Portland Grain Review 05/23

May 23, 2024 Portland Price Trends 05-01-23 08-01-23 04-01-24 05-16-24 05-23-24 #1 SWW (bus) 7.15 7.05 5.65 6.60 6.80 White Club 7.15 7.30 5.65 6.60 6.80 DNS 14% 8.76 9.05 7.30 8.03 8.11 HRW 11.5% 8.78 8.24 6.50 7.15 7.56 #2 Corn (ton) 271.00 254.00 220.00 222.00 227.00 #2 Barley 220.00 210.00 155.00 155.00 155.00 Wheat...Net gains were posted across all three classes of wheat on the west coast this week, but basis levels remained defensive against limited export demand. White wheat was generally bid at -15 cents against Chicago, compared to a 10-year average for late May of 80 over. Hard red winter 11.5% protein was bid at 40 over KC futures; 80 cents below the average. Weekly Sales...Weekly export sales showed higher U.S wheat prices cut into buying interest last week, as total old and new crop sales came in at 9 mbus. Old crop export commitments now stand at 696 mbus, which is right on par with a year ago but 19% below the five-year average for late May. New crop sales of 8.3 mbus placed that total at 128 mbus compared to 81 mbus a year ago. Hard red winter was the top seller with 3.6 mbus, going mostly to Mexico and Brazil. New crop sales for hard red winter of 28 mbus stand nearly double that of last year at this time. White Wheat Sales...Export demand for old crop U.S. white wheat shows only 1.7 mbus were booked over the past 5 weeks, with commitments setting at 147 mbus which is 13% behind a year ago and 21% below average. However, new crop commitments stand at 33 mbus compared to 18 mbus a year ago with purchases by South Korea and the Philippines being the primary drivers. -Norm Ruhoff Contributing Analyst Copyright 2024 DTN/Telvent. All Rights Reserved.