Portland Grain Review 07/20

July 13 2023 Portland Price Trends 07-01-22 08-01-22 06-01-23 07-13-23 07-20-23 #1 SWW (bu) 9.50 9.00 7.15 6.90 7.50 White Club 9.50 9.00 7.15 7.05 7.65 DNS 14% 10.28 10.08 8.69 9.24 9.62 HRW 11.5% 10.23 10.00 8.67 8.39 9.05 #2 Corn (ton) 278.00 279.00 269.00 258.00 275.00 #2 Barley 245.00 235.00 220.00 210.00 210.00 Wheat...The sharp rally across the wheat futures complex brought west coast cash bids back to life this week, with all three classes of wheat moving to the highest levels in a month. Outside drivers were apparent, as weak export demand for U.S. wheat has pulled hard red winter basis to its lowest level since 2010 and hard red spring basis sets at its lowest point since the 2012/13 marketing year. Weekly Sales...USDA showed export demand for U.S. wheat took a step back after two straight weeks of improved buying. Total sales came in at just 6.3 mb, putting year-to-date commitments at 191 mb which stands 32% behind a year ago and 34% below average. Hard red winter saw 2 mb in sales, putting current year bookings 52% behind a year ago and 60% below average at 38 mb. Hard red spring sales of 1.7 mb put commitments at 62 mb, which is 23% behind last year and 26% below average. White wheat sales of only 1 mb placed bookings at 35 mb, which stands 39% off a year ago and 41% below the five-year pace. -Norm Ruhoff Contributing Analyst Copyright 2023 DTN/Telvent. All Rights Reserved.