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                                                      April 8, 2021
                                                                  
                                   Portland Price Trends
                 04-01-20    08-01-20    03-01-21    04-01-21   04-08-21
#1 SWW (bu)         6.10        5.60        7.60        6.70       6.70
White Club          7.60        6.00        7.60        6.70       6.70
DNS 14%             7.04        6.21        7.33        6.98       7.40
HRW 11.5%           6.30        5.71        7.48        6.80       6.97
#2 Corn (ton)     155.00      151.00      221.00      240.00     235.00
#2 Barley         130.00      130.00      170.00      180.00     180.00

   Wheat...West coast white wheat markets have seen a dramatic decline in
the old-new crop spread over the past two weeks, as major buying interest
has shifted to new crop months.  While soft white bids held steady near
the $6.70 mark this week, spot bids for dark northern spring and hard red
winter benefitted from stronger futures and a steady basis.
   Weekly Sales...USDA highlighted the shift to new crop buying interest
for U.S. wheat last week, with combined old and new crop sales coming in
at 19.5 mb, of which only 3 mb was old crop.  Hard red spring did manage
to book 2.6 mb for old crop, putting sales at 277 mb which is 3% above a
year ago and 8% above average.  Old crop hard red winter sales stand at
314 mb, down 9% and 3% respectively from a year ago and average, but saw
5.6 mb in new crop sales. White wheat saw a net loss for old crop on the
week, but new crop sales of 8.5 mb included China rolling old sales with
additional new crop purchases.  Total old crop wheat sales stand at 925 
mb, up 1% from a year ago and 6% above average.  Total new crop bookings
are at 63 mb compared to 47 mb a year ago.
      
                                    -Norm Ruhoff  Contributing Analyst

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