Portland Grain Review 10/26

October 26, 2023 Portland Price Trends 10-01-22 01-01-23 09-01-23 10-19-23 10-26-23 #1 SWW (bu) 9.30 8.55 6.80 6.90 6.85 White Club 9.80 9.05 7.05 7.30 7.25 DNS 14% 10.06 10.19 8.10 8.03 8.09 HRW 11.5% 11.09 10.08 7.43 7.07 6.97 #2 Corn (ton) 303.00 302.00 246.00 246.00 242.00 #2 Barley 240.00 250.00 200.00 180.00 180.00 Wheat...West coast white wheat markets remained in familiar territory through the week, with exporters holding bids within a nickel range of the $6.85 mark for yet another week. Recent demand remains supportive. Both hard red winter and hard red spring wheat basis also strengthened this week, as global buying interest is showing U.S. wheat values may be getting more competitive. Weekly Sales...USDA reported a setback in the recent improved pace of export demand for U.S. wheat, with the weekly total of 13.4 mb coming in 30% below the four-week average. Year-to-date commitments now stand at 407 mb, which is 6% behind a year ago and 19% below the five-year average pace. Hard red winter recorded the best sales of the marketing year with 5.9 mb, putting commitments at 74 mb; 38% behind a year ago and 57% below average. Hard red spring secured another 4.9 mb to put sales at 139 mb, standing 8% ahead of a year ago but 4% below average. Soft white showed less than 1 mb in new sales, as a prior sale to Yemen was moved from the unknown category. Top Buyers...Mexico came in as top U.S. wheat buyer last week with 4.8 mb of mixed classes, followed by Japan with 2.5 mb and China booking 2.4 mb of hard red winter and spring wheat. -Norm Ruhoff Contributing Analyst Copyright 2023 DTN/Telvent. All Rights Reserved.