May 26, 2022
                                                                  
                                   Portland Price Trends
                 05-01-21    08-01-21    04-01-22    05-19-22   05-26-22
#1 SWW (bu)         7.85        9.25       10.75       12.00      11.65
White Club          7.85       10.75       11.75       12.50      12.15
DNS 14%             8.59       10.33       11.45       13.95      13.72
HRW 11.5%           8.03        8.33       11.14       14.01      13.48
#2 Corn (ton)     299.00      251.00      320.00      338.00     333.00
#2 Barley         180.00      200.00      270.00      275.00     275.00

   Wheat...West coast cash wheat prices generally drifted lower through
the week in tandem with the futures complex, but basis levles did show a
firmer tone.  White wheat spot markets were down 35 cents week to week,
and nearly a dollar off recent highs. but basis to Chicago strengthened
more than 20 cent from a week ago.  Cash bid declines were most prominent
in dark northern spring from last week, but basis did firm by 10 cents.
Hard red winter also saw basis strengthen a dime from a week ago and all
markets are showing mostly flat bid structure through new crop months.
   Weekly Sales...Seasonal rolling of old crop sales brought a small net
decline to U.S. wheat sales, putting the total at 714 mb which is about
25% behind a year ago and the five-year average pace.  New crop bookings
over the past week came in at 9 mb to place new crop commitments at 110
mb and 32% behind a year ago. By class, sales of hard red winter are 47%
behind a year ago for 2022/23 and white wheat commitments are down 45%.

                                  -Norm Ruhoff  Contributing Analyst

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