August 3, 2021
                                                                  
                                   Portland Price Trends
                 08-01-20    01-01-20    07-01-21    07-27-21   08-03-21
#1 SWW (bu)         5.60        6.65        8.60        9.00       9.25
White Club          6.00        6.65        8.60       10.50      10.75
DNS 14%             6.21        7.14        9.37        9.85      10.22
HRW 11.5%           5.71        7.38        7.53        7.64       8.31
#2 Corn (ton)     151.00      211.00      280.00      248.00     251.00
#2 Barley         130.00      145.00      180.00      180.00     180.00

   Wheat...Early-week trade in the west coast wheat markets saw stronger
prices for all wheats.  White wheat basis remained firm at 200 over Sept
Chicago futures, while both hard red winter and dark northern spring saw
nearby basis levels strengthen.  White club wheat premiums held at $1.50 
over white wheat prices, with both markets seeing high protein discounts.
   Shipments...Weekly export inspections showed U.S. wheat shipments are
continuing at a subdued pace, reflective of reduced export demand so far
this year.  Movement off U.S. ports was at 14.2 mb over the past week to
put year-to-date shipments 20% behind a year ago at 138 mb.  Top shipper
was hard red spring with 4.3 mb, followed closely by hard red winter at
4.2 mb and soft white at 2.9 mb.  The Philippines and South Korea were
the top destinations off the west coast.
   Crop Progess...As expected, USDA reported wheat harvest moving along
well ahead of the average pace across the Pacific Northwest.  Washington
winter wheat harvest is advancing at more than double the average pace
at 74% complete, Idaho reports 47% of the crop cut and Oregon 83%. 
   
                                   -Norm Ruhoff  Contributing Analyst

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