Portland Grain Review 03/07

March 7, 2024 Portland Price Trends 03-01-23 08-01-23 02-01-24 02-29-24 03-07-24 #1 SWW (bu) 8.10 7.05 6.40 6.05 5.50 White Club 8.10 7.30 6.90 6.30 5.75 DNS 14% 9.48 9.05 7.81 7.44 7.45 HRW 11.5% 9.56 8.24 6.81 6.52 6.45 #2 Corn (ton) 278.00 254.00 226.00 218.00 213.00 #2 Barley 250.00 210.00 180.00 180.00 170.00 Wheat...It was another rough and tumble week for the west coast white wheat markets, as recent price declines fail to attract any significant quantity of export demand. As a result, nearby bids slipped more than 50 cents and set at the lowest levels since September 2020. Hard red winter and hard red spring bids recovered some ground on Thursday with a modest rebound across KC and Minneapolis futures. Weekly Sales...USDA reported total old crop wheat sales of 10 mb over the past week, along with 2.3 mb in new crop commitments. Year-to-date total sales of 677 mb stand 6% ahead of a year ago but 14% below the 5- year average pace. Hard red spring wheat accounted for over half of the overall total and with 228 mb in commitments, sets 18% ahead of a year ago and 1% above average. Soft white wheat registered 2.7 mb in export demand last week and with 140 mb in sales, stands 13% behind a year ago and 20% below average. The Philippines was the top U.S. wheat buyer for the week with 3.9 mb, followed by South Korea with 3.4 mb. Mexico was a buyer of a combined 2.7 mb between old crop and new crop positions. -Norm Ruhoff Contributing Analyst Copyright 2024 DTN/Telvent. All Rights Reserved.