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                                                      June 24, 2022
                                                                  
                                   Portland Price Trends
                 06-01-21    08-01-21    05-01-22    06-17-22   06-24-22
#1 SWW (bu)         8.20        9.25       11.10       11.40      10.60
White Club          8.20       10.75       11.60       11.65      10.85
DNS 14%             8.71       10.33       12.48       12.49      11.51
HRW 11.5%           7.52        8.33       12.08       12.15      11.02
#2 Corn (ton)     249.00      251.00      347.00      341.00     298.00
#2 Barley         180.00      200.00      275.00      275.00     275.00

   Wheat...Big declines across the futures complex weighed heavily on the
west coast cash markets, moving cash prices about a dollar lower during a
holiday-shortened week.  Basis levels did strengthen about 30 cents over
the week for white wheat, but held steady on the protein wheats and those
markets are seeing modest carries develop.
   Weekly Sales...A 25% decline in wheat futures over the past month was
finally enough to attract global buying interest, as U.S. wheat sales saw
the highest export demand since February. Weekly sales came in at 17.6 mb
to put year-to-date commitments at 194 mb. This sets 15% behind a year ago
and 8% below the five-year average pace. Hard red winter booked 6.6 mb for
the week to put sales at 56 mb, which is 23% behind a year ago and 14% off
the averge pace.  Hard red spring registered 4.9 mb in new business, which
put current year sales 13% behind a year ago and 11% below average.  White
wheat sales of 3.8 mb puts commitments at 39 mb, setting 18% behind a year
ago and 13% below average.
   Top Buyers...Japan and Mexico were the big buyers of U.S. wheat over the
past week, with each taking 6 mb.  South Korea also stepped up to buy 3 mb,
followed by Ecuador with 1.1 mb and the Philippines taking 1 mb.

                                     -Norm Ruhoff  Contributing Analyst

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