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July 25, 2024
Portland Price Trends
07-01-23 08-01-23 06-01-24 07-18-24 07-25-24
#1 SWW (bus) 7.00 7.05 6.70 5.75 5.75
White Club 7.15 7.30 6.70 5.75 5.75
DNS 14% 8.79 9.05 8.04 6.73 6.74
HRW 11.5% 8.41 8.24 7.40 6.04 6.11
#2 Corn (ton) 261.00 254.00 220.00 203.00 205.00
#2 Barley 220.00 210.00 155.00 160.00 160.00
Wheat...West coast cash wheat prices found a bit of stability this week
and closed out Thursday mostly in line with the prior week. Nearby basis
for 11.5% protein hard red winter wheat strengthened by a dime but held
steady for soft white and dark northern spring wheat.
Weekly Sales...USDA revealed a weaker pace of export demand last week
as the weekly total of 11.4 mbus was about half the four-week average pace.
Year-to-date commitments now stand at 295 mbus, with is up 55% from a year
ago and 6% above the five-year average pace. Soft white wheat was the top
seller with 4.1 mbus and with 71 mbus in commitments, sets double the pace
of last year and 33% above average. Hard red spring garnered 3.3 mbus to
put sales at 101 mbus, which is 62% ahead of a year ago and 26% better than
average. Hard red winter recorded 2.7 mbus in new sales, which puts current
year commitments at 74 mbus; 93% ahead of a year ago but 19% below average.
Top Buyers...South Korea was the top U.S. wheat buyer last week with 3.8
mbus, followed by Nigeria with 2.2 mbus and Japan with 1.8 mbus. Italy was
a buyer of 1.5 mbus of hard red spring and Brazil bought 1.2 mbus of hard
red winter wheat.
-Norm Ruhoff Contributing Analyst
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