Portland Grain Review 07/25

July 25, 2024 Portland Price Trends 07-01-23 08-01-23 06-01-24 07-18-24 07-25-24 #1 SWW (bus) 7.00 7.05 6.70 5.75 5.75 White Club 7.15 7.30 6.70 5.75 5.75 DNS 14% 8.79 9.05 8.04 6.73 6.74 HRW 11.5% 8.41 8.24 7.40 6.04 6.11 #2 Corn (ton) 261.00 254.00 220.00 203.00 205.00 #2 Barley 220.00 210.00 155.00 160.00 160.00 Wheat...West coast cash wheat prices found a bit of stability this week and closed out Thursday mostly in line with the prior week. Nearby basis for 11.5% protein hard red winter wheat strengthened by a dime but held steady for soft white and dark northern spring wheat. Weekly Sales...USDA revealed a weaker pace of export demand last week as the weekly total of 11.4 mbus was about half the four-week average pace. Year-to-date commitments now stand at 295 mbus, with is up 55% from a year ago and 6% above the five-year average pace. Soft white wheat was the top seller with 4.1 mbus and with 71 mbus in commitments, sets double the pace of last year and 33% above average. Hard red spring garnered 3.3 mbus to put sales at 101 mbus, which is 62% ahead of a year ago and 26% better than average. Hard red winter recorded 2.7 mbus in new sales, which puts current year commitments at 74 mbus; 93% ahead of a year ago but 19% below average. Top Buyers...South Korea was the top U.S. wheat buyer last week with 3.8 mbus, followed by Nigeria with 2.2 mbus and Japan with 1.8 mbus. Italy was a buyer of 1.5 mbus of hard red spring and Brazil bought 1.2 mbus of hard red winter wheat. -Norm Ruhoff Contributing Analyst Copyright 2024 DTN/Telvent. All Rights Reserved.