Portland Grain Review 09/29

September 29, 2022 Portland Price Trends 09-01-21 01-01-22 08-01-22 09-22-22 09-29-22 #1 SWW (bu) 10.85 10.70 9.00 9.70 9.35 White Club 12.85 12.45 9.00 10.20 9.85 DNS 14% 10.34 10.78 9.77 10.48 10.49 HRW 11.5% 8.69 9.81 9.76 10.93 10.89 #2 Corn (ton) 240.00 274.00 276.00 304.00 300.00 #2 Barley 240.00 240.00 235.00 240.00 240.00 Wheat...The weaker tone continued for west coast white wheat markets this week, as nearby basis levels continued to drift lower. Nearby basis for soft white to Chicago slipped under 40 cents this week, the lowest it has been since early May. Cash bid structures also developed modest carries into November. Hard red winter cash bids remain at an inverse, while hard red spring bids are flat into January. Weekly Sales...USDA reported the best level of export sales for wheat in three weeks, but overall totals were still just above 10 mb. This puts year-to-date sales at 393 mb, which stands 4% behind a year ago and 12% behind the five-year average pace. Top seller was soft red winter, which registered 6.5 mb for the week to put total sales at 75 mb, standing 75% ahead of a year ago and 18% above average. Hard red spring booked 1.5 mb and with 113 mb in commitments, sets 4% ahead of a year ago and 73% above average. Soft white recorded 1 mb in new business, putting sales at 88 mb, which is 19% ahead of a year ago but 26% below average. Hard red winter saw less than a million bushels in sales and with 88 mb in commitments is setting 29% behind a year ago and 7% below the average pace. Top buyer for the week was Guatemala, buying 4.2 mb of mostly soft red winter. -Norm Ruhoff Contributing Analyst Copyright 2022 DTN/Telvent. All Rights Reserved.