Portland Grain Review 01/19

January 19, 2024 Portland Price Trends 01-01-23 08-01-23 12-01-23 01-12-24 01-19-24 #1 SWW (bu) 8.55 7.05 6.85 6.45 6.45 White Club 9.00 7.30 7.35 6.95 6.95 DNS 14% 10.14 9.05 7.94 7.84 7.80 HRW 11.5% 10.02 8.24 6.90 6.75 6.72 #2 Corn (ton) 302.00 254.00 238.00 224.00 222.00 #2 Barley 250.00 210.00 180.00 180.00 180.00 Wheat...Export sales showed a strong pent-up demand for U.S. wheat was satisified last week, as global buyers took advantage of the recent price declines. White wheat saw traditional Pacific Rim buyers return in a big way, along with 2.5 mb going to unknown. West coast white wheat prices held to a tight range near the $6.40 mark through the week, with basis to Chicago firming toward the end of the week. Weekly Sales...USDA showed bargain hunters stepped into the U.S. wheat market last week, as export demand surged to 26 mb for the week. This puts year-to-date commitments at 592 mb, which is 4% ahead of a year ago but 12% below the five-year average pace. Hard red spring was top seller, recording 10.1 mb to put sales at 193 mb, setting 12% ahead of a year ago but 2% below average. White wheat also had a strong week, registering 8.8 mb to put sales at 121 mb, setting 15% below a year ago and 20% below average. Sales of hard red winter came in at the best level in over a month at 3.9 mb, putting the year-to-date total at 103 mb which is 34% below a year ago and 55% under the five-year average pace. Top Buyers...The Philippines topped a long list of buyers last week with 5.6 mb in purchases, followed by Unknown with 5.4 mb, South Korea with 4 mb, Taiwan with 3 mb and Vietnam booking 2.4 mb. -Norm Ruhoff Contributing Analyst Copyright 2024 DTN/Telvent. All Rights Reserved.