Portland Grain Review 06/23

June 23, 2023 Portland Price Trends 06-01-22 08-01-22 05-01-23 06-16-23 06-23-23 #1 SWW (bu) 11.00 9.00 7.15 7.60 7.50 White Club 11.50 9.00 7.15 7.60 7.65 DNS 14% 12.77 10.08 8.76 9.36 9.48 HRW 11.5% 12.38 10.00 8.77 8.89 9.06 #2 Corn (ton) 322.00 279.00 271.00 304.00 265.00 #2 Barley 275.00 235.00 220.00 220.00 220.00 Wheat...While west coast cash wheat prices closed the week generally higher, weakening basis levels were apparent against the surge in wheat futures and underscored an extremely slow pace of export demand. Spot basis levels on all three classes of wheat registered declines for the week with white wheat down about 50 cents and 80 cents below the ten- year average; hard red winter down a nickel and 70 cents below average and dark northern spring off a dime, setting 70 cents below average. Weekly Sales...USDA showed yet another week of paltry export demand for U.S. wheat, coming in at only 4 mb. This puts year-to-date sales at 149 mb, which is 23% behind a year ago and 34% below the 5-year average pace. Hard red spring accounted for 2.6 mb of the total and with 47 mb in commitments, sets 20% behind a year ago and 29% below average. Soft red winter registered 1.4 mb, putting sales at 47 mb which is 15% ahead of a year ago and 36% above average. Hard red winter booked less than a million bushels and with 30 mb in commitments, sets 40% below a year ago and 60% below average. Soft white actually lost ground with half a million bushels net loss, putting commitments 35% below a year ago and 47% below average. Taiwan was the primary buyer, booking 2 mb of mostly hard red spring. -Norm Ruhoff Contributing Analyst Copyright 2023 DTN/Telvent. All Rights Reserved.