Portland Grain Review 02/25

February 25, 2022 Portland Price Trends 02-01-21 08-01-21 01-01-22 02-18-22 02-25-22 #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 10.71 10.65 HRW 11.5% 7.33 8.33 9.81 10.35 10.81 #2 Corn (ton) 220.00 251.00 276.00 306.00 302.00 #2 Barley 155.00 200.00 240.00 240.00 260.00 Wheat...Limit moves across the futures complex made for an interesting week for west coast cash prices, causing sharp bid fluctuations and major adjustments to basis. White wheat cash bids held mostly steady at $11.00, but basis declined more than a dollar to adjust. Spot basis for both hard red winter and springs also weakened but cash marketss were still sharply higher on the week for hard red winter. Exporter discounts for high pro soft white wheat also weakened this week. Weekly Sales...USDA revealed a sharp rebound in export demand for U.S. wheat over the past week, coming in at more than double the 4-week average with 19 mb. This places year-to-date commitments at 661 mb, which stands 24% behind a year ago and 21% off the 5-year average pace. Hard red winter saw 4.5 mb in new business, putting sales at 266 mb which is within 10% of a year ago and 15% below average. Hard red spring secured 3.6 in bookings to put the tally at 175 mb, setting 32% behind a year ago and 28% off the five-year pace. White wheat registered nearly 3 mb in new business to put sales at 116 mb, which is 49% below last year's record pace and 36% under the five-year average. Top Buyers...Mexico claimed top buyer honors for the week, booking 5.5 mb across the three classes of red wheat. Nigeria bought 5.2 mb of mostly hard red winter, South Korea and Japan both committed to 3.3 mb of mixed classes and Salvador booked 1.9 mb of red wheats. -Norm Ruhoff Contributing Analyst Copyright 2022 DTN/Telvent. All Rights Reserved.