Portland Grain Review 03/23

March 2, 2023 Portland Price Trends 03-01-22 08-01-22 01-01-23 02-23-23 03-02-23 #1 SWW (bu) 11.25 9.00 8.55 8.30 8.15 White Club 12.75 9.00 9.05 8.30 8.15 DNS 14% 11.59 10.08 10.19 9.92 9.59 HRW 11.5% 11.83 10.00 10.08 10.00 9.67 #2 Corn (ton) 313.00 279.00 302.00 296.00 280.00 #2 Barley 260.00 235.00 250.00 250.00 250.00 Wheat...A modest bounce across the futures complex on Thursday helped west coast cash bids show a slight improvement. White wheat prices fared relatively well as stronger basis levels to Chicago held weekly declines to 15 cents. Protein wheats bore the brunt of declines against respective futures, as hard red winter 11.5% protein bids and dark northern spring 14% protein cash prices both slipped more than 30 cents. Weekly Sales...USDA reported weekly wheat sales of 10.4 mb, which was 2 mb below the four-week average and places total commitments at 629 mb. This tally stands 6% behind a year ago and 17% below the 5-year average pace. Top seller was hard red spring with 4.9 mb and with 191 mb, sets 7% ahead of a year ago but 16% below average. Hard red winter booked a total of 3 mb for the week to put commitments at 172 mb, which sets 36% behind a year ago and 9% below average. White wheat registered 1.6 mb and with 157 mb in commitments, stands 33% ahead of a year ago but 33% below the five year pace. Top Buyers...Japan was the top buyer of U.S. wheat last week, booking 2.6 mb of all classes. Iraq secured another 2 mb of hard red winter and Mexico rounded out the top 3 with 1.6 mb of mostly hard red spring wheat. -Norm Ruhoff Contributing Analyst Copyright 2023 DTN/Telvent. All Rights Reserved.