Portland Grain Review 06/14

June 14, 2024 Portland Price Trends 06-01-23 08-01-23 05-01-24 06-07-24 06-14-24 #1 SWW (bus) 7.15 7.05 6.00 6.60 6.55 White Club 7.15 7.30 6.00 6.60 6.55 DNS 14% 8.69 9.05 7.87 7.64 7.62 HRW 11.5% 8.67 8.24 6.95 7.06 7.31 #2 Corn (ton) 269.00 254.00 223.00 221.00 220.00 #2 Barley 220.00 210.00 155.00 160.00 160.00 Wheat...A slight reduction in U.S. wheat carryout and tightened global balance sheet helped futures markets at least find a zone of consolidation this week. USDA acknowledged a smaller Russian wheat crop, which trimmed the global stocks projection for the fifth straight year. Basis levels for west coast white wheat markets strengthened for the fourth straight week, while nearby basis on the protein wheats held steady. Weekly Sales...USDA showed that the retreat in U.S. wheat prices over the past two weeks did little to stimulate export demand, as net weekly sales came in at just 8.2 mbus. Commitments for the new marketing year now stand at 167 mbus, which is 29% ahead of a year ago. Sales by class showed hard red spring with 3.2 mbus, soft red winter at 2.5 mbus, hard red winter at 1.8 mbus and soft white with just 808,000 bushels. Top Buyers...Notable increases in new crop commitments relative to a year ago include purchases from Mexico, The Philippines, Thailand, and Panama. China also shows 2 mbus in the books thus far this year. -Norm Ruhoff Contributing Analyst Copyright 2024 DTN/Telvent. All Rights Reserved.