Portland Grain Review 05/11

May 11, 2023 Portland Price Trends 05-01-22 08-01-22 04-01-23 05-04-23 05-11-23 #1 SWW (bu) 11.10 9.00 7.65 7.25 7.20 White Club 11.60 9.00 7.65 7.25 7.20 DNS 14% 12.08 10.08 9.77 8.97 9.22 HRW 11.5% 12.48 10.00 10.05 9.18 9.56 #2 Corn (ton) 347.00 279.00 289.00 275.00 273.00 #2 Barley 275.00 235.00 240.00 220.00 220.00 Wheat...Erosion across the wheat futures complex was reflected in west coast cash wheat markets this week, as prices trailed lower from a strong early-week start. With export demand shifting toward new crop positions, the spreads between spot and new crop bids has narrowed to a dime or less for white wheat and dark northern spring, while the hard red winter spot cash bids hold a premium over new crop of nearly 50 cents. Weekly Sales...USDA showed a marked shift toward new crop buying last week, with 12 mb registered for new crop commitments and 1 mb booked for old crop positions. Current year commitments stand at 695 mb, which is 3% behind a year ago and 19% below the five-year average. New crop sales of 60 mb are setting 32% behind a year ago. The Philippines was the top buyer last week, committing to 5.1 mb, followed by Mexico booking 3.7 mb and 2.4 mb going to unknown. -Norm Ruhoff Contributing Analyst Copyright 2023 DTN/Telvent. All Rights Reserved.