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September 12 2024
Portland Price Trends
09-01-23 01-01-24 08-01-24 09-05-24 09-12-24
#1 SWW (bus) 6.80 6.65 5.65 5.75 5.95
White Club 7.05 7.15 5.65 5.90 6.10
DNS 14% 8.10 8.03 6.58 6.86 6.87
HRW 11.5% 7.43 6.97 6.04 6.34 6.41
#2 Corn (ton) 246.00 232.00 199.00 202.00 200.00
#2 Barley 200.00 180.00 150.00 150.00 150.00
Wheat...West coast white wheat markets gained some footing this week,
as USDA announced a tender for nearly 5 mbus to be shipped to Yemen in
the coming months. The news moved spot bids back toward the $6 mark and
firmed up basis to Chicago futures. Nearby basis for dark northern spring
and hard red winter also strengthened a dime over the past week.
Weekly Sales...USDA showed the Pacific Rim contingent showed up in a
strong way last week, as export demand for U.S. wheat came in above the
four-week average at 17.4 mbus. Year-to-date commitments now stand at
396 mbus, which is 37% ahead of a year ago and 3% above the average pace
of the past five years. Hard red spring returned to top seller status,
securing 8.6 mbus in sales to put commitments 26% ahead of a year ago and
14% above average, at 130 mbus. White wheat booked 5.8 mbus and with 100
mbus in sale, sets 75% ahead of a year ago and 32% above average. Hard
red winter saw another relatively soft week of demand with 2.6 mbus and
with 93 mbus in commitments, is 82% ahead of a year ago but 25% below the
five-year average pace.
Top Buyers...Taiwan, The Philippines and South Korea each booked more
than 3 mbus of U.S. wheat last week to account for the majority of export
sales. Japan also bought 2.4 mbus and Mexico purchased 1.9 mbus.
-Norm Ruhoff Contributing Analyst
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