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                                                      July 7, 2020
                                                                  
                                   Portland Price Trends
                 07-01-19    08-01-19    06-01-20    06-30-20   07-07-20
#1 SWW (bu)         6.00        5.90        6.08        5.80       5.80
White Club          6.00        5.90        7.33        6.80       6.30
DNS 14%             6.24        5.98        6.81        6.60       6.53
HRW 11.5%           5.59        5.36        6.12        5.80       5.81
#2 Corn (ton)     182.00      170.00      154.00      160.00     157.00
#2 Barley         140.00      140.00      130.00      130.00     130.00

   Wheat...West coast white wheat basis remained somewhat defensive in
early-week trade, as spot numbers retreated against a modest increase in
Chicago.  Nearby cash bids for hard red winter and hard red spring show
old crop holding a premium to new crop, while white wheat bids are flat.
   Crop Progress...Winter wheat conditions held mostly steady across the
Pacific Northwest over the past week, with the overall three-state index
climbing a point to 107% of average.  All states saw a small increase in
the poor to very poor category but good to excllent held at 76% in Idaho,
50% for Oregon and 82% for Washington. Spring wheat ratings jumped 3% in
Idaho, to 69% good to excellent, with Washington up 1% to 86%.
   Shipments...Weekly export inspections showed a markedly slower pace of
U.S. wheat shipments last week, coming in at just under 12 mb to put the
year-to-date total at 86 mb and 10% behind a year ago. By class shipments
showed hard red winter with 5.4 mb, red spring at 2.8 mb and white wheat
with less than a million bushels. Taiwan and Burma were top destinations
off the west coast.

                                    -Norm Ruhoff  Contributing Analyst

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