Portland Grain Review 04/13

April 13, 2023 Portland Price Trends 04-01-22 08-01-22 03-01-23 04-06-23 04-13-23 #1 SWW (bu) 10.75 9.00 8.10 7.45 7.50 White Club 11.75 9.00 8.10 7.45 7.50 DNS 14% 11.45 10.08 9.48 9.57 9.39 HRW 11.5% 11.14 10.00 9.56 9.84 9.73 #2 Corn (ton) 319.00 279.00 278.00 286.00 288.00 #2 Barley 270.00 235.00 250.00 240.00 240.00 Wheat...West coast white wheat was the only class of wheat to show week to week gains, as nearby basis levels strengthened against weaker Chicago futures on Thursday. Hard red winter also saw basis climb 10 cents in old crop positions, and widened the inverse to 63 cents versus new crop bids. Crop Report...USDA bumped up U.S. wheat carryout 30 mb from last month on acknowledgement of lower domestic demand, placing ending stocks at 598 mb. By class, white wheat stocks were increased 21 mb, hard red spring was raised 31 mb and durum up 4 mb. Hard red winter stocks were lowered 11 mb and soft red winter dropped 14 mb. Weekly Sales...USDA reported another week to week retraction in export for U.S. wheat, as old crop sales came in below the four-week average at 6.8 mb. Year-to-date commitments now stand at 672 mb, which is 5% behind a year ago and 18% below the five-year average pace. New crop sales came in at 2.5 mb with commitments for next year at 28 mb, which is less than half the level of a year ago. Top seller for old crop was hard red spring with 2.1 mb, followed by hard red winter at 1.7 mb and soft white at 1.3 mb. The Philippines and Mexico were the major buyers last week. -Norm Ruhoff Contributing Analyst Copyright 2023 DTN/Telvent. All Rights Reserved.