Portland Grain Review 12/29

December 29, 2023 Portland Price Trends 12-01-22 01-01-23 11-01-23 12-22-23 12-29-23 #1 SWW (bu) 8.80 8.55 6.85 6.75 6.65 White Club 9.30 9.05 7.35 7.25 7.15 DNS 14% 10.10 10.19 7.94 7.94 8.01 HRW 11.5% 10.18 10.08 6.90 6.78 6.96 #2 Corn (ton) 296.00 302.00 238.00 233.00 232.00 #2 Barley 250.00 250.00 180.00 180.00 180.00 Wheat...A slightly higher week-to-week performance across the wheat futures complex provided some footing for west coast protein wheats this week, while white wheat markets came under some end of year farm selling pressure. As a result, white wheat prices broke to the low end of a 50 cent trading range in place since harvest, with basis also weakening to the lowest level since late July. White wheat export demand slipped for the fourth straight week, seeing less the a million bushels in new sales over the past week. Weekly Sales...USDA reported a modest week of export demand for U.S. wheat last week, coming in at 10.2 mb to put year-to-date commitments at 556 mb which is 1% ahead of a year ago but 14% below the 5-year average pace. Hard red spring was top seller with 4.2 mb, putting current year commitments at 178 mb, setting 7% ahead of a year ago but 5% behind the average pace. Hard red winter registered 3.1 mb and with 97 mb in sales, sets 36% behind a year ago and 56% below average. White wheat recorded only 500,000 bushels for the week and with 111 mb in commitments, sets 17% behind a year ago and 24% below average. Top Buyers...Mexico took the top buyer position for the second week in a row, buying nearly 5 mb across three classes of wheat. Unknown was noted for 2.3 mb, Thailand took 1.4 mb and South Korea bought 800,000 bushels last week. -Norm Ruhoff Contributing Analyst Copyright 2023 DTN/Telvent. All Rights Reserved.