July 14, 2020
                                                                  
                                   Portland Price Trends
                 07-01-19    08-01-19    06-01-20    07-07-20   07-14-20
#1 SWW (bu)         6.00        5.90        6.08        5.80       5.85
White Club          6.00        5.90        7.33        6.30       6.35
DNS 14%             6.24        5.98        6.81        6.53       6.38
HRW 11.5%           5.59        5.36        6.12        5.81       5.87
#2 Corn (ton)     182.00      170.00      154.00      157.00     154.00
#2 Barley         140.00      140.00      130.00      130.00     130.00

   Wheat...Early-week trade in the west coast wheat markets showed basis
levels on the defensive for both soft white and hard red spring.  White
wheat basis has weakened more than 30 cents from late June and hard red
spring is down 15 cents.  USDA did announce another donation tender for
soft white wheat, with shipment in early August. 
   Crop Progress...Winter wheat harvest officially got underway across
the Pacific Northwest, with all three states starting on an average pace.
Crop potential looks promising and weather has been near ideal for spring
wheat development.  Good to excellent ratings for Idaho are holding near
70% and Washington holds near an all time best of 85% for mid-July.
   Shipments...Weekly export inspections showed a solid uptick in wheat
shipments over the past week, coming in at 22.9 mb to put loading for the
year at 110 mb and in-line with a year ago.  Hard red winter was the top
shipper with 10.3 mb, followed by hard red sprign with 6.6 mb, soft red
winter at 3.3 and soft white with 1.7 mb.  Top destinations off the west
coast were Japan, Taiwan and the Philippines.

                                    -Norm Ruhoff  Contributing Analyst

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