Portland Grain Review 09/15

September 15, 2022 Portland Price Trends 09-01-21 01-01-22 08-01-22 09-08-22 09-15-22 #1 SWW (bu) 10.85 10.70 9.00 9.10 9.45 White Club 12.85 12.45 9.00 9.60 9.55 DNS 14% 10.34 10.78 9.77 9.78 10.13 HRW 11.5% 8.69 9.81 9.76 10.13 10.49 #2 Corn (ton) 240.00 274.00 276.00 298.00 304.00 #2 Barley 240.00 240.00 235.00 235.00 240.00 Wheat...The revelation of export demand for the past three weeks was good explanation for recent strength in west coast white wheat prices, as demand has been fairly strong. Exporter bids continue to hover near the $9.50 level, and basis levels have strengthened to offset declines in Chicago futures. The disparity between dark northern spring and hard red winter bids has also been reflected in an improved pace of demand for spring wheat. Weekly Sales...USDA finally dropped the curtain and reported export sales for the past three weeks, revealing relatively good wheat demand from non-traditional buyers in late August. Included in that list was 2.4 mb of U.S. white wheat for China, and 4.4 mb of hard red winter to Ghana. As for this past week, wheat sales came in at 8 mb to put year- to-date commitments at 376 mb, which is down 2% from a year ago and 12% behind the five-year average pace. Relative values favored buying of hard red spring, which saw 3.6 mb in new business for the week to place sales 4% ahead of a year ago and 63% above average at 107 mb. Hard red winter registered 3.1 mb in sales and with 109 mb in the books, sets 27% behind a year ago and 5% behind average. Soft white saw less than 1 mb in new business last week and with 84 mb in commitments, is setting 27% ahead of a year ago but 27% behind the average pace. -Norm Ruhoff Contributing Analyst Copyright 2022 DTN/Telvent. All Rights Reserved.