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                                                      September 10, 2021
                                                                  
                                   Portland Price Trends
                 09-01-20    01-01-20    08-01-21    09-03-21   09-10-21
#1 SWW (bu)         5.35        6.65        9.25       10.85      10.85
White Club          5.70        6.65       10.75       12.85      12.85
DNS 14%             6.51        7.14       10.33       10.47      10.14
HRW 11.5%           6.20        7.38        8.33        8.83       8.47
#2 Corn (ton)     163.00      211.00      246.00      245.00     239.00
#2 Barley         130.00      145.00      200.00      240.00     240.00

   Wheat...A weaker futures complex was reflected in cash prices for both
hard red winter and spring wheat, as prices trailed some 30 cents from a
week ago.  White wheat held steady through the week, with basis improving
to 400 over Chicago December futures.
   Weekly Sales...USDA reported a modest bump in U.S. wheat export demand
over the past week, as sales came in well-ahead of the four-week average
at 14.3 mb.  Year-to-date commitments stand at 360 mb, which is 23% below
a year ago and 19% under the five-year average pace.  By class sales had
hard red winter leading the pack with 8.4 mb, putting sales at 133 mb and
set 25% behind a year ago and 19% below average.  Hard red spring saw 2.9
mb in new sales and with 100 mb in sales is setting 28% behind a year ago 
and 22% below average.  White wheat garnered 1.3 mb to put sales at 60 mb,
which is 36% behind last year's strong pace and 33% behind the average.
   Crop Report..USDA trimmed the U.S. wheat balance sheet 12 mb from last
month, coming mostly from a reduced forecast for imports. White wheat saw
stocks remain unchanged at historically tight levels.
    
                                   -Norm Ruhoff  Contributing Analyst

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