Portland Grain Review 07/13

July 13 2023 Portland Price Trends 07-01-22 08-01-22 06-01-23 07-06-23 07-13-23 #1 SWW (bu) 9.50 9.00 7.15 6.75 6.90 White Club 9.50 9.00 7.15 6.90 7.05 DNS 14% 10.28 10.08 8.69 9.23 9.24 HRW 11.5% 10.23 10.00 8.67 8.84 8.39 #2 Corn (ton) 278.00 279.00 269.00 265.00 258.00 #2 Barley 245.00 235.00 220.00 210.00 210.00 Wheat...Another week of relatively good export demand for U.S. wheat, especially soft white and hard red spring, showed prices may finally be in a more globally competitive zone with the weaker dollar. White wheat saw a traditional swing buyer step in last week and a USDA donation for Yemen this week, which was unfortunately trimmed by half of the original announcement but remained supportive. Basis performance showed spot soft white wheat holding steady versus to Chicago, while both hard red winter and spring wheat basis saw further erosion. Weekly Sales...USDA reported another week of decent export demand for U.S. wheat, coming in at 14.5 mb to put year-to-date commitments at 184 mb: 29% behind a year ago and 32% below the 5-year average pace. Hard red spring was top seller, booking 6.8 mb to put sales at 61 mb which is 18% behind a year ago and 23% behind average. White wheat sold 4.3 mb to put commitments at 34 mb, setting 37% behind a year ago and 39% below average. Soft red winter registered 2.7 mb for the week, hard red winter came in at 2.3 mb. Mexico was the top buyer for the week with 5.4 mb, followed by Indonesia purchasing 2.3 mb of white wheat. Crop Report...Initial projections for U.S. wheat wheat production of 245 mb would be down 10% from last year and 7% below the 5-year average production. Exports are expected to be down 15% from average, but the lower production would drop the stocks-to-use ratio to the lower end of the 10-year range for that indicator. -Norm Ruhoff Contributing Analyst Copyright 2023 DTN/Telvent. All Rights Reserved.