Portland Grain Review 07/28

July 28, 2022 Portland Price Trends 07-01-21 08-01-21 06-01-22 07-21-22 07-28-22 #1 SWW (bu) 8.60 9.25 11.00 9.40 9.10 White Club 8.60 10.75 11.50 9.65 9.35 DNS 14% 9.37 10.33 12.77 10.03 9.98 HRW 11.5% 7.53 8.33 12.38 9.88 9.85 #2 Corn (ton) 252.00 251.00 322.00 265.00 278.00 #2 Barley 180.00 200.00 275.00 235.00 235.00 Wheat...It was generally a sideways week for west coast wheat prices, as cash export bids followed the roller coaster performance in futures. In what has become a broken record for protein wheats, spot basis on red winter and spring wheat remained unchanged while white wheat basis has moved back to and held above 100 over Chicago September futures. Modest carries are posted across all three markets. Weekly Sales...USDA reported another week of relatively strong export demand for U.S. wheat, coming in at 15.1 mb to put commitments at 294 mb which is 1% behind a year ago and 8% behind the 5-year average pace. Soft white wheat registerd 5.3 mb in new business, putting sales at 63 mb and 14% ahead of a year ago but 22% behind average. Hard red winter also saw 5.3 mb in bookings and with 85 mb in commitments, sets 14% behind a year ago and 10% behind average. Hard red spring sales came in at 2.6 mb and with 83 mb in the books, sets 5% behind a year ago but 26% ahead of the average pace. Top Buyers...The Philippines was top wheat buyer for the week with 3.6 mb, followed by Mexico with 2.5 mb, Thailand at 2.1 mb, Unknown with 1.6 mb and Honduras taking 1.3 mb. To date, the Philippines has purchased 18 mb of U.S. white wheat, up 4 mb from a year ago, Japan is on track with a year ago at 8.6 mb, while China has purchased 2.4 mb compared to 6 mb at this time last year. -Norm Ruhoff Contributing Analyst Copyright 2022 DTN/Telvent. All Rights Reserved.