Portland Grain Review 06/08

June 8, 2023 Portland Price Trends 06-01-22 08-01-22 05-01-23 06-01-23 06-08-23 #1 SWW (bu) 11.00 9.00 7.15 7.15 7.20 White Club 11.50 9.00 7.15 7.15 7.20 DNS 14% 12.77 10.08 8.76 8.69 8.91 HRW 11.5% 12.38 10.00 8.77 8.67 8.43 #2 Corn (ton) 322.00 279.00 271.00 269.00 278.00 #2 Barley 275.00 235.00 220.00 220.00 220.00 Wheat...A need for nearby white wheat was apparent this week as June bids were briefly posted at a premium to July earlier in the week. That need was filled as bid structures flattened out but nearby basis versus Chicago futures held relatively firm. Recent price performance has also put dark northern spring wheat bids back to a premium over the hard red winter 11.5% protein bids. Weekly Sales...USDA made the official roll to the new marketing year, showing 8.63 mb of export demand for U.S. wheat last week. Sales stand 17% behind a year ago at 139 mb. Hard red spring accounted for most of that total, registering 5.6 mb to put sales 16% behind a year ago at 44 mb. Soft red winter booked 2 mb to put commitments 16% ahead of a year ago at 40 mb. Hard red winter sold less than a million bushels and with 27 mb in sales, sets 41% behind a year ago. Soft white only registered 260,000 bushels and sets 27% behind a year ago with 24 mb on the books. Sales Ranking..The Philippines was the top buyer of U.S. white wheat for the fifth straight year. China moved to the number two position and has been one of the top five buyers the past three years. Japan came in as the third largest buyer of white wheat last year, followed by South Korea and then Indonesia. -Norm Ruhoff Contributing Analyst Copyright 2023 DTN/Telvent. All Rights Reserved.