Portland Grain Review 02/01

February 1, 2024 Portland Price Trends 02-01-23 08-01-23 01-01-24 01-25-24 01-25-24 #1 SWW (bu) 8.40 7.05 6.65 6.55 6.40 White Club 8.55 7.30 7.15 7.05 6.90 DNS 14% 10.02 9.05 8.03 7.91 7.81 HRW 11.5% 10.03 8.24 6.97 6.89 6.81 #2 Corn (ton) 296.00 254.00 232.00 225.00 224.00 #2 Barley 250.00 210.00 180.00 180.00 180.00 Wheat...A mostly sideways affair for west coast white wheat prices as bids held within a nickel range most of the week. Trading activity was termed very light as farm selling has all but dried up since the first of the calendar year. Additional export demand out of Indonesia served as an indicator that U.S. white wheat may now be in a competitive price zone. Weekly Sales...USDA reported another step down in export buying over the past week, as total wheat sales came in at 11.8 mb and 10% below the four-week average. Year-to-date commitments stand at 620 mb, which is 4% ahead of a year ago but 11% below the five-year average pace. Top seller was hard red spring wheat with 4.2 mb, putting sales at 203 mb which is 14% ahead of a year ago and 1% below average. White wheat secured 3.6 mb in new business and with 128 mb in commitments, sets 15% below a year ago and 19% below average. Hard red winter booked 2.8 mb to put sales at 109 mb; 33% behind a year ago and 54% under the five-year average pace. Top Buyers...The Philippines was once again near the top of the buyers for U.S. wheat last week with 3.5 mb. Japan also booked another 2.2 mb, Unknown bought 1.8 and Indonesia secured 1.7 mb of white wheat. -Norm Ruhoff Contributing Analyst Copyright 2024 DTN/Telvent. All Rights Reserved.