Portland Grain Review 12/12

December 12, 2024 Portland Price Trends 12-01-23 01-01-24 11-01-24 12-05-24 12-12-24 #1 SWW (bus) 6.80 6.65 6.00 5.95 5.95 White Club 7.30 7.15 6.15 6.10 6.10 DNS 14% 8.12 8.03 6.75 6.73 6.78 HRW 11.5% 7.02 6.97 6.42 6.27 6.36 #2 Corn (ton) 228.00 232.00 209.00 211.00 220.00 #2 Barley 180.00 180.00 150.00 150.00 150.00 Wheat...Another week of largely sideways price fluctuations occurred for west coast cash wheat prices, with all bids mirroring the trends in their respective futures markets. The export bid structures still show new crop August white wheat bid at a 10 cent premium to nearby old crop. Weekly Sales...The USDA indicated a decrease in export demand for U.S. wheat last week, with figures reaching 10.7 million bushels, marking the lowest amount since late September. Year-to-date commitments total 582 million bushels, which is 21% higher than the same period last year and 2% above the five-year average. Hard red spring wheat was the leading seller, achieving 6.6 million bushels and bringing current year sales to 191 million bushels, which is 16% ahead of last year and 15% above the average. Hard red winter wheat recorded 1.6 million bushels in sales, with commitments at 135 million bushels, which is 49% higher than last year but 26% below the average. White wheat had 1.3 million bushels in new sales, resulting in commitments of 153 million bushels, which sets 48% above last year and 21% above the average. Top Buyers...Last week, the Philippines emerged as the leading buyer of U.S. wheat, purchasing 3.4 million bushels. Mexico followed with 2.7 million bushels, while Japan bought 2.1 million bushels. U.S. wheat sales to Mexico have reached 110 million bushels, which represents an increase of 40% from the same period last year. - Norm Ruhoff Contributing Analyst Copyright 2024 DTN/Telvent. All Rights Reserved.