Portland Grain Review 03/10

March 10, 2022 Portland Price Trends 03-01-21 08-01-21 02-01-22 03-03-22 03-10-22 #1 SWW (bu) 7.60 9.25 10.75 11.50 11.80 White Club 7.60 10.75 12.50 13.00 12.80 DNS 14% 7.33 10.33 10.25 12.23 11.34 HRW 11.5% 7.48 8.33 9.86 13.30 12.14 #2 Corn (ton) 221.00 251.00 298.00 345.00 340.00 #2 Barley 170.00 200.00 240.00 260.00 270.00 Wheat...Weaker and wilder basis levels were apparent across the west coast wheat markets this week, as fundamentals failed to support the big moves on the futures complex. White wheat saw old crop basis fluctuate nearly $1.50 per bushel, going more than a dollar under Chicago earlier in the week. Hard red winter dropped 80 cents of spot basis while hard red spring slipped 50 cents. Feed barley prices acknowledged strength in corn, moving up $10 per short ton this week. Weekly Sales..USDA revealed that while U.S. wheat exports were again understandably muted by recent price spikes, buying dynamics showed the shift in global interest toward cheaper hard red spring wheat. Overall sales came in on par with a week agao at 11.3 mb, putting year-to-date sales at 683 mb which is 23% behind a year ago and 21% below the five- year average pace. Over half those sales were claimed by hard red spring wheat, which is now the cheapest class of U.S. wheat. Sales of 6.1 mb for that class puts sales at 185 mb, setting 30% behind a year ago and 27% below average. Hard red winter garnered 2.7 mb to put current year sales at 273 mb; 9% behind a year ago and 15% behind average. Sales for soft white came in at 2 mb to put sales at 120 mb, which is about half the strong pace of a year ago and 36% below the five-year average. Red Spring in Favor...Recent price dynamics across the wheat complex have put hard red spring in the rare position of being the cheapest of the three primary classes. As a result, the Philippines booked 3.1 mb of red spring along with 1.7 mb of soft white. Mexico also bought 2.5 mb of springs along with 1.6 mb of hard red winter. -Norm Ruhoff Contributing Analyst Copyright 2022 DTN/Telvent. All Rights Reserved.