Portland Grain Review 09/12

September 12 2024 Portland Price Trends 09-01-23 01-01-24 08-01-24 09-05-24 09-12-24 #1 SWW (bus) 6.80 6.65 5.65 5.75 5.95 White Club 7.05 7.15 5.65 5.90 6.10 DNS 14% 8.10 8.03 6.58 6.86 6.87 HRW 11.5% 7.43 6.97 6.04 6.34 6.41 #2 Corn (ton) 246.00 232.00 199.00 202.00 200.00 #2 Barley 200.00 180.00 150.00 150.00 150.00 Wheat...West coast white wheat markets gained some footing this week, as USDA announced a tender for nearly 5 mbus to be shipped to Yemen in the coming months. The news moved spot bids back toward the $6 mark and firmed up basis to Chicago futures. Nearby basis for dark northern spring and hard red winter also strengthened a dime over the past week. Weekly Sales...USDA showed the Pacific Rim contingent showed up in a strong way last week, as export demand for U.S. wheat came in above the four-week average at 17.4 mbus. Year-to-date commitments now stand at 396 mbus, which is 37% ahead of a year ago and 3% above the average pace of the past five years. Hard red spring returned to top seller status, securing 8.6 mbus in sales to put commitments 26% ahead of a year ago and 14% above average, at 130 mbus. White wheat booked 5.8 mbus and with 100 mbus in sale, sets 75% ahead of a year ago and 32% above average. Hard red winter saw another relatively soft week of demand with 2.6 mbus and with 93 mbus in commitments, is 82% ahead of a year ago but 25% below the five-year average pace. Top Buyers...Taiwan, The Philippines and South Korea each booked more than 3 mbus of U.S. wheat last week to account for the majority of export sales. Japan also bought 2.4 mbus and Mexico purchased 1.9 mbus. -Norm Ruhoff Contributing Analyst Copyright 2024 DTN/Telvent. All Rights Reserved.