Portland Grain Review 11/16

November 16, 2023 Portland Price Trends 11-01-22 01-01-23 10-01-23 11-09-23 11-16-23 #1 SWW (bu) 9.10 8.55 6.60 6.85 6.75 White Club 9.60 9.05 6.95 7.45 7.45 DNS 14% 10.70 10.19 7.89 8.19 8.19 HRW 11.5% 11.10 10.08 7.17 7.02 7.02 #2 Corn (ton) 311.00 302.00 254.00 233.00 233.00 #2 Barley 250.00 250.00 180.00 180.00 180.00 Wheat...A notably weaker pace of export demand and fresh lows across the futures complex combined to pull west coast white wheat bids out of a narrow month-long trading range this week. Spot cash bids moved a dime lower even with basis levels strengthening to new marketing year highs. Australian rainfall, albeit during harvest, also pressured PNW bids. Weekly Sales...USDA reported further weakening in the pace of export demand for U.S. wheat, as last's week total of 6.5 mb was half of last week's tally and the lowest since late July. Year-to-date sales stand at 437 mb, which is 7% behind a year ago and 19% below the average pace for early November. Hard red spring accounted for half the weekly total and with 152 mb in commitments, sets 10% ahead of a year ago but 3% off the five-year average pace. White wheat and hard red winter both saw less than a million bushels in new commitments last week. Top buyer was "unknown" with 2.1 mb, followed by Algeria booking 1.6 mb of durum. -Norm Ruhoff Contributing Analyst Copyright 2023 DTN/Telvent. All Rights Reserved.