Portland Grain Review 11/09

November 9, 2023 Portland Price Trends 11-01-22 01-01-23 10-01-23 11-02-23 11-09-23 #1 SWW (bu) 9.10 8.55 6.60 6.90 6.85 White Club 9.60 9.05 6.95 7.40 7.45 DNS 14% 10.70 10.19 7.89 8.02 8.19 HRW 11.5% 11.10 10.08 7.17 7.02 7.02 #2 Corn (ton) 311.00 302.00 254.00 238.00 233.00 #2 Barley 250.00 250.00 180.00 180.00 180.00 Wheat...While increased stocks numbers out of USDA weighed on futures markets Thursday, west coast wheat markets saw strengthening basis levels across all cash markets. White wheat bids remained near the $6.90 mark on recent demand and limited farm offers, with both hard red winter and red spring wheat basis levels firming-up for the second straight week. Weekly Sales...USDA reported a modest improvement in export demand for U.S. wheat last week, but at 13 mb the weekly total came in 26% below the four-week average. Year-to-date commitments now stand at 430 mb, which is 6% behind a year ago and 19% below the five-year average pace. Top seller was hard red winter at 4.5 mb, putting sales at 80 mb which is 37% behind a year ago and 55% below average. Hard red spring garnered 4.4 mb to put sales at 149 mb, setting 9% ahead of a year ago but 3% below the average pace. Soft white registered 3.3 mb and with 92 mb in commitments, sales are running 17% behind last year and 21% below average. Top Buyers...South Korea was the top buyer with 5.1 mb spread across all classes of wheat, Unknown booked 2.6 mb of mostly hard red winter and the Philippines covered 2.2 mb of red spring and white wheat. -Norm Ruhoff Contributing Analyst Copyright 2023 DTN/Telvent. All Rights Reserved.