Portland Grain Review 04/14

April 14, 2022 Portland Price Trends 04-01-21 08-01-21 03-01-22 04-07-22 04-14-22 #1 SWW (bu) 6.70 9.25 11.25 11.00 11.50 White Club 6.70 10.75 12.75 11.50 12.00 DNS 14% 6.99 10.33 11.59 11.86 12.36 HRW 11.5% 6.85 8.33 11.83 11.84 12.65 #2 Corn (ton) 241.00 251.00 339.00 358.00 365.00 #2 Barley 180.00 200.00 260.00 270.00 270.00 Wheat...West coast cash wheat prices moved higher in tandem with the gains across the futures complex this week. Old crop export demand has remained very light with buyers favoring interest in slightly lower new crop offerings. Spreads between old and new crop show spot white wheat at an 80 cent premium to new crop, hard red winter 11.5 pro at just a 3 cent premium and hard red spring with at 16 cent premium to August. Weekly Sales...USDA reported that old crop U.S. wheat export remains at a virtual standstill, with total new commitments of only 3.5 mb over the past week. Year-to-date sales stand at 707 mb which is 23% behind a year ago and 24% below the five-year average pace. Hard red winter captured the majority of the business, registering 2.7 mb to put sales at277 mb which is 12% behind a year ago and 21% behind average. Hard red spring sales are 29% behind a year ago and white wheat down 50%. New crop bookings came in a 8.3 mb, topped by purchased from Japan and Mexico going mostly to hard red and soft red winter. Projected Sales...With less than 2 months remaining in the marketing year, total U.S. wheat sales are running at 90% of USDA projections for the year. Hard red spring sets at 96% of the USDA estimate for the year, hard red winter is at 89% and soft white at 84%. -Norm Ruhoff Contributing Analyst Copyright 2022 DTN/Telvent. All Rights Reserved.