Portland Grain Review 03/14

March 14, 2024 Portland Price Trends 03-01-23 08-01-23 02-01-24 03-07-24 03-14-24 #1 SWW (bu) 8.10 7.05 6.40 5.50 5.35 White Club 8.10 7.30 6.90 5.75 5.50 DNS 14% 9.48 9.05 7.81 7.45 7.43 HRW 11.5% 9.56 8.24 6.81 6.45 6.43 #2 Corn (ton) 278.00 254.00 226.00 213.00 220.00 #2 Barley 250.00 210.00 180.00 170.00 160.00 Wheat...Another week and further declines in west coast white wheat markets, as U.S. price levels have yet to attract any significant export demand. Chicago futures also drifted from recent gains on the official word of Chinese purchase cancellations. Export bids show prices posted flat into new crop months, with old crop basis about a nickel above the nearby Chicago futures, with new crop basis bid at 25 under the Chicago September futures. Weekly Sales...USDA officially accounted for nearly 4 mb in soft red winter wheat purchases from China and with that, weekly sales came in at only 3.1 mb for the week. Year-to-date commitments now stand at 680 mb, which is 4% ahead of a year ago but 14% below the five-year average pace. Hard red winter notched a net of 3.2 mb in sales for the week, which did include a 2.4 mb switched from unknown to China. Sales of 125 mb set 29% behind a year ago and 55% below average. Soft white registered 2.3 mb in new business, putting sales at 142 mb which is 14% behind a year ago and 20% below average. Hard red spring booked 1.5 mb and with 230 mb on the books, sets 16% ahead of a year ago and on par with average. New Crop Sales...Another 2.9 mb was registered for wheat sales in the 2024/25 marketing year, putting sales at 19 mb compared to 24 mb a year ago. New crop commitments to date include 3.5 mb for Mexico, 2.6 mb for the Philippines and 1.2 mb of hard red spring wheat for Egypt. -Norm Ruhoff Contributing Analyst Copyright 2024 DTN/Telvent. All Rights Reserved.