Portland Grain Review 02/09

February 9, 2023 Portland Price Trends 02-01-22 08-01-22 01-01-23 02-02-23 02-09-23 #1 SWW (bu) 10.75 9.00 8.55 8.35 8.50 White Club 12.50 9.00 9.05 8.50 8.50 DNS 14% 10.25 10.08 10.19 10.03 10.01 HRW 11.5% 9.86 10.00 10.08 10.07 10.14 #2 Corn (ton) 283.00 279.00 302.00 298.00 297.00 #2 Barley 240.00 235.00 250.00 250.00 250.00 Wheat...Week to week gains across the wheat futures complex have been reflected in west coast cash prices. Nearby white wheat bids have worked their way back to the $8.50 level, as farmer selling remains limited, and club wheat premiums moved back to even money with white wheat prices this week. Hard red winter basis has also strengthened recently and exporter bid structures have developed a sharp inverse into the spring months. Weekly Sales...Recent gains in U.S. wheat prices stymied export demand for the second straight week, as overall sales were once again near the 5 mb mark. This puts total wheat sales at 599 mb, which is 6% behind last year at this time and 14% behind the five-year average pace. Top seller last week was hard red winter with 3.5 mb, putting commitments at 165 mb which is 35% behind a year ago and 7% below average. Hard red spring saw 1.7 mb in new business and with 179 mb in sales, sets 5% ahead of a year ago but 16% behind average. White wheat reported a net loss for the week on a cancellation from South Korea. This puts commitments at 150 mb which is 32% ahead of a year ago but 31% below the average pace. -Norm Ruhoff Contributing Analyst Copyright 2023 DTN/Telvent. All Rights Reserved.