Portland Grain Review 12/06
6 Dec 2022
December 6, 2022 Portland Price Trends 12-01-21 01-01-22 11-01-22 11-29-22 12-06-22 #1 SWW (bu) 10.65 10.70 9.10 8.75 8.40 White Club 12.65 12.45 9.60 9.25 8.90 DNS 14% 11.30 10.78 11.10 10.14 9.73 HRW 11.5% 9.83 9.81 10.70 10.06 9.48 #2 Corn (ton) 255.00 274.00 311.00 300.00 288.00 #2 Barley 240.00 240.00 250.00 250.00 250.00 Wheat...A weaker futures complex weighed on all west coast wheat bids in early week trade, with cash prices moving to the lowest levels since early fall. For its part, white wheat has seen basis strengthen to 120 over the Chicago March futures; the strongest since late July. New crop August bids are also surfacing, posted at $7.70 today. Shipments...Weekly export inspections showed a modest uptick in U.S. wheat shipments last week, coming in at 12.3 mb to put the year-to-date total at 401 mb and 2% behind a year ago. Soft white wheat registered a total of 5.1 mb for the week, while hard red winter and spring wheat both moved about 3 mb. West coast port activity showed the Philippines taking on 4 mb of white wheat along with 735,000 bushels going to Yemen. China also took on more than 24 mb of soybeans. Price Performance...Continued declines across the futures complex has certainly weighed on west coast cash prices, as white wheat bids are now near four-month lows, even with basis gaining 30 cents in recent weeks. Hard red winter 14% protein bids, dark northern spring 14% protein and Portland corn prices are all near three-month lows. -Norm Ruhoff Contributing Analyst Copyright 2022 DTN/Telvent. All Rights Reserved.