Portland Grain Review 01/12

January 12, 2023 Portland Price Trends 01-01-22 08-01-22 12-01-22 01-05-23 01-12-23 #1 SWW (bu) 10.70 9.00 8.80 8.30 8.25 White Club 12.45 9.00 9.30 8.80 8.75 DNS 14% 10.78 10.08 10.18 9.89 9.95 HRW 11.5% 9.81 10.00 10.10 9.60 9.58 #2 Corn (ton) 274.00 279.00 295.00 287.00 292.00 #2 Barley 240.00 235.00 250.00 250.00 250.00 Wheat...A continued weak pace of export demand weighed on wheat prices this week, with west coast cash markets following the decline in futures. A tightened corn balance sheet did lend some support at mid-session today. Weekly Sales...USDA reported another dismal week of export demand for U.S. wheat, coming in at just 3.3 mb for all classes of wheat. The year- to-date commitment total of 553 mb sets 7% behind a year ago and 14% off the five-year average pace. Soft white wheat sales have now declined four straight weeks and with 136 mb in commitments, sets 28% ahead of a year ago but 30% behind the five-year average. Crop Report...Overal changes to the U.S. wheat balance sheet showed an increase in total supplies from last month, with export forecasts holding unchanged and domestic demand up 33 mb. As a result, projected carryout stocks were down 4 mb. Higher domestic usage dropped white wheat stocks 8 mb from last month, putting the stocks-to-use ratio at 20% which sets 4% below a year ago and 5% above the low of 15% set in 2006. -Norm Ruhoff Contributing Analyst Copyright 2023 DTN/Telvent. All Rights Reserved.