Portland Grain Review 04/21

April 21, 2022 Portland Price Trends 04-01-21 08-01-21 03-01-22 04-14-22 04-21-22 #1 SWW (bu) 6.70 9.25 11.25 11.50 11.30 White Club 6.70 10.75 12.75 12.00 11.80 DNS 14% 6.99 10.33 11.59 12.36 12.37 HRW 11.5% 6.85 8.33 11.83 12.65 12.43 #2 Corn (ton) 241.00 251.00 339.00 365.00 380.00 #2 Barley 180.00 200.00 260.00 270.00 275.00 Wheat...Retreating futures pulled west coast cash wheat prices off of early week highs. Basis levels remained steady on the protein wheats and white wheat basis firmed more than 30 cents this week. Trading activity has come to a virtual standstill, as USDA confirmed that global buying has squarely shifted to new crop months. Old crop white wheat maintains a 70 cent premium to new crop, hard red winter 11.5 pro is nearly even, and dark northern spring is posting a 15 cent premium to August delivery. Weekly Sales...USDA showed buying interest for U.S. wheat has shifted to new crop positions, as total old crop sales for all classes registered less than a million bushels. Year-to-date commitments stand near 710 mb, which is about 25% behind both last year and the five-year average pace. New crop sales came in at 8.7 mb, putting commitments for the coming year at 78.6 mb, which compares to 86 mb at this time last year and 73 mb for the third week of April in 2020. Nigeria was the top buyer with 3.1 mb in new crop purchases, unknown was at 2.7 mb and Japan booked 1.7 mb. -Norm Ruhoff Contributing Analyst Copyright 2022 DTN/Telvent. All Rights Reserved.