Portland Grain Review 08/25

August 25, 2022 Portland Price Trends 08-01-21 01-01-22 07-01-22 08-18-22 08-25-22 #1 SWW (bu) 9.25 10.70 9.50 8.20 8.80 White Club 10.75 12.45 9.50 8.70 9.30 DNS 14% 10.33 10.78 10.28 9.35 9.87 HRW 11.5% 8.37 9.81 10.23 9.24 10.05 #2 Corn (ton) 245.00 274.00 278.00 279.00 293.00 #2 Barley 200.00 240.00 245.00 235.00 235.00 Wheat...West coast wheat markets saw prices post a significant rebound this week, as wheat futures moved back toward the top end of a month-long trading range. Basis levels also surged 20 cents for white wheat today, as farmer selling remains limited, with protein wheats holding steady on basis through the week. id structures show a premium being paid for spot delivery of hard red winter, while soft white and red spring bids reflect a modest carry. Weekly Sales...USDA reported a dismal week of export demand for U.S. wheat, coming in at a marketing year low of 7.6 mb. This puts sales for all wheat at 324 mb, which stands 25% behind a year ago and 11% below the five-year average pace. Hard red spring booked 2.6 mb to put commitments at 92 mb, setting 2% behind a year ago but 40% above average. Hard red winter garnered just 1.7 mb in new business and with 97 mb in sales, sets 17% behind a year ago and 12% below average. White wheat recorded 1.6 mb to put year-to-date sales at 71 mb, which is 18% ahead of a year ago but 24% behind the average pace. Top Buyers...Mexico was the top U.S. wheat buyer last week, securing 3 mb of hard red winter and spring wheat. The Philippines booked 2.4 mb of soft white and red spring, Brazil bought 1 mb of mostly soft red winter, and Japan purchased 1 mb of soft white and hard red winter wheat. -Norm Ruhoff Contributing Analyst Copyright 2022 DTN/Telvent. All Rights Reserved.