Portland Grain Review 06/02

June 2, 2023 Portland Price Trends 06-01-22 08-01-22 05-01-23 05-26-23 06-02-23 #1 SWW (bu) 11.00 9.00 7.15 7.10 7.20 White Club 11.50 9.00 7.15 7.10 7.20 DNS 14% 12.77 10.08 8.76 8.98 8.85 HRW 11.5% 12.38 10.00 8.77 8.89 8.70 #2 Corn (ton) 322.00 279.00 271.00 272.00 270.00 #2 Barley 275.00 235.00 220.00 220.00 220.00 Wheat...A rebound across the futures complex, most pronounced in the spring wheat market, helped west coast cash wheat prices recover ground late this week. After hitting a two-year low in early week trading, soft white wheat recovered 25 cents, with exporters pushing front month bids to attract some coverage for spot shipments. Hard red winter was up 20 cents and red spring gained 25 cents. Weekly Sales...USDA reported net sales of 9.4 mb for U.S. wheat with 7.7 mb of old crop rolling into new crop. Sales for the new marketing year of 17.1 mb puts that total at 98 mb, which is 39% behind totals in place at this time last year. Carryout stocks for the 2022/23 marketing year will likely see an upward revision as even with donations, overall wheat sales stand about 50 mb below current USDA projections. Hard red spring and soft red winter are each within 10 mb of projections, while hard red winter sales and white wheat both stand about 20 mb below the most recent USDA estimate. -Norm Ruhoff Contributing Analyst Copyright 2023 DTN/Telvent. All Rights Reserved.