Portland Grain Review 07/08

July 8, 2022 Portland Price Trends 07-01-21 08-01-21 06-01-22 07-01-22 07-08-22 #1 SWW (bu) 8.60 9.25 11.00 9.50 9.75 White Club 8.60 10.75 11.50 9.50 10.00 DNS 14% 9.37 10.33 12.77 10.28 10.71 HRW 11.5% 7.53 8.33 12.38 10.23 10.42 #2 Corn (ton) 252.00 251.00 322.00 278.00 277.00 #2 Barley 180.00 200.00 275.00 245.00 235.00 Wheat...A recovery across the futures complex on Thursday and Friday provided some footing to west coast wheat markets, as prices were able to build on recent lows. For its part, white wheat recovered from a low of $8.50 at one point this week. Crop potential remains good and export demand relatively light. Crop Progress...Winter wheat conditions held steady for the Pacific Northwest, with the three-state weighted index holding at 105% of normal. By state, good to excellent ratings for Idaho slipped 7% to 64%, Oregon climbed 3% to 80% and Washington dropped 3 points to 70%. Spring wheat ratings for Washingtion remain exceptional at 94% good to excellent and Idaho is setting at 65%. Weekly Sales...USDA reported a markedly slower pace of export demand for U.S wheat last week, coming in 44% lower than the prior week at 10.5 mb. Year-to-date commitments set at 212 mb, which is 10% behind a year ago and 9% below the five-year average pace. Hard red winter booked 4.1 mb and with 66 mb in sales, stands 17% behind a year ago and 17% off the average pace. Hard red spring registered 3.9 mb in new business and has 65 mb in commitments, which is 13% behind a year ago but on par with the average pace. Soft white recorded 1.1 mb for the week and with 43 mb in sales is setting 14% behind a year ago and 17% below average. A laundry list of buyers was topped by Taiwan buying 1.6 mb. -Norm Ruhoff Contributing Analyst Copyright 2022 DTN/Telvent. All Rights Reserved.