Portland Grain Review 08/29

August 29, 2024 Portland Price Trends 08-01-23 01-01-24 07-01-24 08-22-24 08-29-24 #1 SWW (bus) 7.05 6.65 6.10 5.65 5.65 White Club 7.30 7.15 6.10 5.65 5.80 DNS 14% 9.05 8.03 7.02 6.42 6.44 HRW 11.5% 8.24 6.97 6.39 5.90 5.98 #2 Corn (ton) 254.00 232.00 201.00 198.00 193.00 #2 Barley 210.00 180.00 160.00 150.00 150.00 Wheat...The uptick in wheat futures helped put west coast wheat bids back in line with a week ago. White wheat basis was a bit defensive on the higher move in Chicago futures, as exporters hold cash bids in what appears to be a competitive zone as witnessed by improved export demand. Weekly Sales...USDA showed another good week of export demand for U.S. wheat, coming in at 19.5 mbus and at the best level in six weeks. Year- to-date commitments now stand at 366 mbus, which is 39% ahead of a year ago and 4% ahead of the five-year average pace. White wheat was the top seller with 7.5 mbus, placing sales at 92 mbus which is 78% better than a year ago and 36% above average. Hard red winter registered 6.3 mbus, putting commitments at 89 mbus which is 77% ahead of a year ago but 25% below the average pace. Hard red spring booked 3.5 mbus to place sales at 119 mbus; 24% ahead of a year ago and 14% above average. Top Buyers...The Philippines was top U.S. wheat buyer last week with 3.6 mbus of white wheat, followed by South Korea at 3.4 mbus, Guatemala with 2.8 mbus and Indonesia with 2.6 mbus of soft white and red spring. Japan rounded out the top five with 2.2 mbus of all classes. Sales to Indonesia stand at 16 mbus, which is nearly triple the amount purchased at this time last year. -Norm Ruhoff Contributing Analyst Copyright 2024 DTN/Telvent. All Rights Reserved.