Portland Grain Review 08/03

August 3, 2023 Portland Price Trends 08-01-22 08-01-22 07-01-23 07-27-23 08-03-23 #1 SWW (bu) 9.00 9.00 7.00 7.40 6.95 White Club 9.00 9.00 7.15 7.65 7.20 DNS 14% 9.77 10.08 8.79 9.54 8.87 HRW 11.5% 9.76 10.00 8.41 8.86 7.87 #2 Corn (ton) 276.00 279.00 261.00 271.00 249.00 #2 Barley 235.00 235.00 210.00 210.00 210.00 Wheat...The continued decline across the futures complex was apparent in west coast cash wheat markets this week, especially in the red wheat arena. White wheat bids fared relatively better, as the spot basis more than doubled from last week. Producer pricing favored placing hedge-to- arrive contracts on the recent run-up in Chicago futures, side-stepping selling into the cash side of the market. Weekly Sales...USDA reported a solid rebound in export demand for U.S. wheat last week, as sales of 15.5 mb marked the best week of the marketing year. Year-to-date commitments now stand at 215 mb, which is 29% behind a year ago and 33% below the five-year average pace. Hard red spring was the top seller with 8.1 mb, putting sales at 73 mb which sets 13% behind a year ago and 21% below average. Soft red winter garnered 3.9 mb to put sales at 58 mb, right in line with a year ago and 25% above average. Soft white saw 1.9 mb in new bookings and with 39 mb in commitments, stands more than 40% behind both a year ago and the average pace. Top Buyers...China was the notable buyer of U.S. wheat last week with 5 mb of mostly soft red winter wheat. Mexico bought 4.6 mb, the Philippines booked 4.4 mb and Taiwan secured 3.9 mb. -Norm Ruhoff Contributing Analyst Copyright 2023 DTN/Telvent. All Rights Reserved.