Portland Grain Review 06/21

June 21, 2024 Portland Price Trends 06-01-23 08-01-23 05-01-24 06-14-24 06-21-24 #1 SWW (bus) 7.15 7.05 6.00 6.55 6.15 White Club 7.15 7.30 6.00 6.55 6.15 DNS 14% 8.69 9.05 7.87 7.62 6.93 HRW 11.5% 8.67 8.24 6.95 7.31 6.31 #2 Corn (ton) 269.00 254.00 223.00 220.00 218.00 #2 Barley 220.00 210.00 155.00 160.00 160.00 Wheat...The impact of the continued retreat across the wheat futures complex was apparent in west coast wheat markets this week, as cash bids moved sharply lower. Lower values did attract some buying interest, as noted in the weekly sales comments shown below, with Indonesian purchases bolstering the white wheat total. Weekly Sales...USDA revealed that lower U.S. wheat prices did finally attract the interest of global buyers, as nearly 22 mbus in new business was booked last week. New year-to-date commitments now stand at 200 mbus which is 37% ahead of a year ago but on par with the 5-year average pace. Top seller for the week was soft white wheat with 7.6 mbus, which places sales at 48 mbus; a total that sets 87% better than a year ago, 26% above the 5-year average and best start since the 2018/19 marketing year. Hard red spring sales of 7.2 mbus put commitments at at 69 mbus, which is 55% ahead of a year ago and 19% above average. Hard red winter secured 4.4 mbus for the week and with 46 mbus in commitments is 56% ahead of a year ago but 30% below the 5-year average pace. Top Buyers...South Korea was the top U.S. wheat buyer last week with 4.4 mbus, followed by The Philippines with 3.9 mbus, Vietnam at 3.2 mbus, Indonesia with 2.9 mbus of white wheat and Brazil booking 2.2 mbus. -Norm Ruhoff Contributing Analyst Copyright 2024 DTN/Telvent. All Rights Reserved.