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                                                      February 20, 2024
                                                                  
                                   Portland Price Trends
                 02-01-23    08-01-23    01-01-24    02-13-24   02-20-24
#1 SWW (bu)        8.40        7.05        6.65        6.35       6.20
White Club         8.55        7.30        7.15        6.85       6.45
DNS 14%           10.02        9.05        8.03        7.58       7.48
HRW 11.5%         10.03        8.24        6.97        6.53       6.45
#2 Corn (ton)    296.00      254.00      232.00      219.00     218.00
#2 Barley        250.00      210.00      180.00      180.00     180.00
 
   Wheat...West coast wheat markets came out of the extended weekend on
a more positive note, finding support from a stronger futures complex.
Old crop to new crop spreads also widened a bit for white wheat, as the
nearby bid stands at a 15 cent premium to new crop. Hard red winter also
has old crop posted at a 15 cent premium to August new crop, while hard
red spring shows nearby bids at a 10 cent premium to August bids.
   Shipments...Weekly export inspections showed another decent week for
wheat movement off U.S. ports, coming in at 14 mb to put the year-to-date
total at 444 mb and 17% behind a year ago.  Soft white wheat was the top
mover with 3.6 mb, followed by hard red spring with 3.1 mb and hard red
winter with 2.4 mb.  West coast loading activity showed the Philippines
and Japan taking on a total of 5.7 mb of wheat, with 7.4 mb of soybeans
loaded for China and 7.7 mb of corn shipped to Colombia and Japan.

                                -Norm Ruhoff  Contributing Analyst

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