Portland Grain Review 02/15

February 15, 2024 Portland Price Trends 02-01-23 08-01-23 01-01-24 02-08-24 02-15-24 #1 SWW (bu) 8.40 7.05 6.65 6.35 6.25 White Club 8.55 7.30 7.15 6.85 6.75 DNS 14% 10.02 9.05 8.03 7.69 7.48 HRW 11.5% 10.03 8.24 6.97 6.65 6.42 #2 Corn (ton) 296.00 254.00 232.00 220.00 220.00 #2 Barley 250.00 210.00 180.00 180.00 180.00 Wheat...Further drift across the futures complex weighed on west coast cash markets again this week. In the process white wheat prices slipped to the lowest level since November 2020, hard red winter fell below the $6.50 mark for the first time since September 2020, and hard red spring slipped below $7.50 for the first time since April 2021. Weekly Sales...USDA showed another respectable week of export demand for U.S. wheat, coming in at nearly 13 mb to put year-to-date commitments at 647 mb. This stands 7% ahead of a year ago but 13% below the 5-year average pace. Hard red spring was top seller with 6.8 mb, putting sales at 215 which is 18% ahead of a year ago and 1% above average. White wheat saw 3.9 mb in new bookings and with 134 mb in commitments, sets 12% below a year ago and 20% below average. Hard red winter sold 2.4 mb to put the current year sales at 115 mb; 31% behind a year ago and 55% below average. Top Buyers...The Philippines continued on a buying trek over the past week, securing another 4.3 mb of U.S. wheat. Taiwan bought 3.3 mb, Japan purchased 1.9 mb, Chile bought 1.5 mb and Mexico booked 1.4 mb. -Norm Ruhoff Contributing Analyst Copyright 2024 DTN/Telvent. All Rights Reserved.