Portland Grain Review 01/26

January 26, 2023 Portland Price Trends 01-01-22 08-01-22 12-01-22 01-19-23 01-26-23 #1 SWW (bu) 10.70 9.00 8.80 8.35 8.40 White Club 12.45 9.00 9.30 8.85 8.90 DNS 14% 10.78 10.08 10.18 9.84 10.00 HRW 11.5% 9.81 10.00 10.10 9.52 9.84 #2 Corn (ton) 274.00 279.00 295.00 297.00 299.00 #2 Barley 240.00 235.00 250.00 250.00 250.00 Wheat...Confirmation of yet another good week of export demand for U.S. wheat bolstered futures markets this week, and west coast cash markets saw similar improvement. Nearby white wheat bids have recovered 20 cents from recent lows, while both hard red winter 11.5% protein and dark northern 14 proteins are up 20 cents from last week. Both protein wheat bid structures show nearby bids flat and at a premium to deferred months. Weekly Sales..USDA showed another relatively good week of export demand for U.S. wheat, reporting 18.4 mb in sales. Year-to-date commitments now stand at 589 mb, which is down 7% from a year ago and 12% below the 5-year average pace. White wheat was the big seller, garnering 8.7 mb to put the current total at 149 mb; 32% ahead of a year ago but 29% below the average pace. Hard red winter saw a second week of renewed interest, drawing sales of 4.5 mb to put commitments at 161 mb, which is 35% behind a year ago but only 5% below average. Hard red spring recorded 3.2 mb in new business and with 176 mb in sales, sets 4% ahead of a year ago and 14% below average. Top Buyers...Japan took top buyer honors last week, booking nearly 4 mb of various classes, followed by Mexico and Unknown with 3.3 mb each, South Korea bought 2.7 mb and Taiwan committed to another 1.6 mb. -Norm Ruhoff Contributing Analyst Copyright 2023 DTN/Telvent. All Rights Reserved.