Portland Grain Review 04/28

April 28, 2022 Portland Price Trends 04-01-21 08-01-21 03-01-22 04-21-22 04-28-22 #1 SWW (bu) 6.70 9.25 11.25 11.30 11.25 White Club 6.70 10.75 12.75 11.80 11.75 DNS 14% 6.99 10.33 11.59 12.37 12.80 HRW 11.5% 6.85 8.33 11.83 12.43 12.62 #2 Corn (ton) 241.00 251.00 339.00 380.00 389.00 #2 Barley 180.00 200.00 260.00 275.00 275.00 Wheat...West coast markets saw old crop white wheat bids drift a bit lower this week, while the protein wheat markets notched another move to the upside. Spreads between old and new crop for white wheat narrowed by 30 cents this week and currently set with a 50 cent premiun to new crop. Hard red winter 11.5% protein wheat is showing a dime inverse to August, and dark northern spring 14% protein shows a 15 cent inverse. Weekly Sales...USDA revealed that higher futures and a stronger dollar tempered global wheat buying interest last week, with old crop sales coming in at only 1.2 mb. New crop sales were also subdued, coming in at 4.5 mb for all classes, putting commitments for the new marketing year 25% behind a year ago at 83 mb. Corn sales, by comparison, remain extremely strong as China continues to make large U.S. purchases. Old crop sales last week were in line with the four-week average of 35 mb, but new crop sales were at 33 mb. New Crop Wheat Sales...Overall U.S. wheat export demand for the coming year stands 25% behind a year ago at 83 mb. By class, hard red winter sales set 21% lower at 21 mb, hard red spring commitments are off 20% at 23 mb, and white wheat is running 34% behind with 15 mb in commitments. To date, the Philippines and Mexico top the list of new crop buyers. -Norm Ruhoff Contributing Analyst Copyright 2022 DTN/Telvent. All Rights Reserved.