Portland Grain Review 10/27

October 27, 2022 Portland Price Trends 10-01-21 01-01-22 09-01-22 10-20-22 10-27-22 #1 SWW (bu) 9.75 10.70 8.90 8.75 8.90 White Club 11.75 12.45 9.40 9.25 9.40 DNS 14% 10.69 10.78 9.66 10.44 10.32 HRW 11.5% 9.19 9.81 9.88 10.69 10.53 #2 Corn (ton) 245.00 274.00 296.00 307.00 308.00 #2 Barley 240.00 240.00 235.00 240.00 240.00 Wheat...Weather concerns in Australia and renewed export demand helped strengthen west coast white wheat markets this week. Nearby basis levels saw a marked improvement this week, nearly doubling from recent lows and cash bids moved back toward the $9 mark. Basis levels on hard red winter and spring wheat remain steadfast, with the winter wheat cash bids at an inverse and spring wheat posting a modest carry. Weekly Sales...USDA reported a resurgence in U.S. wheat export demand over the past week, registering the second best week of the marketing year at 19.6 mb. Total sales now stand at 434 mb, which is 6% behind a year ago and 12% below the five-year average pace. White wheat was the top seller for the week with 7.7 mb, with over half of that going to South Korea, and with 101 mb in commitments now sets 21% ahead of a year ago but 28% below average. Hard red spring recorded 7.1 mb and with 434 mb in sales, is 4% ahead of a year ago but 14% behind average. Hard red winter saw only 2.5 mb and with 120 mb in the books is setting 34% behind a year ago but only 4% below average. Soft red winter registered 2.3 mb for the week. Top Buyers...South Korea was the top U.S. wheat buyer last week, taking on an additional 4 mb of white wheat. Unknown booked 3.3 mb of mostly soft white wheat, the Philippines bought 2.4 mb, with Japan and Mexico acquiring just under 2 mb each. -Norm Ruhoff Contributing Analyst Copyright 2022 DTN/Telvent. All Rights Reserved.