Portland Grain Review 02/17

February 17, 2022 Portland Price Trends 02-01-21 08-01-21 01-01-22 02-10-22 02-17-22 #1 SWW (bu) 7.30 9.25 10.70 11.00 11.00 White Club 7.45 10.75 12.45 12.75 12.50 DNS 14% 7.55 10.33 10.78 10.52 10.65 HRW 11.5% 7.33 8.33 9.81 10.01 10.19 #2 Corn (ton) 220.00 251.00 276.00 304.00 301.00 #2 Barley 155.00 200.00 240.00 240.00 240.00 Wheat...West coast wheat markets showed white wheat prices holding to the $11 mark through the week, while both hard red winter and red spring saw bids improve with a steady basis against higher futures. Export bids show white wheat and red spring bids flat over the next 60 days, while hard red winter has modest carry posted into April. Weekly Sales...USDA showed US wheat export demand remains subdued as weekly sales came in at only 4.3 mb, putting current year commitments at 642 mb. This tally sets 25% behind a year ago and 23% behind the 5-year average pace. Hard red winter again captured the majority of business, booking 2.6 mb to put sales at 256 mb; 12% behind a year ago and 17% off the five year pace. All other classes of wheat registered less than 1 mb in new commitments for the week. Hard red spring sales of 172 mb stand 33% behind a year ago and 29% below average. White wheat commitments of 113 mb are half the total of a year ago and 37% behind average. White Wheat Buyers...Year-to-date white wheat sales are running 67 mb behind the five-year average pace for this time of year. A review of the commitments to date shows Japan nearly on track with a year ago. Notable year-to-year declines show China purchases are down 21 mb, the Philippines down 8 mb and two big "swing" buyers, Indonesia and Yemen, down 16 mb and 11 mb, respectively. -Norm Ruhoff Contributing Analyst Copyright 2022 DTN/Telvent. All Rights Reserved.