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                                                      May 19, 2022
                                   Portland Price Trends
                 05-01-21    08-01-21    04-01-22    05-12-22   05-19-22
#1 SWW (bu)         7.85        9.25       10.75       11.30      12.00
White Club          7.85       10.75       11.75       11.80      12.50
DNS 14%             8.59       10.33       11.45       13.96      13.95
HRW 11.5%           8.03        8.33       11.14       13.80      14.01
#2 Corn (ton)     299.00      251.00      347.00      367.00     343.00
#2 Barley         180.00      200.00      270.00      275.00     275.00

   Wheat...Trading ranges of a dollar or more across the futures complex
made for another roller coaster week for west coast wheat prices.  Cash
bids for all three wheat classes marked price levels not seen since 2008
before settling back with late-week futures declines.  For its part, soft
white wheat moved to and held the $12 mark after hitting $12.60 earlier
in the week. All wheats saw bid structures flatten into the fall months.  
   Weekly Sales...USDA revealed that seasonal rolling of old crop to new
crop took place last week, with hard red winter and white wheat seeing
net negative sales while hard red spring recorded 2.3 mb in new business
with Mexico and Nigeria.  New crop wheat sales came in at 12 mb, to put 
that total at 101 mb and 29% behind a year ago. By class, commitments in 
2022/23 for hard red winter are running 30% behind a year ago, hard red 
spring is down 23% and white wheat sales set 43% lower.
   Basis...White wheat basis dipped back into negative territory this week
relative to Chicago futures, representing a decline of more than $3 since
mid-February and now sets $1 below the 10-year average for mid-May.  Hard
red winter 11.5% protein wheat has weakened $1 per bushel since February 
and is setting about 10 cents below average.  Dark northern spring 14 pro
basis has been below average since September, and is currently 50 cents 
below the 10-year average of $1.30 over MPLS for late May. 

                                     -Norm Ruhoff  Contributing Analyst

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