Portland Grain Review 07/14

July 14, 2022 Portland Price Trends 07-01-21 08-01-21 06-01-22 07-07-22 07-14-22 #1 SWW (bu) 8.60 9.25 11.00 9.30 9.10 White Club 8.60 10.75 11.50 9.55 9.35 DNS 14% 9.37 10.33 12.77 10.14 9.98 HRW 11.5% 7.53 8.33 12.38 9.99 9.70 #2 Corn (ton) 252.00 251.00 322.00 270.00 274.00 #2 Barley 180.00 200.00 275.00 235.00 235.00 Wheat...The decline across U.S. wheat prices over the past month has finally bore some fruit in the form of demand, as USDA reported a near- record pace of export sales last week. White wheat topped the list of sellers from a cast of buyers that included China and Yemen; signalling that U.S. white wheat has found a competitive stance with swing buyers. Protein wheats also drew attention, with HRW and DNS securing more than 8.5 mb in new business for the week. Weekly Sales...USDA reported a huge week of export demand for wheat, as recent price declines finally attracted global buying interest. Most notable was nearly 10 mb in Chinese purchases. Sales of 37.4 mb places year-to-date sales at 260 mb, which is now 1% behind a year ago and 9% below the five-year average pace. White wheat was the top seller, with 11.1 mb putting sales at 54 mb, setting 3% ahead of a year ago and 17% below average. Hard red winter registered 8.8 mb and with 75 mb in the books, sets 13% behind both last year and average. Hard red spring saw 8.6 mb to put sales 7% below a year ago and 12% behind average at 74 mb. Top Buyers...China was the big buyer over the past week, securing a total 9.7 mb of soft red winter, red spring and white wheat. Rounding out the top five were South Korea taking 5.4 mb, Mexico booking 3.3 mb, Unknown at 2.7 mb and Guatemala buying 2.6 mb. -Norm Ruhoff Contributing Analyst Copyright 2022 DTN/Telvent. All Rights Reserved.