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                                                      November 18, 2021
                                                                  
                                   Portland Price Trends
                 11-01-20    01-01-20    10-01-21    11-11-21   11-18-21
#1 SWW (bu)         6.05        6.65        9.75       10.70      10.75
White Club          6.40        6.65       11.75       12.70      12.75
DNS 14%             6.76        7.14       10.69       11.61      11.45
HRW 11.5%           6.88        7.38        9.19        9.81      10.05
#2 Corn (ton)     180.00      211.00      255.00      272.00     274.00
#2 Barley         135.00      145.00      240.00      240.00     240.00

   Wheat...Another week of higher futures supported west coast markets,
moving hard red winter wheat to new marketing year highs as spot basis
strength was also supportive. At current price levels, white wheat sets
at the highest point since 2008, dark northern spring is at the highest
since 2011 and hard red winter the best since 2012.
   Weekly Sales...USDA reported an improved week of buying interest for
U.S. wheat, as all classes of wheat registered better numbers.  Overall
sales came in slightly ahead of the four-week average at 14.7 mb, which
puts year-to-date sales at 503 mb; 21% behind a year ago and 17% behind
the five-year average pace.  Hard red winter booked 4.3 mb and with 196
mb in commitments, is sitting 14% behind a year ago and 12% behind the
average pace.  Soft red winter saw 3.9 mb in sales, putting sales at 74
mb which is 48% ahead of a year ago and 24% above average.  Red spring
wheat booked 3.4 mb to put commitments at 136 mb, which sets 23% behind
a year ago and 24% below average.  White wheat registered 3 mb in sales 
and with 91 mb in bookings, sets 42% behind last year and 30% below the
average pace.
   Top Buyers..Nigeria was top buyer for the week with 3.1 mb, followed
by Vietnam with 2.4 mb, Japan at 2.3 mb, the Philippines at 2.2 mb and
Mexico with 1.4 mb.    
                                   -Norm Ruhoff  Contributing Analyst

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