Portland Grain Review 06/09

June 9, 2022 Portland Price Trends 06-01-21 08-01-21 05-01-22 06-02-22 06-09-22 #1 SWW (bu) 8.20 9.25 11.10 11.20 11.60 White Club 8.20 10.75 11.60 11.45 11.85 DNS 14% 8.71 10.33 12.48 12.79 13.06 HRW 11.5% 7.52 8.33 12.08 12.53 12.66 #2 Corn (ton) 249.00 251.00 347.00 321.00 341.00 #2 Barley 180.00 200.00 275.00 275.00 275.00 Wheat...West coast white wheat markets gained some footing this week, as USDA announced a 2.8 mb donation tender to Yemen in July. As a result, basis firmed 30 cents from early week against Chicago July futures, and old crop bids went back to a premium over new crop August. Hard red winter bids reflected Midwest harvest activity, with bid structures building in a modest carry, while dark northern spring wheat markets held to a modest inverse through September. Warmer weather with additional precipitation into the weekend should provide further improvement to crop conditions. Weekly Sales...USDA reported an improved pace of export demand for U.S. wheat last week, with overall net sales of 16.6 mb. This places the total for the first week of the new marketing year at 167 mb, which includes 27 mb in carryover sales from last year. With that number, wheat sales start the year 17% behind a year ago and 5% below the five-year average. White wheat recorded 4.4 mb in net sales and with 33 mb in commitments, stands 24% behind last year and 8% behind average. Hard red spring also booked 4.4 mb to put sales at 52 mb, which is running 13% behind a year ago and 1% off the five year average. Hard red winter booked 3.6 mb and with 45 mb in commitments, sets 27% behind a year ago and 16% below average. -Norm Ruhoff Contributing Analyst Copyright 2022 DTN/Telvent. All Rights Reserved.