Portland Grain Review 04/07

April 7, 2022 Portland Price Trends 04-01-21 08-01-21 03-01-22 03-31-22 04-07-22 #1 SWW (bu) 6.70 9.25 11.25 10.75 11.00 White Club 6.70 10.75 12.75 11.75 11.50 DNS 14% 6.99 10.33 11.59 11.14 11.86 HRW 11.5% 6.85 8.33 11.83 11.45 11.84 #2 Corn (ton) 241.00 251.00 339.00 353.00 358.00 #2 Barley 180.00 200.00 260.00 270.00 270.00 Wheat...West coast wheat markets moved considerably higher in tandem with a recovery in wheat futures, especially in the protein wheats. Basis levels remained steady for hard red winter and springs, while white wheat weakened 30 cents from late last week. Old Crop-New Crop...Exporter bid structures showed the spread between old and new crop narrowing considerably this week. Nearby old crop white wheat is showing an 80 cent premium to new crop, while hard red winter is at even money and 14 pro DNS is holding a 20 cent premium to new crop. Weekly Sales...Current price levels for U.S. wheat continue to temper any large global buying interest, as USDA reported wheat sales held within the four-week range at 5.7 mb. Year-to-date commitments now stand at 703 mb which sets 24% behind a year ago and 23% off the five-year average pace. With hard red winter prices reverting to a discount to hard red spring, it became the favored choice for Indonesia last week, booking 2.7 mb to place year-to-date commitments at 277 mb; 12% behind a year ago and 20% off the five year pace. Hard red spring secured 2.1 mb in sales while soft white saw less than a million bushels in new business. -Norm Ruhoff Contributing Analyst Copyright 2022 DTN/Telvent. All Rights Reserved.