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May 25, 2023
Portland Price Trends
05-01-22 08-01-22 04-01-23 05-18-23 05-25-23
#1 SWW (bu) 11.10 9.00 7.65 7.00 7.10
White Club 11.60 9.00 7.65 7.00 7.10
DNS 14% 12.08 10.08 9.77 9.64 8.88
HRW 11.5% 12.48 10.00 10.05 9.80 8.91
#2 Corn (ton) 347.00 279.00 289.00 264.00 264.00
#2 Barley 275.00 235.00 240.00 220.00 220.00
Wheat..West coast white wheat bids fared relatively well this week as
exporters pushed basis against Chicago futures. While export demand has
been light, farmer selling interest has been even lighter and exporters
are working to cover late-season old crop sales. Protein wheat bids were
more reflective of the retreat across the futures complex the past week.
Weekly Sales...USDA reported another less than stellar week of export
demand for U.S. wheat, coming in at a net of 7.4 mb between old and new
crop positions. New crop sales of 9 mb put that total at 81 mb, which is
27% behind a year ago. White wheat was top seller with 2.8 mb, putting
new crop commitments at 13 mb and 38% behind a year ago. Hard red winter
has new crop sales of 16 mb which is 44% behind a year ago; red spring
has 22 mb and is 35% behind, while soft red winter is 14% ahead of last
year with 30 mb on the books.
China Sales...Weekly export sales showed another 2.5 mb of soft white
was sold to China, putting year-to-date sales nearly triple that of last
year at 32 mb. For all U.S. wheat, China has bought 43 mb compared to a
total of 31 mb a year ago.
-Norm Ruhoff Contributing Analyst
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