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November 21, 2024
Portland Price Trends
11-01-23 01-01-24 10-01-24 11-14-24 11-21-24
#1 SWW (bus) 6.85 6.65 6.00 5.90 6.10
White Club 7.35 7.15 6.15 6.05 6.25
DNS 14% 7.94 8.03 7.05 6.41 6.64
HRW 11.5% 6.74 6.97 6.53 6.08 6.31
#2 Corn (ton) 237.00 232.00 216.00 211.00 216.00
#2 Barley 280.00 180.00 150.00 150.00 150.00
Wheat...Export sales confirmed the support behind west coast soft white
wheat prices over the past week, with demand hitting a marketing year high.
Nearby basis levels to Chicago have more than doubled over the past week,
moving spot cash bids to the best levels since July.
Weekly Sales..U.S. wheat sales surged to the best level since July last
week, mainly on the shoulder of strong white wheat demand. Overall export
commitments set at 544 mbus, which is 24% ahead of a year ago and 4% above
the five-year average pace. White wheat recorded a marketing year high of
9.9 mbus sold, putting total sales at 146 mbus which is 58% ahead of this
time last year and 29% above average. Hard red spring registered an even 5
mbus and with 176 mbus in commitments, sets 16% ahead of a year ago and 15%
above average. Hard red winter booked 2.7 mbus, putting commitments at 126
mbus which is 55% ahead of a year ago but 26% below average.
Top Buyers...South Korea was the big buyer of U.S. wheat last week with
7.4 mbus of mostly white wheat. Mexico booked 3.3 mbus, Indonesia stepped
in for another 2.7 mbus of white wheat, Japan bought 2.4 mbus and unknown
was assigned 2.1 mbus.
-Norm Ruhoff Contributing Analyst
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