Portland Grain Review 11/21

November 21, 2024 Portland Price Trends 11-01-23 01-01-24 10-01-24 11-14-24 11-21-24 #1 SWW (bus) 6.85 6.65 6.00 5.90 6.10 White Club 7.35 7.15 6.15 6.05 6.25 DNS 14% 7.94 8.03 7.05 6.41 6.64 HRW 11.5% 6.74 6.97 6.53 6.08 6.31 #2 Corn (ton) 237.00 232.00 216.00 211.00 216.00 #2 Barley 280.00 180.00 150.00 150.00 150.00 Wheat...Export sales confirmed the support behind west coast soft white wheat prices over the past week, with demand hitting a marketing year high. Nearby basis levels to Chicago have more than doubled over the past week, moving spot cash bids to the best levels since July. Weekly Sales..U.S. wheat sales surged to the best level since July last week, mainly on the shoulder of strong white wheat demand. Overall export commitments set at 544 mbus, which is 24% ahead of a year ago and 4% above the five-year average pace. White wheat recorded a marketing year high of 9.9 mbus sold, putting total sales at 146 mbus which is 58% ahead of this time last year and 29% above average. Hard red spring registered an even 5 mbus and with 176 mbus in commitments, sets 16% ahead of a year ago and 15% above average. Hard red winter booked 2.7 mbus, putting commitments at 126 mbus which is 55% ahead of a year ago but 26% below average. Top Buyers...South Korea was the big buyer of U.S. wheat last week with 7.4 mbus of mostly white wheat. Mexico booked 3.3 mbus, Indonesia stepped in for another 2.7 mbus of white wheat, Japan bought 2.4 mbus and unknown was assigned 2.1 mbus. -Norm Ruhoff Contributing Analyst Copyright 2024 DTN/Telvent. All Rights Reserved.