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                                                      May 12, 2022
                                                                  
                                   Portland Price Trends
                 05-01-21    08-01-21    04-01-22    05-05-22   05-12-22
#1 SWW (bu)         7.85        9.25       10.75       11.15      11.30
White Club          7.85       10.75       11.75       11.65      11.80
DNS 14%             8.59       10.33       11.45       12.90      13.96
HRW 11.5%           8.03        8.33       11.14       12.87      13.80
#2 Corn (ton)     299.00      251.00      347.00      380.00     387.00
#2 Barley         180.00      200.00      270.00      275.00     275.00

   Wheat...Tightening global and U.S. wheat balance sheets triggered an 
explosive rally in wheat futures on Thursday, propelling PNW cash prices
to new heights for the protein wheats.  White wheat prices countered the
rally in Chicago futures with basis weakening nearly 60 cents on the day.
In the process, old and new crop spreads for white wheat narrowed to 10
cents, while hard red winter 11.5% protein shows about a dime inverse and
the dark northern spring 14% protein inverse is within a nickel.
   Crop Report...Based on May 1 conditions, the three-state PNW region is
projected to see an increase of 56% from last year's drought-impacted crop.
While all three states are expected to see an increase, Washington's crop
is projected to be down 4% from the 2018-2020 average, Idaho is expected
to be up 6% from that average and Oregon down 7%.  Winter wheat plantings
for the three states are up 7% from 2021.
   Crop Progress...Recent moisture was reflected in improved winter wheat
ratings for the PNW, as the three-state index climbed four points to 98% of
the 20-year average.  Idaho saw the good to excellent category improve 9%
to 61% and Oregon also registered a 9 point improvement to 66%. Washington
posted a 2% improvement to 56% good to excellent. As a whole, the 3 states
saw poor to very poor drop from 24% to 15%.

                                       -Norm Ruhoff  Contributing Analyst

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