Portland Grain Review 01/10

January 10, 2025 Portland Price Trends 01-01-24 08-01-24 12-01-24 01-03-25 01-10-25 #1 SWW (bus) 6.65 5.65 5.95 5.90 5.90 White Club 7.15 5.65 6.10 6.05 6.05 DNS 14% 8.03 6.58 6.67 6.67 6.59 HRW 11.5% 6.97 6.04 6.16 6.28 6.25 #2 Corn (ton) 232.00 199.00 212.00 220.00 227.00 #2 Barley 180.00 150.00 150.00 150.00 150.00 Wheat...West coast export bids showed white wheat holding at the $5.90 level for the fifth straight week, even with new contract lows in Chicago futures. As a result, nearby basis strengthened again this week, moving back toward the upper end of a three-week range at 55 over. Aside from a bit of new calendar year farm selling, trading remains limited. Weekly Sales...USDA revealed yet another week of dismal export demand for U.S. wheat coming in at 4.1 million bushels for all classes. Current year sales stand at 625 million bushels, which is 11% ahead of a year ago but 1% off the five-year average pace. White wheat was the highlight of the bunch, showing 2.2 million bushels in sales. Year-to-date commitments of 167 million bushels is 51% ahead of a year ago and 20% above the five- year average. White wheat sales also stand at the best levels since the 2020/21 marketing year. Crop Report...USDA acknowledged an improved pace of export demand for U.S. white wheat, raising the export projection another 10 million bushels to 220 million bushels. This would be the second highest level of exports in almost 30 years, second only to the 270 million bushels in 2020. The stocks-to-use ratio would also slip to 24%, down 13% from last year and again, the lowest since 2020. - Norm Ruhoff Contributing Analyst Copyright 2025 DTN/Telvent. All Rights Reserved.