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                                                      September 22, 2022
                                                                  
                                   Portland Price Trends
                 09-01-21    01-01-22    08-01-22    09-15-22   09-22-22
#1 SWW (bu)        10.85       10.70        9.00        9.45       9.70
White Club         12.85       12.45        9.00        9.55      10.20
DNS 14%            10.34       10.78        9.77       10.13      10.48
HRW 11.5%           8.69        9.81        9.76       10.49      10.93
#2 Corn (ton)     240.00      274.00      276.00      304.00     304.00
#2 Barley         240.00      240.00      235.00      240.00     240.00

   Wheat...Recent strength in white wheat prices has been supported by 
a strong pace of export demand, and USDA revealed that the bulk of that 
business has been with swing buyers.  Sales previously assigned to the 
"unknown" category were switched to Indonesia and China in this week's
report, showing repsective sales to those countries of 5 mb and 4.7 mb.  
Improved demand has moved cash white wheat bids back to the best levels 
since late June. 
   Weekly Sales...USDA reported total U.S. wheat export demand of 6.7 mb
over the past week, coming in at about half the four-week average. Lower
numbers came primarily from hard red winter, which only saw 400,000 bu in
net sales.  Sales for that class stand at 110 mb, which is 27% behind a
year ago and 7% below the five-year average pace. Relative prices favored
interest in hard red spring, which recorded 4.7 mb in new sales and with
112 mb in commitments, sets 4% ahead of a year ago and 70% above average.
White wheat registered 2.4 mb in sales and with 87 mb in the books, sets
22% ahead of a year ago but 26% behind average.

                                  -Norm Ruhoff  Contributing Analyst

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