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September 28, 2023
Portland Price Trends
09-01-22 01-01-23 08-01-23 09-21-23 09-28-23
#1 SWW (bu) 8.90 8.55 7.05 6.80 6.80
White Club 9.40 9.05 7.30 7.05 7.05
DNS 14% 9.66 10.19 9.05 8.22 8.21
HRW 11.5% 9.88 10.08 8.24 7.39 7.30
#2 Corn (ton) 296.00 302.00 254.00 254.00 252.00
#2 Barley 235.00 250.00 210.00 190.00 190.00
Wheat...West coast white wheat markets saw a sharp early week spike
in price, moving to the $7 mark for a brief period and basis jumping to
110 over Chicago futures. Exporters were seeking to cover a 2 mb USDA
donation tender for Yemen, which came in on top of a relatively solid
week of export demand from traditional Pacific Rim buyers. Basis levels
also strengthened 20 cents this week for hard red winter and springs.
Weekly Sales...USDA reported a much needed surge in export demand for
U.S. wheat last week, coming in close to the best level of the year at 20
mb. This places year-to-date commitments at 337 mb, which is 14% behind
a year ago and 24% below the five-year average pace. Hard red spring was
the top seller with 7.1 mb, putting sales at 120 mb which stands 6% above
a year ago and 4% below average. White wheat also had a good week with 6.7
mb in new demand to place sales at 73 mb, which is 16% behind a year ago
and 21% below average. Hard red winter registered the best week of the
year at 4.1 mb to put sales at 60 mb; 46% below a year ago and 61% behind
the five-year average pace.
Top Buyers...The Philippines was the top U.S. wheat buyer last week with
4.2 mb, followed by South Korea and Japan with 3.3 mb each. China also made
the top five list, securing 2.5 mb of hard red spring wheat.
-Norm Ruhoff Contributing Analyst
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