Portland Grain Review 02/10

February 10, 2022 Portland Price Trends 02-01-21 08-01-21 01-01-22 02-03-22 02-10-22 #1 SWW (bu) 7.30 9.25 10.70 10.75 11.00 White Club 7.45 10.75 12.45 12.50 12.75 DNS 14% 7.55 10.33 10.78 10.14 10.52 HRW 11.5% 7.33 8.33 9.81 9.71 10.01 #2 Corn (ton) 220.00 251.00 276.00 292.00 304.00 #2 Barley 155.00 200.00 240.00 240.00 240.00 Wheat...The rebound across wheat futures over the past week served to support higher cash prices on the west coast, with protein wheat markets seeing gains of 30 to 40 cent and white wheat up 25 cents. General trade activity remains light and exporters are positioning for coverage against prior sales. Bid structures show white wheat posting modest carries into spring months with new crop August at $8.35, hard red winter with minimal carries and a new crop bid of $8.90 and dark northern spring bids posted at an inverse for old crop, with new crop bid near the $10 level. Weekly Sales...USDA confirmed yet another week of export demand stymied by higher US wheat prices, as total sales came in at only 3.1 mb. Current year commitments set at 637 mb, which is 25% below a year ago and 20% off the five-year average pace. Hard red winter captured half the total sales and with 253 mb in commitments, sets 11% behind a year ago and 13% behind average. Hard red spring and white wheat sales both stand about 30% under the five-year average pace. -Norm Ruhoff Contributing Analyst Copyright 2022 DTN/Telvent. All Rights Reserved.