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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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