Portland Grain Review 03/28

March 28, 2023 Portland Price Trends 03-01-22 08-01-22 01-01-23 03-21-23 03-28-23 #1 SWW (bu) 11.25 9.00 8.55 7.75 7.70 White Club 12.75 9.00 9.05 7.75 7.70 DNS 14% 11.59 10.08 10.19 9.35 9.66 HRW 11.5% 11.83 10.00 10.08 9.61 10.08 #2 Corn (ton) 313.00 279.00 302.00 276.00 286.00 #2 Barley 260.00 235.00 250.00 240.00 240.00 Wheat...The marked rebound across the futures complex was reflected in higher west coast cash wheat prices in early week trade, moving hard red winter back above the $10 mark. White wheat bids were also slightly higher, but exporters trimmed basis by 20 cents against the advances in Chicago futures. Old Crop-New Crop: Spreads between old crop and new crop August bids have narrowed dramatically for white wheat and dark northern spring over the past few weeks. Soft white August bids at $7.40 are 30 cents below old crop, while DNS 14% protein bids for August of $9.60 are just 6 cents below old crop. Hard red winter 11.5% protein bids still show old crop at a 75 cent premium to the August bid of $9.32. Shipments...Weekly export inspections showed another relatively good week of wheat movement off U.S. ports, coming in slightly better than a week ago at 14.4 mb. Year-to-date shipments now stand just over 1% below a year ago at 613 mb. Hard red winter was the top shipper with more than half the 5.2 mb loaded off the west coast. Soft white wheat registered 4.4 mb off PNW ports and hard red spring moved 2.9 mb. China was the top destination off west coast ports with 2.5 mb, followed by South Korea at 1.9 mb. Vessels for the Philippines, Vietnam, Japan and Indonesia were also under the spout last week. -Norm Ruhoff Contributing Analyst Copyright 2023 DTN/Telvent. All Rights Reserved.