Portland Grain Review 08/17

August 17, 2023 Portland Price Trends 08-01-22 08-01-22 07-01-23 08-10-23 08-17-23 #1 SWW (bu) 9.00 9.00 7.00 7.00 6.85 White Club 9.00 9.00 7.15 7.25 7.10 DNS 14% 9.77 10.08 8.79 8.67 8.39 HRW 11.5% 9.76 10.00 8.41 7.84 7.56 #2 Corn (ton) 276.00 279.00 261.00 246.00 250.00 #2 Barley 235.00 235.00 210.00 210.00 200.00 Wheat...West coast cash wheat markets generally followed the continued drift across the futures complex this week, but white wheat bids showed a further strengthening of the basis. Nearby basis has firmed 50 cents from early last week and at 93 over Chicago, sets about 20 cents below the ten- year average. By comparison, hard red winter basis for 11.5% protein at 20 over KC futures is nearly a dollar below average and basis for dark northern 14% protein at 50 cents over MPLS futures is 85 cents below the ten-year average for mid-August. Weekly Sales..USDA reported that U.S. wheat exports came in just above the four-week average at 13.2 mb, putting overall commitments at 249 mb which is 23% behind a year ago and 29% below the five-year average pace. Hard red spring registered the third straight week of more than 8 mb in export demand and with 89 mb in sales, sets 3% behind a year ago and 12% below average. Hard red winter booked 3.1 mb and with 47 mb in sales is setting more than 50% behind last year and the average pace. White wheat saw a net cancellation of 1.1 mb, putting commitments at 46 mb which is more than 30% below a year ago and the average. Soft red winter recorded 2.1, putting sales 5% ahead of a year ago and 26% above average at 62 mb. Top Buyers...Mexico stepped in as the primary buyer of U.S. wheat last week, securing 5.3 mb of mostly hard red spring wheat. Unknown accounted for 3 mb with South Korea, Jamaica, Burma and Morocco booking a combined total of 3.2 mb. -Norm Ruhoff Contributing Analyst Copyright 2023 DTN/Telvent. All Rights Reserved.