Portland Grain Review 02/03

February 3, 2022 Portland Price Trends 02-01-21 08-01-21 01-01-22 01-27-22 02-03-22 #1 SWW (bu) 7.30 9.25 10.70 10.75 10.75 White Club 7.45 10.75 12.45 12.50 12.50 DNS 14% 7.55 10.33 10.78 10.12 10.14 HRW 11.5% 7.33 8.33 9.81 9.93 9.71 #2 Corn (ton) 220.00 251.00 276.00 294.00 292.00 #2 Barley 155.00 200.00 240.00 240.00 240.00 Wheat...West coast white wheat markets held mostly steady through the week on limited farm offerings, but nearby basis strengthened moved well above the 300 over level to Chicago March futures. Hard red spring also held mostly unchanged week-to-week while hard red winter retreated with a lower KC board. A slowed pace of export demand was apparent over the past week, but Nigeria did make a rare purchase of U.S. white wheat. Weekly Sales...USDA revealed that the surge in U.S. wheat prices early last week tempered buying interest, as wheat export demand marked a new marketing year low last week. Total sales came in at only 2.1 mb, putting year-to-date sales at 634 mb which is 23% behind a year ago at this time and 18% below the five-year average pace. Hard red winter accounted for the majority of sales with 2.6 mb in new commitments, putting current year sales at 252 mb which sets 9% behind a year ago and 12% below average. Top wheat buyers for the week were Columbia taking hard red winter and Nigeria booking hard red spring and white wheat. -Norm Ruhoff Contributing Analyst Copyright 2022 DTN/Telvent. All Rights Reserved.