June 14, 2024
                                                                  
                                   Portland Price Trends
                 06-01-23    08-01-23    05-01-24    06-07-24   06-14-24
#1 SWW (bus)        7.15        7.05        6.00        6.60       6.55
White Club          7.15        7.30        6.00        6.60       6.55
DNS 14%             8.69        9.05        7.87        7.64       7.62
HRW 11.5%           8.67        8.24        6.95        7.06       7.31
#2 Corn (ton)     269.00      254.00      223.00      221.00     220.00
#2 Barley         220.00      210.00      155.00      160.00     160.00
 
   Wheat...A slight reduction in U.S. wheat carryout and tightened global
balance sheet helped futures markets at least find a zone of consolidation
this week.  USDA acknowledged a smaller Russian wheat crop, which trimmed
the global stocks projection for the fifth straight year. Basis levels for
west coast white wheat markets strengthened for the fourth straight week,
while nearby basis on the protein wheats held steady. 
   Weekly Sales...USDA showed that the retreat in U.S. wheat prices over
the past two weeks did little to stimulate export demand, as net weekly
sales came in at just 8.2 mbus.  Commitments for the new marketing year
now stand at 167 mbus, which is 29% ahead of a year ago.  Sales by class
showed hard red spring with 3.2 mbus, soft red winter at 2.5 mbus, hard
red winter at 1.8 mbus and soft white with just 808,000 bushels.
   Top Buyers...Notable increases in new crop commitments relative to a
year ago include purchases from Mexico, The Philippines, Thailand, and
Panama.  China also shows 2 mbus in the books thus far this year.
 
                                   -Norm Ruhoff  Contributing Analyst

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