Portland Grain Review 02/27

February 27, 2024 Portland Price Trends 02-01-23 08-01-23 01-01-24 02-20-24 02-27-24 #1 SWW (bu) 8.40 7.05 6.65 6.20 6.10 White Club 8.55 7.30 7.15 6.45 6.35 DNS 14% 10.02 9.05 8.03 7.48 7.50 HRW 11.5% 10.03 8.24 6.97 6.45 6.58 #2 Corn (ton) 296.00 254.00 232.00 218.00 214.00 #2 Barley 250.00 210.00 180.00 180.00 180.00 Wheat...West coast wheat markets found a modest reprieve from ongoing declines on Tuesday, with a bounce across the futures complex providing some support. Basis bids also reflected exporters switching to the May contracts as the front month. Old crop to new crop spreads remain fairly narrow for white wheat, with the February bid at only a dime premium to bids for August delivery. Shipments...Weekly export inspections showed a solid increase for U.S. wheat loadings last week, coming in at 17.7 mb to put year-to-date totals at 463 mb, which is 17% behind a year ago. Hard red spring was top shipper with 8.3 mb, soft red winter registered 5.1 mb out of the Gulf and white wheat reported only 1.5 mb shipped. Top wheat destinations off the west coast last week were Japan and the Philippines, taking a combined 5.6 mb, with exporters primarily focused on moving nearly 18 mb of corn that went mostly to Japan and South Korea. -Norm Ruhoff Contributing Analyst Copyright 2024 DTN/Telvent. All Rights Reserved.