Portland Grain Review 02/24

February 24, 2023 Portland Price Trends 02-01-22 08-01-22 01-01-23 02-17-23 02-24-23 #1 SWW (bu) 10.75 9.00 8.55 8.45 8.20 White Club 12.50 9.00 9.05 8.45 8.20 DNS 14% 10.25 10.08 10.19 10.08 9.70 HRW 11.5% 9.86 10.00 10.08 10.36 9.74 #2 Corn (ton) 283.00 279.00 302.00 299.00 294.00 #2 Barley 240.00 235.00 250.00 250.00 250.00 Wheat...USDA acreage forecasts weighed on all markets this week, and west coast cash prices drifted lower with futures. White wheat saw prices move back to the low end of the marketing year range, even with a 30 cent strengthening of the basis. Spreads between hard red winter and hard red spring also narrowed by 25 cents this week and all three classes of wheat continue to show flat bid structures into April. Weekly Sales...USDA reported export demand for U.S. wheat improved for the third straight week, coming in at 12.4 mb to put commitments at 619 mb which is 6% behind a year ago and 17% off the five-year average pace. Top seller was hard red spring with 4.4 mb, putting sales 6% ahead of a year ago but 16% behind average. Hard red winter booked 3.1 mb and with 169 mb in commitments, sets 37% behind a year ago and 11% behind average. White wheat registered 2.9 mb and with 155 mb in sales, stands 34% ahead of last year at this time but 33% behind the average pace. The Philippines was top buyer last week with 3.8 mb followed by Mexico and China with 2.5 mb each. -Norm Ruhoff Contributing Analyst Copyright 2023 DTN/Telvent. All Rights Reserved.