Portland Grain Review 05/16

May 16, 2024 Portland Price Trends 05-01-23 08-01-23 04-01-24 05-09-24 05-16-24 #1 SWW (bus) 7.15 7.05 5.65 6.35 6.60 White Club 7.15 7.30 5.65 6.30 6.60 DNS 14% 8.76 9.05 7.30 7.89 8.03 HRW 11.5% 8.78 8.24 6.50 7.12 7.15 #2 Corn (ton) 271.00 254.00 220.00 220.00 222.00 #2 Barley 220.00 210.00 155.00 155.00 155.00 Wheat...West coast wheat markets posted relatively good gains through the week against stronger futures. Basis levels, however, were somewhat defensive for both white wheat and hard red winter. Nearby white wheat basis remains negative to Chicago, while hard red winter saw spot basis weaken 30 cents as exporters strive to keep U.S. prices competitive. Weekly Sales...USDA reported a relatively good week of export demand for U.S. wheat, with old and new crop sales coming in at nearly 14 mbus. Old crop sales of 2.8 mbus came mostly from soft red and hard red winter. New crop sales showed hard red spring was once again the top seller with 5.5 mbus, followed by white wheat with 3.5 mbus. Commitments for the new year are now double that of a year ago at 119 mbus. Top Buyers...The Philippines was the top U.S. wheat buyer last week, booking 4.4 mbus of mostly hard red spring for new crop. Mexico bought a total of 3.3 mbus across old and new crop positions and Yemen secured a 1.8 mbus lot of soft white wheat. Japan also booked 1.7 mbus. -Norm Ruhoff Contributing Analyst Copyright 2024 DTN/Telvent. All Rights Reserved.