February 25, 2021
                                                                  
                                   Portland Price Trends
                 02-01-20    08-01-20    01-01-21    02-18-21   02-25-21
#1 SWW (bu)         6.25        5.60        6.65        7.50       7.65
White Club          7.75        6.00        6.90        7.50       7.65
DNS 14%             7.08        6.21        7.14        7.35       7.50
HRW 11.5%           6.17        5.71        7.38        7.63       7.75
#2 Corn (ton)     175.00      151.00      211.00      220.00     222.00
#2 Barley         140.00      130.00      145.00      160.00     160.00

   Wheat...West coast white and hard red winter wheat prices continued
to mark fresh multi-year highs this week.  Soft white moved above $7.50
for the first time since May 2014 and hard red winter marked $7.75 for
the first time since November 2014.  Exporters are pushing the nearby
delivery positions to cover prior export commitments.
   Weekly Sales...USDA reported a big setback in export demand for U.S.
wheat last week, coming in at a marketing year low of 6.2 mb.  Current
commitments set a 866 mb, which is 4% ahead of a year ago and 8% above
the five-year average pace. Top seller was hard red spring with 2.2 mb,
which puts sales 7% ahead of a year ago and 9% above average at 258 mb.
Soft white wheat booked 1.8 mb and with 229 mb in sales is setting 38%
ahead of a year ago and 43$ above average.  Hard red winter saw sales
slip to just 1.5 mb and with 291 mb in commitments, now sets 6% below
a year ago and 1% below the five-year average pace.
      
                                    -Norm Ruhoff  Contributing Analyst

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