Portland Grain Review 04/25

April 25, 2024

Portland Price Trends
04-01-23 08-01-23 03-01-24 04-18-24 04-25-24
#1 SWW (bu) 7.65 7.05 5.80 5.70 6.10
White Club 7.65 7.30 6.05 5.70 6.10
DNS 14% 9.77 9.05 7.34 7.27 7.79
HRW 11.5% 10.08 8.24 6.34 6.50 7.09
#2 Corn (ton) 290.00 254.00 213.00 218.00 222.00
#2 Barley 240.00 210.00 180.00 155.00 155.00

Wheat...West coast white wheat markets cleared and held the $6 level
this week, moving higher in stair-step fashion with futures. Bids on hard
red winter also cleared $7, while dark northern spring moved back towards
$8 with both markets posting week-to-week gains of more than 50 cents.
Weekly Sales...USDA reported a total of nearly 17 mbus in new business
for U.S. wheat last week. Of that total, 3 mbus was for old crop and 13.7
mbus was in new crop positions. Year-to-date commitments now stand at 691
mbus, which is 1% ahead of a year ago but 18% below the five-year average
pace. USDA also revealed white wheat sales to China and Indonesia swapped
out of the "unknown" category. For new crop, hard red spring was the top
seller with 5.2 mbus and white wheat registered 5 mb. Commitments to date
show new crop sales are more than double this time last year with 79 mbus.
For white wheat, new crop commitments are now up to 25 mbus compared to 3
mbus on the books a year ago.

-Norm Ruhoff Contributing Analyst

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