Portland Grain Review 09/30

September 30, 2021 Portland Price Trends 09-01-20 01-01-20 08-01-21 09-23-21 09-30-21 #1 SWW (bu) 5.35 6.65 9.25 10.85 9.75 White Club 5.70 6.65 10.75 12.85 11.75 DNS 14% 6.51 7.14 10.33 10.50 10.48 HRW 11.5% 6.20 7.38 8.33 8.80 8.87 #2 Corn (ton) 163.00 211.00 246.00 248.00 250.00 #2 Barley 130.00 145.00 200.00 240.00 240.00 Wheat...The flood gates were tripped open over the past week in terms cash white wheat selling, as historically strong basis levels triggered a wave of commercial hedges being lifted. White wheat prices and spot basis reflected the impact, with cash bids down more than a dollar and nearby basis to Chicago also weakening more than a dollar; setting $1.50 below the historically high levels registered earlier this month. Weekly Sales...USDA reported U.S. wheat export demand tapered back for the second straight week, coming in about 30% below the five-week average at 10.7 mb. Year-to-date sales now stand at 407 mb, which is 21% behind a year ago and 17% below average. Top seller was hard red winter with 5.5 mb, putting sales 20% behind a year ago and 14% below average at 157 mb. White wheat registered 2.7 mb and with 73 mb in commitments, now sets 33% behind last year's strong pace and 28% below average. Hard red spring saw only 1.9 mb in new business, putting sales at 109 mb; 27% below last year at this time and 23% behind the five-year pace. Top Buyers...Wheat sales were scattered to a long list of buyers but top buyer for the week was Japan with 1.9 mb, followed closely by Taiwan with 1.8 mb and Nigeria booking 1.6 mb. -Norm Ruhoff Contributing Analyst Copyright 2021 DTN/Telvent. All Rights Reserved.