Portland Grain Review 02/08

February 8, 2024 Portland Price Trends 02-01-23 08-01-23 01-01-24 02-01-24 02-08-24 #1 SWW (bu) 8.40 7.05 6.65 6.40 6.35 White Club 8.55 7.30 7.15 6.90 6.85 DNS 14% 10.02 9.05 8.03 7.81 7.69 HRW 11.5% 10.03 8.24 6.97 6.81 6.65 #2 Corn (ton) 296.00 254.00 232.00 224.00 220.00 #2 Barley 250.00 210.00 180.00 180.00 180.00 Wheat...Crop report day on Thursday showed the wheat futures complex coming under pressure from larger U.S. and global stocks numbers, with west coast cash markets following the decline. USDA lowered projections for domestic use, with hard red winter and soft red winter absorbing the majority of the 10 mb increase in ending stocks. Weekly Sales...USDA reported a modest uptick in export demand for U.S. wheat week, coming in 1 mb below the 4-week average at 13.9 mb. Current year commitments stand 6% ahead of a year ago and 11% behind the 5-year average pace. Top seller was hard red spring wheat with 5.8 mb, putting commitments at 208 mb which is 16% ahead of a year ago and right on track with average. Hard red winter saw 3.5 mb in sales and with 112 mb in the books, sets 32% behind a year ago and 54% below average. Soft white wheat secured 2.3 mb to put commitments at 130 mb, which is 13% behind the late January tally last year and 18% below the 5-year average pace. Top Buyers..South Korea was top U.S. wheat buyer last week with 3.2 mb, followed by the Philippines with 3 mb. Mexico bookked 2.7 mb and a 2.4 mb sale to unknown was switched to China. Vietnam rounded-out the top five with 1.9 mb of wheat purchases for the week. -Norm Ruhoff Contributing Analyst Copyright 2024 DTN/Telvent. All Rights Reserved.