June 8, 2023
                                                                  
                                   Portland Price Trends
                 06-01-22    08-01-22    05-01-23    06-01-23   06-08-23
#1 SWW (bu)        11.00        9.00        7.15        7.15       7.20
White Club         11.50        9.00        7.15        7.15       7.20
DNS 14%            12.77       10.08        8.76        8.69       8.91
HRW 11.5%          12.38       10.00        8.77        8.67       8.43
#2 Corn (ton)     322.00      279.00      271.00      269.00     278.00
#2 Barley         275.00      235.00      220.00      220.00     220.00
 
   Wheat...A need for nearby white wheat was apparent this week as June
bids were briefly posted at a premium to July earlier in the week. That
need was filled as bid structures flattened out but nearby basis versus
Chicago futures held relatively firm. Recent price performance has also 
put dark northern spring wheat bids back to a premium over the hard red
winter 11.5% protein bids.
   Weekly Sales...USDA made the official roll to the new marketing year,
showing 8.63 mb of export demand for U.S. wheat last week.  Sales stand
17% behind a year ago at 139 mb.  Hard red spring accounted for most of
that total, registering 5.6 mb to put sales 16% behind a year ago at 44
mb.  Soft red winter booked 2 mb to put commitments 16% ahead of a year
ago at 40 mb. Hard red winter sold less than a million bushels and with
27 mb in sales, sets 41% behind a year ago. Soft white only registered
260,000 bushels and sets 27% behind a year ago with 24 mb on the books.
   Sales Ranking..The Philippines was the top buyer of U.S. white wheat
for the fifth straight year. China moved to the number two position and
has been one of the top five buyers the past three years. Japan came in
as the third largest buyer of white wheat last year, followed by South
Korea and then Indonesia.
                                  -Norm Ruhoff  Contributing Analyst

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