Portland Grain Review 07/02

July 5, 2024 Portland Price Trends 07-01-23 08-01-23 06-01-24 06-28-24 07-05-24 #1 SWW (bus) 7.00 7.05 6.70 6.05 6.00 White Club 7.15 7.30 6.70 6.05 6.00 DNS 14% 8.79 9.05 8.04 7.00 7.03 HRW 11.5% 8.41 8.24 7.40 6.30 6.39 #2 Corn (ton) 261.00 254.00 220.00 208.00 212.00 #2 Barley 220.00 210.00 155.00 160.00 160.00 Wheat...Yet another week of strong export demand was confirmed by the USDA on Friday, showing lower U.S. prices levels are attracting attention from global buyers. White wheat export bids saw nearby basis levels weaken against the higher move in Chicago futures today, as traders work to keep price levels competitive. Weekly Sales...Total U.S. wheat sales for the week came in at nearly 30 mbus to put the year-to-date total at 254 mbus, which is 64% ahead of last year and 12% above the five-year average pace. Hard red spring was the top seller with 10.7 mbus and with 88 mbus in sales, is running 87% ahead of a year ago and 37% above average. Hard red winter saw 7.2 mbus in new sales and with 62 mbus in commitments sets 85% above a year ago but 18% behind average. White wheat also had another relatively good week with 6 mbus in sales and with 58 mbus in commitments, sets 130% above a year ago and 34% ahead of the average pace. Top Buyers...Mexico and The Philippines led a fairly long list of U.S. wheat buyers last week, with each acquiring 5.7 mbus. Taiwan booked 3.8 mbus, Brazil returned for 3.3 mbus of hard red winter and unknown was a buyer of 1.9 mbus. -Norm Ruhoff Contributing Analyst Copyright 2024 DTN/Telvent. All Rights Reserved.