Portland Grain Review 07/22

July 22, 2021 Portland Price Trends 07-01-20 08-01-20 06-01-21 07-15-21 07-22-21 #1 SWW (bu) 5.80 5.60 8.20 8.35 8.95 White Club 6.30 6.00 8.20 8.35 9.95 DNS 14% 6.57 6.21 8.71 9.85 9.89 HRW 11.5% 5.83 5.71 7.52 7.49 7.67 #2 Corn (ton) 162.00 151.00 298.00 258.00 245.00 #2 Barley 130.00 130.00 180.00 180.00 180.00 Wheat...A roller-coaster week across the futures complex showed white wheat prices hitting the $9 mark for the first time since 2012, and hard red spring retreating from above $10. Drought impacts on the 2021 harvest across the Pacific Northwest are becoming more apparent, with discounts posted for high protein soft white and club premiums jumping to a dollar over white wheat as new crop club supplies dwindle. Weekly Sales...USDA reported an improved pace of export demand for the third straight week, as U.S. wheat sales reached 17.4 mb last week on the shoulders of a large Chinese purchase. Year-to-date sales stand at 279 mb, which is 15% behind a year ago and 14% below the five-year average pace. Top seller was soft red winter at 6.8 mb, and with 48 mb in bookings sets 46% ahead of a year ago and 34% above average. Hard red winter garnered 5 mb in new sales to put commitments at 92 mb, which is 25% behind a year ago and 20% below average. Red spring sales came in at 4.2 mb and with 84 mb in bookings is now 13% behind a year ago and 11% below average. White wheat registered 1.4 mb and with sales of 54 mb is setting 17% under last year and 22% below average. Top Buyers...China was the big buyer of U.S. wheat last week, booking nearly 5 mb of soft red winter, followed by the Philippines taking 4.5 mb of mostly red protein wheat and Mexico buying 4.3 mb. -Norm Ruhoff Contributing Analyst Copyright 2021 DTN/Telvent. All Rights Reserved.