January 25, 2022
                                                                  
                                   Portland Price Trends
                 01-01-20    08-01-21    12-01-21    01-18-22   01-25-22
#1 SWW (bu)         6.65        9.25       10.65       10.90      11.00
White Club          6.65       10.75       12.65       12.65      12.75
DNS 14%             7.14       10.33       11.30       10.05      10.68
HRW 11.5%           7.38        8.33        9.83        9.68      10.41
#2 Corn (ton)     211.00      251.00      269.00      280.00     293.00
#2 Barley         145.00      200.00      240.00      240.00     240.00

   Wheat...West coast white wheat markets remained firm at the front side
of the week, supported by the 3 mb CCC donation tender for nearby shipment.
Spot basis did slip back nearly 40 cents against the rebound in the Chicago 
March futures. The surge across the futures complex was more apparent for 
protein wheats, where dark northern spring and hard red winter are posting
gains of 60 to 70 cents from a week ago.
   Shipments...Weekly export inspections showed a steady week-to-week pace
of wheat loadings, coming in at 14.7 mb last week to put the year-to-date
total at 485 mb and 18% behind a year ago.  Top shipper was hard red winter
with 5.9 mb, followed by red spring with 4.5 mb and soft white wheat at 2.3 
mb.  The Philippines was the top destination for wheat off the west coast,
while China took 5.5 mb of corn and 17.5 mb of soybeans.
   
                                       -Norm Ruhoff  Contributing Analyst

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