Portland Grain Review 09/14

September 14, 2023 Portland Price Trends 09-01-22 01-01-23 08-01-23 09-07-23 09-14-23 #1 SWW (bu) 8.90 8.55 7.05 6.75 6.85 White Club 9.40 9.05 7.30 7.00 7.10 DNS 14% 9.66 10.19 9.05 8.25 8.32 HRW 11.5% 9.88 10.08 8.24 7.57 7.54 #2 Corn (ton) 296.00 302.00 254.00 248.00 253.00 #2 Barley 235.00 250.00 210.00 200.00 190.00 Wheat...West coast white wheat markets moved generally higher during the week, supported by recent export demand and limited farmer selling. Nearby basis levels to Chicago also remained firm, currently holding to the top end of recent ranges. Cash bid structures show modest carries in soft white and hard red winter wheat, while dark northern spring is posted flat into January. Weekly Sales...USDA reported another relatively good week of export demand for U.S. wheat, posting the best weekly sales number in a month of 16.1 mb. This puts commitments at 305 mb, which stands 19% behind a year ago and 26% below the five-year average pace. Hard red spring was once again the top seller with 6.2 mb, putting sales at 109 mb which is 2% ahead of a year ago but 7% behind average. Soft white wheat also had another good week with 4.9 mb in new business, placing commitments at 62 mb which is 26% behind a year ago and 27% below average. Hard red winter booked 2.3 mb and with 55 mb in sales, set 50% behind a year ago and 62% below the average pace. Top Buyers...Mexico claimed top buyer honors for U.S. wheat last week, booking a total of 4.1 mb across all classes of wheat. Thailand bought 2.1 mb and Japan secured another 1.9 mb. -Norm Ruhoff Contributing Analyst Copyright 2023 DTN/Telvent. All Rights Reserved.