Portland Grain Review 01/03

January 3, 2023 Portland Price Trends 01-01-22 08-01-22 12-01-22 12-27-22 01-03-22 #1 SWW (bu) 10.70 9.00 8.80 8.50 8.45 White Club 12.45 9.00 9.30 9.00 8.95 DNS 14% 10.78 10.08 10.18 10.16 9.97 HRW 11.5% 9.81 10.00 10.10 10.02 9.83 #2 Corn (ton) 274.00 279.00 295.00 300.00 299.00 #2 Barley 240.00 235.00 250.00 250.00 250.00 Wheat...West coast cash wheat bids were reflective of weakness across the futures complex as the new year got underway. A stronger white wheat basis offset some of the declines in Chicago, while both hard red winter and spring wheat were bid 20 cents lower. New crop August bids for soft white were bid a $8.05 today, hard red winter 11.5% protein were posted at $9.34 and dark northern spring 14% protein was bid at $9.04. Shipments...Weekly export inspections showed a very slow holiday week of shipments for U.S. exporters. West coast ports reported no movement for wheat, but China did take on 2.7 mb of corn and 5.1 mb of soybeans. Year-to-date wheat shipments stand at 435 mb, which is 3% behind a year ago. Soybean shipments are running 7% behind a year ago, while loadings of corn are 26% below this time a year ago. Old Crop-New Crop Bids...Spreads between old crop and new crop bids for west coast white wheat currently stand at 40 cents, down from $2.30 at this time last year and a reflection of the short U.S. white wheat crop last year. The same spreads for hard red winter show a spread of 63 cents, about half of a year ago on stronger new crops bids, and the dark northern spring spread is within a dime of a year ago. -Norm Ruhoff Contributing Analyst Copyright 2023 DTN/Telvent. All Rights Reserved.