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                                                      May 16, 2024
                                                                  
                                   Portland Price Trends
                 05-01-23    08-01-23    04-01-24    05-09-24   05-16-24
#1 SWW (bus)        7.15        7.05        5.65        6.35       6.60
White Club          7.15        7.30        5.65        6.30       6.60
DNS 14%             8.76        9.05        7.30        7.89       8.03
HRW 11.5%           8.78        8.24        6.50        7.12       7.15
#2 Corn (ton)     271.00      254.00      220.00      220.00     222.00
#2 Barley         220.00      210.00      155.00      155.00     155.00
 
   Wheat...West coast wheat markets posted relatively good gains through
the week against stronger futures.  Basis levels, however, were somewhat
defensive for both white wheat and hard red winter.  Nearby white wheat
basis remains negative to Chicago, while hard red winter saw spot basis
weaken 30 cents as exporters strive to keep U.S. prices competitive. 
   Weekly Sales...USDA reported a relatively good week of export demand
for U.S. wheat, with old and new crop sales coming in at nearly 14 mbus.
Old crop sales of 2.8 mbus came mostly from soft red and hard red winter.
New crop sales showed hard red spring was once again the top seller with
5.5 mbus, followed by white wheat with 3.5 mbus. Commitments for the new
year are now double that of a year ago at 119 mbus.  
   Top Buyers...The Philippines was the top U.S. wheat buyer last week,
booking 4.4 mbus of mostly hard red spring for new crop. Mexico bought a
total of 3.3 mbus across old and new crop positions and Yemen secured a
1.8 mbus lot of soft white wheat.  Japan also booked 1.7 mbus.
   
                                  -Norm Ruhoff  Contributing Analyst

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