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                                                      April 2, 2020
                                                                  
                                   Portland Price Trends
                 04-01-19    08-01-19    03-01-20    03-26-20   04-02-20
#1 SWW (bu)         5.95        5.90        5.95        6.15       6.10
White Club          5.95        5.90        7.45        7.65       7.60
DNS 14%             6.68        5.98        6.93        7.10       6.99
HRW 11.5%           6.14        5.36        6.08        6.49       6.22
#2 Corn (ton)     172.00      170.00      173.00      158.00     155.00
#2 Barley         140.00      140.00      140.00      135.00     130.00

   Wheat...With the exception of white wheat, west coast wheat markets
went on the defensive this week given a slowed pace of demand.  Hard red
winter and spring wheat markets both saw weakening basis along with the
lower move in futures.  White wheat basis strengthend more than 30 cents 
from the lows last week, holding cash bids above the $6 mark.
   Weekly Sales...USDA reported a shuffling of the deck in relation to
overall U.S. wheat export demand, as cancellations and repositioning cut
into the weekly totals.  For the week, overall U.S. export sales came in
at a net 2.7 mb, putting commitments at 911 mb which is 2% ahead of last
year at this time and 6% above the 5-year average pace.  Top seller was
hard red winter at 2 mb, putting year-to-dates sales at 342 mb, standing
8% ahead of a year ago and 13% above average.  Soft white booked 1.4 mb
and with 183 mb in the books sets 5% behind a year ago but 10% ahead of
the 5-year pace.
   Top Buyers...Mexico registered as top U.S. wheat buyer last week with
3.1 mb, followed by the Philippines with 2.2 mb, Malaysia at 1.6 mb and
Chile with 1.4 mb.  Bangladesh bought just under 1 mb of hard red winter.
   
                                   -Norm Ruhoff  Contributing Analyst

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