Portland Grain Review 06/03

June 3, 2022 Portland Price Trends 06-01-21 08-01-21 05-01-22 05-26-22 06-03-22 #1 SWW (bu) 8.20 9.25 11.10 11.65 11.20 White Club 8.20 10.75 11.60 12.15 11.45 DNS 14% 8.71 10.33 12.48 13.72 12.77 HRW 11.5% 7.52 8.33 12.08 13.48 12.39 #2 Corn (ton) 249.00 251.00 347.00 333.00 320.00 #2 Barley 180.00 200.00 275.00 275.00 275.00 Wheat...West coast wheat prices were reflective of the further declines across the wheat futures complex this week, but white wheat bids did see a 60 cent strengthening in the nearby basis. Bid structures also showed that while soft white and 14% protein dark northern spring markets remain flat, hard red winter 11.5% protein saw a modest carry develop with the new crop bushels beginning to filter in from the Midwest harvest. Weekly Sales...USDA revealed that the setback in U.S. wheat prices did stimulate global buying interest, as export sales for last week registered the best levels since early March. Sales of 13.4 mb puts total commitments for the coming year at 124 mb and 29% behind a year ago. Hard red winter sales of 30 mb stand 55% behind a year ago, hard red spring sales of 40 mb set 18% behind and white wheat bookings of 24 mb are running 44% behind a year ago. Top buyer for the week was South Korea with nearly 4 mb. Most notable among the list of buyers was Egypt booking 2.2 mb of red spring, which is that country's first purchase of U.S. wheat since the 2018/2019 marketing year. -Norm Ruhoff Contributing Analyst Copyright 2022 DTN/Telvent. All Rights Reserved.