Portland Grain Review 05/31

May 31, 2024 Portland Price Trends 05-01-23 08-01-23 04-01-24 05-24-24 05-31-24 #1 SWW (bus) 7.15 7.05 5.65 6.80 6.75 White Club 7.15 7.30 5.65 6.80 6.75 DNS 14% 8.76 9.05 7.30 8.28 8.08 HRW 11.5% 8.78 8.24 6.50 7.61 7.46 #2 Corn (ton) 271.00 254.00 220.00 228.00 230.00 #2 Barley 220.00 210.00 155.00 155.00 155.00 Wheat...West coast white wheat bids held up relatively well through the week, with nearby basis strengthening for the first time in several weeks. Export sales showed a long list of white wheat buyers over the past week, and U.S. white wheat sales are off to the best starts of the past five years. Weekly Sales...USDA reported net old and new crop sales of nearly 12 mbus, built mostly on hard red winter and white wheat sales. New crop sales of 14 mbus puts commitments for the 2024/25 marketing year at 142 mbus, which is 45% ahead of last year at this time. Hard red winter was top seller with 5.1 mbus, putting new crop commitments at 33 mbus which is nearly double that of a year ago. White wheat saw another 3.8 mbus in new crop business and with 37 mbus in sales, also sets nearly double what was in this books this time last year. Hard red spring new crop sales of 47 mbus are up 20 mbus over last year. Top Buyers...Unknown was the top U.S. wheat buyer last week, booking 3 mbus across all classes. Brazil bought 2.2 mbus, Indonesia rolled a 2 mbus old crop booking to new crop, and both Japan and Mexico purchased 1.7 mbus each. -Norm Ruhoff Contributing Analyst Copyright 2024 DTN/Telvent. All Rights Reserved.