Portland Grain Review 04/11

April 11, 2024 Portland Price Trends 04-01-23 08-01-23 03-01-24 04-04-24 04-11-24 #1 SWW (bu) 7.65 7.05 5.80 5.75 5.85 White Club 7.65 7.30 6.05 5.75 5.85 DNS 14% 9.77 9.05 7.34 7.36 7.31 HRW 11.5% 10.08 8.24 6.34 6.47 6.56 #2 Corn (ton) 290.00 254.00 213.00 220.00 220.00 #2 Barley 240.00 210.00 180.00 155.00 155.00 Wheat...Limited farm selling and an improved pace of export demand was supportive for white wheat prices this week. Basis levels also firmed on the drop in Chicago futures, posted at about 32 over the May futures and up 25 cents from recent lows. Weekly Sales...USDA reported a combined 13 mb in U.S. wheat sales for both old and new crop positions last week. Net old crop sales of 3 mb place current year commitments at 692 mb, which is 3% ahead of a year ago but 17% below the five-year average pace. The Philippines was top buyer for old crop with 2.3 mb. New crop sales of 10 mb puts total commitments at 57 mb for the coming year, up 31 mb from this time a year ago. White wheat saw 4.3 mb in new crop sales, with Japan accounting for 3.3 mb of that total. Crop Report...USDA lowered mports and domestic use for U.S. wheat in the updated estimates on Thursday, resulting in a 25 mb increase in the carryout projection. Hard red spring stocks were raised 20 mb, durum was bumped 4 mb and white wheat stocks increased 6 mb. Ending stocks for hard red winter were lowered 5 mb from last month. -Norm Ruhoff Contributing Analyst Copyright 2024 DTN/Telvent. All Rights Reserved.