Portland Grain Review 11/30

November 30, 2023 Portland Price Trends 11-01-22 01-01-23 10-01-23 11-23-23 11-30-23 #1 SWW (bu) 9.10 8.55 6.60 6.85 6.80 White Club 9.60 9.05 6.95 7.35 7.30 DNS 14% 10.70 10.19 7.89 8.06 8.09 HRW 11.5% 11.10 10.08 7.17 6.74 6.97 #2 Corn (ton) 311.00 302.00 254.00 231.00 223.00 #2 Barley 250.00 250.00 180.00 180.00 180.00 Wheat...West coast white wheat markets held to a mostly sideways trek this week against an upward move in Chicago futures, weakening the nearby basis in the process. Confirmation of improved export demand supported all classes of wheat this week, with hard red winter finally registering some global buying interest. Weekly Sales...USDA reported a big week of export demand for U.S wheat last week, coming in near 23 mb and at the upper end of the best level for the marketing year to date. Commitments now stand at 466 mb which is 6% below a year ago and 19% under the five-year average pace. Soft red winter was the top seller, driven by Chinese buying, recording 6.9 mb in sales to put the current year tally at 108 mb. This stands 33% ahead of a year ago and 52% above average. Hard red winter registered 6.1 mb, the best week of the marketing year, and with 88 mb in sales sets 34% behind a year ago and 54% below average. White white also had a good week, securing another 5 mb in sales to put commitments at 99 mb; 17% behind a year ago and 24% below the five-year average pace for late November. Top Buyers...China was top buyer with 7.3 mb of mostly soft red winter and hard red winter, putting commitments at 37 mb compared to 22 mb a year ago. Unknown booked 5.5 mb, Mexico bought 2.4 mb and the Philippines bought 2.2 mb over the past week. -Norm Ruhoff Contributing Analyst Copyright 2023 DTN/Telvent. All Rights Reserved.