Hoffman Ag Services Monday, February 17, 2020  
 
 
 
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                                                      February 14, 2020
                                                                  
                                   Portland Price Trends
                 02-01-19    08-01-19    01-01-20    02-07-20   02-14-20
#1 SWW (bu)         6.52        5.90        6.15        6.35       6.25
White Club          6.52        5.90        7.65        7.85       7.75
DNS 14%             6.79        5.98        7.21        7.06       7.08
HRW 11.5%           6.59        5.36        6.26        6.22       6.26
#2 Corn (ton)     169.00      170.00      172.00      177.00     175.00
#2 Barley         140.00      140.00      140.00      140.00     140.00

   Wheat...Confirmation of increased export potential from USDA helped
to hold basis levels firm this week across all west coast wheat markets.
Basis on hard red winter firmed a nickel to 155 over today, red spring
was up a dime to 180 over and white wheat held steady at 78 over.
   Weekly Sales...USDA reported a surge in export demand for U.S. wheat
over the past week, with the weekly tally coming in above 23 mb in four
of the past five weeks.  Year-to-date commitments now stand at 805 mb,
22% ahead of a year ago and 8% above the five-year average pace.  Hard
red winter was top seller with 10.8 mb to put sales at 300 mb; which is
46% above a year ago and 16% above average.  Hard red spring registered
7.3 mb and with 232 mb on the books sets 15% ahead of a year ago and 1%
above average. Soft white wheat sold 4.9 mb to place total sales at 162 
mb, setting 7% ahead of a year ago and 11% above average.
   Top Buyers...Nigeria returned as a big buyer of hard red winter last
week with a 4.8 mb purchase. Rounding out the top five: the Philippines
with 3.8 mb, South Korea with 3.3 mb, Vietnam with 2.9 mb and Mexico at
2.9 mb.
                                    -Norm Ruhoff  Contributing Analyst

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