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                                                      January 14, 2020
                                                                  
                                   Portland Price Trends
                 01-01-19    08-01-19    12-01-19    01-07-20   01-14-20
#1 SWW (bu)         6.15        5.90        5.95        6.12       6.24
White Club          6.15        5.90        7.75        7.62       7.74
DNS 14%             6.59        5.98        6.80        7.07       7.23
HRW 11.5%           6.39        5.36        5.99        6.15       6.36
#2 Corn (ton)     168.00      170.00      170.00      171.00     173.00
#2 Barley         140.00      140.00      135.00      140.00     140.00

   Wheat...West coast white wheat basis remains defensive in both old and
new crop positions, while both hard red winter and spring wheat basis has
been firming-up.  Old crop soft white basis of 58 over sets near the low 
end of a two-year range, while new crop basis of 30 over lanquishes about
20 cents below average.  Hard red winter basis was back up a nickel this 
morning to 140 over, but 20 cents below recent highs. Hard red spring saw 
a dime added this morning to return to the season high of 170 over. 
   Shipments...Weekly export inspections showed total U.S. wheat loading
activity up slightly from the prior week at 17.4 mb, putting current year
shipments at 565 mb and 14% ahead of a year ago. Top shipper for the week
was hard red winter with 5.9 mb, followed by soft white at 4.4 mb and red
spring at 3.9 mb. Top destinations off the west coast were South Korea at
2.9 mb, the Philippines at 2.2 mb and Chile with 1.4 mb.
   Acreage...USDA reports that winter wheat acreage across the three PNW
states is down 3% from 2019 at 3.12 million acres.  Idaho plantings are
down 1%, Oregon down 5% and Washington off 3% with 1.7 million acres.
   
                                      -Norm Ruhoff  Contributing Analyst

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