Portland Grain Review 06/24

June 24, 2022 Portland Price Trends 06-01-21 08-01-21 05-01-22 06-17-22 06-24-22 #1 SWW (bu) 8.20 9.25 11.10 11.40 10.60 White Club 8.20 10.75 11.60 11.65 10.85 DNS 14% 8.71 10.33 12.48 12.49 11.51 HRW 11.5% 7.52 8.33 12.08 12.15 11.02 #2 Corn (ton) 249.00 251.00 347.00 341.00 298.00 #2 Barley 180.00 200.00 275.00 275.00 275.00 Wheat...Big declines across the futures complex weighed heavily on the west coast cash markets, moving cash prices about a dollar lower during a holiday-shortened week. Basis levels did strengthen about 30 cents over the week for white wheat, but held steady on the protein wheats and those markets are seeing modest carries develop. Weekly Sales...A 25% decline in wheat futures over the past month was finally enough to attract global buying interest, as U.S. wheat sales saw the highest export demand since February. Weekly sales came in at 17.6 mb to put year-to-date commitments at 194 mb. This sets 15% behind a year ago and 8% below the five-year average pace. Hard red winter booked 6.6 mb for the week to put sales at 56 mb, which is 23% behind a year ago and 14% off the averge pace. Hard red spring registered 4.9 mb in new business, which put current year sales 13% behind a year ago and 11% below average. White wheat sales of 3.8 mb puts commitments at 39 mb, setting 18% behind a year ago and 13% below average. Top Buyers...Japan and Mexico were the big buyers of U.S. wheat over the past week, with each taking 6 mb. South Korea also stepped up to buy 3 mb, followed by Ecuador with 1.1 mb and the Philippines taking 1 mb. -Norm Ruhoff Contributing Analyst Copyright 2022 DTN/Telvent. All Rights Reserved.