Portland Grain Review 11/10

November 10, 2020 Portland Price Trends 11-01-19 01-01-20 10-01-20 11-03-20 11-10-20 #1 SWW (bu) 6.00 6.15 5.70 6.05 6.10 White Club 7.50 7.65 6.05 6.40 6.45 DNS 14% 7.06 7.21 6.53 6.76 6.81 HRW 11.5% 5.96 6.26 6.46 6.92 6.96 #2 Corn (ton) 177.00 172.00 168.00 169.00 172.00 #2 Barley 135.00 140.00 130.00 135.00 135.00 Wheat...West coast white wheat markets continue to draw support from recent strong export demand, which held the spot basis to Chicago above even money against stronger Chicago futures today. Hard red winter is also seeing bids hold above dark northern spring wheat prices, as spring wheat markets contend with heavy stocks from the large crop this year. Shipments...Weekly export inspections showed U.S. wheat shipments near the prior week's pace at 11 mb, placing year-to-date loadings at 430 mb and 2% ahead of a year ago. Hard red spring was top shipper with nearly 6 mb, followed by hard red winter with 2.6 mb and white wheat at 2.4 mb. Top destinations off the west coast were the Philippines and Japan. Crop Report...USDA acknowledged the recent increase in U.S. soft white wheat exports, bumping the projection by 10 mb from last month to 195 mb. This pulled the ending stocks estimate down 7 mb from October to 115 mb; still the highest stocks estimate in 30 years and leaving the stocks-use ratio at the high end of that historical range at 40%. -Norm Ruhoff Contributing Analyst Copyright 2020 DTN/Telvent. All Rights Reserved.