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                                                      May 6, 2021
                                                                  
                                   Portland Price Trends
                 05-01-20    08-01-20    04-01-21    04-29-21   05-06-21
#1 SWW (bu)         6.06        5.60        6.70        7.95       8.40
White Club          7.56        6.00        6.70        7.95       8.40
DNS 14%             6.77        6.21        6.99        8.39       8.82
HRW 11.5%           6.33        5.71        6.85        8.08       8.30
#2 Corn (ton)     144.00      151.00      240.00      284.00     313.00
#2 Barley         130.00      130.00      180.00      180.00     180.00

   Wheat...A spot donation tender for Yemen spurred the west coast soft
wheat wheat markets this week, strengthening basis 45 cents from a week
ago and pushing old crop bids to new highs.  The tender called for 2 mb
to ship in early June.  Hard red spring wheat also continued the ascent
to higher levels and hard red winter held to a 10 cent premium for old
crop delivery versus August new crop.
   Weekly Sales...USDA reported total cancellations for old crop wheat
exports of 3.5 mb as commitments roll into new crop delivery months. On
the new crop position, export sales of 14.7 mb were reported which puts
commitments at 109 mb compared to 78 mb a year ago.  Top seller for new
crop was soft red winter with 5.8 mb.  Hard red spring garnered another
3.4 mb and hard red winter was at 3.2 mb. White wheat registered 2.1 mb.
   Top Buyers...The listing of new crop U.S. wheat buyers to date shows
the Philippines with 22 mb in commitments, Mexico at 14.5 mb, China at
9.5 mb (mostly soft white), Japan at 6.6 mb and Nigeria with 6.2 mb.
   
                                   -Norm Ruhoff  Contributing Analyst

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