Portland Grain Review 04/18

April 18, 2024 Portland Price Trends 04-01-23 08-01-23 03-01-24 04-11-24 04-18-24 #1 SWW (bu) 7.65 7.05 5.80 5.85 5.70 White Club 7.65 7.30 6.05 5.85 5.70 DNS 14% 9.77 9.05 7.34 7.31 7.27 HRW 11.5% 10.08 8.24 6.34 6.56 6.50 #2 Corn (ton) 290.00 254.00 213.00 220.00 218.00 #2 Barley 240.00 210.00 180.00 155.00 155.00 Wheat...West coast wheat markets showed all wheat bids drifting a bit lower from a week ago, with overall trading activity termed very light. For its part, white wheat saw basis hold in the 30 over range relative to Chicago futures, while hard red spring basis slipped a nickel against the Minneapolis May futures and hard red winter held steady. Weekly Sales...USDA revealed yet another Chinese cancellation of soft red winter of nearly 5 mb, which left net old and new crop sales for the week at 4.8 mb. Old crop commitments now stand at 688 mb, which stands 1% above a year ago but 18% behind the five-year average pace. Top seller in the old crop position was white wheat with 1.3 mb. New crop sales of 8.2 mb put that total at more than double this time last year at 65 mb. Hard red spring was top seller in the new crop position with 4.2 mb. Chinese Purchases..With recent soft red winter purchase cancellations, Chinese purchases of U.S. wheat stand at 75 mb compared to 41 mb in place at this time last year. By class, China has purchased 52 mb of soft red winter versus 6 mb last year; 9 mb of white wheat versus 29 mb last year and 3.6 mb of hard red spring versus 4.8 mb a year ago. -Norm Ruhoff Contributing Analyst Copyright 2024 DTN/Telvent. All Rights Reserved.