Portland Grain Review 03/24

March 24, 2022 Portland Price Trends 03-01-21 08-01-21 02-01-22 03-17-22 03-24-22 #1 SWW (bu) 7.60 9.25 10.75 11.50 11.50 White Club 7.60 10.75 12.50 12.50 12.50 DNS 14% 7.33 10.33 10.25 11.47 11.63 HRW 11.5% 7.48 8.33 9.86 11.83 11.97 #2 Corn (ton) 221.00 251.00 298.00 347.00 349.00 #2 Barley 170.00 200.00 240.00 270.00 270.00 Wheat...West coast wheat markets saw bid ranges narrow from the recent extremes this week, with basis levels holding mostly steady for protein wheats. White wheat held within 25 cents of the $11.50 mark for old crop bids, nearby hard red winter was within a 20 cent range, while red spring moved within a 30 cent band. Weekly Sales...USDA reported another subdued pace of export demand for U.S. wheat last week, as sales came in just slightly above the prior week and half the four-week average at 5.7 mb. Year-to-date commitments set at 694 mb, which is 24% behind both a year ago and the five-year average pace. Relative values to other classes of wheat had hard red spring as top seller again this week, booking 3.4 mb to put sales at 190 mb which is 27% behind a year ago but 1% above the average pace. Hard red winter registered only 1.3 mb in new business and with 274 mb in commitments, sets 11% behind last year at this time and 18% below the average pace. White wheat booked 1.6 mb for the week, putting sales at half the pace of a year ago and 37% off the five-year average pace. Donation Sales...An updated listing of CCC donations for the year shows a total of 41 mb of U.S. wheat sold via donation tenders thus far. Of that total, 27 mb has been hard red winter going mostly to Ethiopia and Sudan, while nearly 14 mb of white wheat has been donated to Yemen. -Norm Ruhoff Contributing Analyst Copyright 2022 DTN/Telvent. All Rights Reserved.