with 2.2 mb each. -Norm Ruhoff Contributing Analyst Copyright 2020 DTN/Telvent. All Rights Reserved.