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                                                      December 2, 2021
                                   Portland Price Trends
                 12-01-20    01-01-20    11-01-21    11-26-21   12-02-21
#1 SWW (bu)         6.35        6.65       10.60       11.00      10.65
White Club          6.60        6.65       12.60       13.00      12.65
DNS 14%             6.59        7.14       11.72       11.58      11.53
HRW 11.5%           6.69        7.38        9.60       10.34      10.10
#2 Corn (ton)     193.00      211.00      277.00      278.00     270.00
#2 Barley         135.00      145.00      240.00      240.00     240.00

   Wheat...West coast cash prices came under pressure from the retreat
in wheat futures this week, with all but white wheat prices registering
a rebound today against higher futures. Spot basis levels for soft white 
wheat are setting $2.00 above the 10-year average of $.75 over Chicago,
hard red winter is $.50 higher at $1.65 over KC futures and red spring
wheat is $.45 below 10-year average of $1.55.
   Weekly Sales...The sharp rally in U.S. wheat futures in recent weeks
stymied export demand for wheat last week, as total sales registered a
new marketing year low of 2.9 mb.  Year-to-date sales now stand at 526
mb, which is 23% behind a year ago and 18% below the five-year average
pace.  Hard red winter booked more that half the total with 1.8 mb, to
put sales at 209 mb; 12% behind a year ago and 11% behind average.  Red
spring wheat commitments of 141 mb are setting 25% behind both last year 
and average, while soft white wheat sales of 94 mb are 48% behind last
year and 33% behind the five-year average pace.
   White Wheat Buyers...A look at year-to-date purchases of U.S. white
wheat relative to a year ago shows China down 3 mb with 14 mb in sales,
Indonesia with 293,000 bushels versus 9.5 mb a year ago and Yemen with
no purchases versus 10.6 mb a year ago.
                                   -Norm Ruhoff  Contributing Analyst

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