Portland Grain Review 05/19

May 19, 2022 Portland Price Trends 05-01-21 08-01-21 04-01-22 05-12-22 05-19-22 #1 SWW (bu) 7.85 9.25 10.75 11.30 12.00 White Club 7.85 10.75 11.75 11.80 12.50 DNS 14% 8.59 10.33 11.45 13.96 13.95 HRW 11.5% 8.03 8.33 11.14 13.80 14.01 #2 Corn (ton) 299.00 251.00 347.00 367.00 343.00 #2 Barley 180.00 200.00 270.00 275.00 275.00 Wheat...Trading ranges of a dollar or more across the futures complex made for another roller coaster week for west coast wheat prices. Cash bids for all three wheat classes marked price levels not seen since 2008 before settling back with late-week futures declines. For its part, soft white wheat moved to and held the $12 mark after hitting $12.60 earlier in the week. All wheats saw bid structures flatten into the fall months. Weekly Sales...USDA revealed that seasonal rolling of old crop to new crop took place last week, with hard red winter and white wheat seeing net negative sales while hard red spring recorded 2.3 mb in new business with Mexico and Nigeria. New crop wheat sales came in at 12 mb, to put that total at 101 mb and 29% behind a year ago. By class, commitments in 2022/23 for hard red winter are running 30% behind a year ago, hard red spring is down 23% and white wheat sales set 43% lower. Basis...White wheat basis dipped back into negative territory this week relative to Chicago futures, representing a decline of more than $3 since mid-February and now sets $1 below the 10-year average for mid-May. Hard red winter 11.5% protein wheat has weakened $1 per bushel since February and is setting about 10 cents below average. Dark northern spring 14 pro basis has been below average since September, and is currently 50 cents below the 10-year average of $1.30 over MPLS for late May. -Norm Ruhoff Contributing Analyst Copyright 2022 DTN/Telvent. All Rights Reserved.