Portland Grain Review 07/18

July 18, 2024 Portland Price Trends 07-01-23 08-01-23 06-01-24 07-11-24 07-18-24 #1 SWW (bus) 7.00 7.05 6.70 6.00 5.75 White Club 7.15 7.30 6.70 6.00 5.75 DNS 14% 8.79 9.05 8.04 6.97 6.73 HRW 11.5% 8.41 8.24 7.40 6.28 6.04 #2 Corn (ton) 261.00 254.00 220.00 198.00 203.00 #2 Barley 220.00 210.00 155.00 160.00 160.00 Wheat...West coast wheat prices lost ground from last week, but export demand showed the lower U.S. prices attracted interest from a broad slate of global buyers. White wheat sales are off to the best start since the 2017/18 marketing year, but current export demand is being booked into the fall months beyond harvest. Record setting heat continues to move through the Pacific Northwest with temperatures warming further into the weekend. Weekly Sales...USDA reported a solid rebound in export demand for U.S. wheat last week, with the weekly total of 21.3 mbus right in-line with the four-week average. Year-to-date commitments of 284 mbus stands 54% ahead of a year ago and 9% above the five-year average pace. Hard red spring was the top seller with 7.5 mbus, putting sales at 98 mbus which sets 61% above a year ago and 30% better than average. Hard red winter garnered 6.8 mbus and with 71 mbus in commitments, sets 96% ahead of a year ago but 17% below average. White wheat secured 5.1 mbus to put commitments at 67 mbus, which is 95% ahead of a year ago and 33% above the five-year average pace. Top Buyers...South Korea was the top U.S. wheat buyer last week with 4.4 mbus of mostly white wheat, Mexico bought 3.4 mbus, China booked 2.6 mbus of mostly hard red spring and Indonesia also bought 2.6 mbus of hard red winter. Italy rounded out the top five with 2.2 mbus of hard red spring. -Norm Ruhoff Contributing Analyst Copyright 2024 DTN/Telvent. All Rights Reserved.