Portland Grain Review 02/23

February 23, 2024 Portland Price Trends 02-01-23 08-01-23 01-01-24 02-16-24 02-23-24 #1 SWW (bu) 8.40 7.05 6.65 6.15 6.10 White Club 8.55 7.30 7.15 6.40 6.35 DNS 14% 10.02 9.05 8.03 7.40 7.37 HRW 11.5% 10.03 8.24 6.97 6.27 6.35 #2 Corn (ton) 296.00 254.00 232.00 218.00 219.00 #2 Barley 250.00 210.00 180.00 180.00 180.00 Wheat...A weaker finish to the trading week in wheat futures weighed on west coast wheat markets, which trended lower after seeing an early week spike. For the first time since the first of the year, exporters saw a notable increase in farmer selling which also weighed on the soft white wheat market. Old crop to new crop cash bids narrowed to a dime this week for white wheat, with protein wheats showing a dime or more premium to new crop. Weekly Sales...USDA reported a meager week of export demand for U.S. wheat, coming in at just 8.6 mb and 5 mb below the 4-week average. This places current year commitments at 8.6 mb, which sets 6% ahead of last year but 13% off the 5-year average pace. Top seller was hard red winter with 3.6 mb to put sales at 118 mb, which is running 30% behind a year ago and 55% below average. Soft red winter booked 2.1 mb and with 168 mb in sales, sets 73% ahead of a year ago and 88% above average. White wheat sold 1.1 mb, putting commitments at 135 mb which is 13% behind a year ago and 20% below the average pace. Japan was the top buyer last week, securing 2 mb of mostly hard red winter wheat. -Norm Ruhoff Contributing Analyst Copyright 2024 DTN/Telvent. All Rights Reserved.