Portland Grain Review 07/27

July 27, 2023 Portland Price Trends 07-01-22 08-01-22 06-01-23 07-20-23 07-27-23 #1 SWW (bu) 9.50 9.00 7.15 7.50 7.40 White Club 9.50 9.00 7.15 7.65 7.65 DNS 14% 10.28 10.08 8.69 9.62 9.54 HRW 11.5% 10.23 10.00 8.67 9.05 8.86 #2 Corn (ton) 278.00 279.00 269.00 275.00 271.00 #2 Barley 245.00 235.00 220.00 210.00 210.00 Wheat...Volatility reigned supreme across the wheat complex this week as swings in both directions of more than 50 cents a bushel were mirrored in the west coast cash markets. White wheat retreated 30 cents from what was a multi-month high earlier in the week and the protein wheats showed a similar performance. Basis levels on all wheats remain extremely weak, reflective of the soft export demand for U.S. wheat. Weekly Sales..USDA reported a modest week to week improvement in U.S. wheat export demand, but sales again came in below the 10 mb threshold. Weekly sales of 8.6 mb put total commitments at 199 mb, which stands 32% behind a year ago and 35% below the five-year average pace. Top seller was hard red spring with 2.8 mb, putting sales 22% behind a year ago and 26% behind average at 65 mb. Soft red winter garnered 2.2 mb and with 54 mb in sales, sets 6% behind a year ago but 21% ahead of average. White wheat booked 1.8 mb to put commitments at 37 mb, which is more than 40% behind both last year and the average pace. The Philippines was the top buyer last week, booking 2.6 mb of mostly soft white wheat. -Norm Ruhoff Contributing Analyst Copyright 2023 DTN/Telvent. All Rights Reserved.