Portland Grain Review 03/03

March 3, 2022 Portland Price Trends 03-01-21 08-01-21 02-01-22 02-24-22 03-03-22 #1 SWW (bu) 7.60 9.25 10.75 11.00 11.80 White Club 7.60 10.75 12.50 12.50 13.30 DNS 14% 7.33 10.33 10.25 11.25 12.23 HRW 11.5% 7.48 8.33 9.86 11.56 12.90 #2 Corn (ton) 221.00 251.00 298.00 345.00 345.00 #2 Barley 170.00 200.00 240.00 260.00 260.00 Wheat...Consecutive limit-up moves across the futures complex helped west coast ink new highs across all west coast cash wheat markets this week. As noted below, white wheat basis took a precipitous decline while protein wheat basis levels held relatively steady. New crop August bids show white wheat at $9.80, hard red winter 11 pros at $11.40 and the dark northern spring 14 pro market bid at $11.23. Weekly Sales...As would be expected from the sharp rally in prices, USDA reported a more subdued pace of export demand last week but overall sales came in above the four-week average at 11 mb. Current commitments stand at 672 mb for the year, which is 23% behind a year ago and 22% off the five-year average pace. Hard red winter was top seller with 4.4 mb, putting sales at 270 mb whihc is 8% behind a year ago and 15% below the average. Hard red spring garnered 3.1 mb and with 178 mb in commitments, sets 32% behind a year ago and 28% behind average. White wheat booked 1.7 mb and sales of 118 mb set 49% behind a year ago and 36% below average. Basis Performance...Near-unprecedented gains across futures have made for a dramatic decline in white wheat basis. At mid-month, the soft white wheat cash to Chicago basis was at $3.25 over, which was $2.25 above the 10-year for February, and has since weakened by nearly $2.80 to $.46 over the May futures today. Hard red winter basis has slipped 60 cents to $1.40 over, but is still $.15 above average. By contrast, dark northern spring basis slipped a nickel but sets $.45 below the 10-year average of $1.50. -Norm Ruhoff Contributing Analyst Copyright 2022 DTN/Telvent. All Rights Reserved.