Portland Grain Review 11/10

November 10, 2022 Portland Price Trends 11-01-21 01-01-22 10-01-22 11-03-22 11-10-22 #1 SWW (bu) 10.60 10.70 9.30 8.95 8.80 White Club 12.60 12.45 9.80 9.45 9.30 DNS 14% 11.72 10.78 10.56 10.23 10.12 HRW 11.5% 9.60 9.81 11.09 10.61 10.47 #2 Corn (ton) 258.00 274.00 303.00 306.00 298.00 #2 Barley 240.00 240.00 240.00 250.00 250.00 Wheat...Even with a marked improvement in spot basis to Chicago, soft white cash wheat bids still lost some ground this week against a general retreat across the futures complex. Export demand remains steady but a good share of those sales are for deferred delivery, and the cash market structure is building in modest carries. Weekly Sales...USDA reported another relatively steady week of export demand for U.S. wheat, coming in near the four-week average at 11.8 mb. Year-to-date commitments stand at 459 mb, which is 6% behind a year ago and 13% below the five-year average pace. White wheat continues to see good demand, with another 4.2 mb booked last week to put sales at 111 mb, which is 25% ahead of a year ago and 28% behind average. Hard red winter saw a modest increase to 4.3 mb in sales last week and with 127 mb in the books is setting 34% behind a year ago and 5% below average. Red spring wheat garnered 2.8 mb to put sales at 136 mb, which is 2% ahead of a year ago but 16% below the average pace. South Korea was the top white wheat buyer last week. Crop Report...USDA tightened U.S. wheat stocks another 5 mb last week, and at 571 mb is the lowest since the 2007/08 marketing year. Soft white wheat stocks were trimmed 4 mb, as USDA acknowledged a stronger pace of export demand. -Norm Ruhoff Contributing Analyst Copyright 2022 DTN/Telvent. All Rights Reserved.