Portland Grain Review 10/31

October 31, 2024 Portland Price Trends 10-01-23 01-01-24 09-01-24 10-24-24 10-31-24 #1 SWW (bus) 6.60 6.65 5.65 6.05 6.00 White Club 6.95 7.15 5.80 6.20 6.15 DNS 14% 7.89 8.03 6.60 6.88 6.76 HRW 11.5% 7.17 6.97 6.10 6.42 6.43 #2 Corn (ton) 254.00 232.00 197.00 212.00 206.00 #2 Barley 280.00 180.00 150.00 150.00 150.00 Wheat...Firming basis levels across all classes of wheat was apparent this week, and backed by USDA confirming another week of relatively good export demand. White wheat bids held within a nickel range through the week, keeping basis above the 30 over mark against Chicago futures. Hard red winter bids showed basis firming 20 cents and hard red spring basis also moved a nickel higher. Weekly Sales...USDA reported another respectable week of export demand for U.S. wheat, coming in at 15.1 mbus and evenly spread between protein and white wheats. Year-to-date commitments now set at 496 mbus, which is 22% ahead of a year ago and 2% above the five-year average pace. Hard red winter was the top seller with 5.1 mbus and with 113 mbus in sales, sets 53% ahead of a year ago but 29% below average. White wheat booked 4.6 mbus to put sales at 129 mbus, which is 49% ahead of a year ago and 26% above average. Hard red spring also secured 4.6 mbus and with 164 mbus in sales, sets 18% ahead of a year ago and 16% above average. Top Buyers...Mexico was the top U.S. wheat buyer last week with 6.2 mbus, followed by The Philippines with 2.9 mbus, Indonesia buying 2.2 mbus of soft white, Japan with 1.5 mbus and Ecuador with 1.1 mbus. -Norm Ruhoff Contributing Analyst Copyright 2024 DTN/Telvent. All Rights Reserved.