Portland Grain Review 03/19

September 28, 2023 Portland Price Trends 09-01-22 01-01-23 08-01-23 09-21-23 09-28-23 #1 SWW (bu) 8.90 8.55 7.05 6.80 6.80 White Club 9.40 9.05 7.30 7.05 7.05 DNS 14% 9.66 10.19 9.05 8.22 8.21 HRW 11.5% 9.88 10.08 8.24 7.39 7.30 #2 Corn (ton) 296.00 302.00 254.00 254.00 252.00 #2 Barley 235.00 250.00 210.00 190.00 190.00 Wheat...West coast white wheat markets saw a sharp early week spike in price, moving to the $7 mark for a brief period and basis jumping to 110 over Chicago futures. Exporters were seeking to cover a 2 mb USDA donation tender for Yemen, which came in on top of a relatively solid week of export demand from traditional Pacific Rim buyers. Basis levels also strengthened 20 cents this week for hard red winter and springs. Weekly Sales...USDA reported a much needed surge in export demand for U.S. wheat last week, coming in close to the best level of the year at 20 mb. This places year-to-date commitments at 337 mb, which is 14% behind a year ago and 24% below the five-year average pace. Hard red spring was the top seller with 7.1 mb, putting sales at 120 mb which stands 6% above a year ago and 4% below average. White wheat also had a good week with 6.7 mb in new demand to place sales at 73 mb, which is 16% behind a year ago and 21% below average. Hard red winter registered the best week of the year at 4.1 mb to put sales at 60 mb; 46% below a year ago and 61% behind the five-year average pace. Top Buyers...The Philippines was the top U.S. wheat buyer last week with 4.2 mb, followed by South Korea and Japan with 3.3 mb each. China also made the top five list, securing 2.5 mb of hard red spring wheat. -Norm Ruhoff Contributing Analyst Copyright 2023 DTN/Telvent. All Rights Reserved.