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                                                      June 21, 2024
                                                                  
                                   Portland Price Trends
                 06-01-23    08-01-23    05-01-24    06-14-24   06-21-24
#1 SWW (bus)        7.15        7.05        6.00        6.55       6.15
White Club          7.15        7.30        6.00        6.55       6.15
DNS 14%             8.69        9.05        7.87        7.62       6.93
HRW 11.5%           8.67        8.24        6.95        7.31       6.31
#2 Corn (ton)     269.00      254.00      223.00      220.00     218.00
#2 Barley         220.00      210.00      155.00      160.00     160.00
 
   Wheat...The impact of the continued retreat across the wheat futures
complex was apparent in west coast wheat markets this week, as cash bids 
moved sharply lower.  Lower values did attract some buying interest, as
noted in the weekly sales comments shown below, with Indonesian purchases
bolstering the white wheat total.  
   Weekly Sales...USDA revealed that lower U.S. wheat prices did finally
attract the interest of global buyers, as nearly 22 mbus in new business
was booked last week. New year-to-date commitments now stand at 200 mbus
which is 37% ahead of a year ago but on par with the 5-year average pace.
Top seller for the week was soft white wheat with 7.6 mbus, which places
sales at 48 mbus; a total that sets 87% better than a year ago, 26% above
the 5-year average and best start since the 2018/19 marketing year.  Hard
red spring sales of 7.2 mbus put commitments at at 69 mbus, which is 55%
ahead of a year ago and 19% above average.  Hard red winter secured 4.4 
mbus for the week and with 46 mbus in commitments is 56% ahead of a year
ago but 30% below the 5-year average pace. 
   Top Buyers...South Korea was the top U.S. wheat buyer last week with
4.4 mbus, followed by The Philippines with 3.9 mbus, Vietnam at 3.2 mbus,
Indonesia with 2.9 mbus of white wheat and Brazil booking 2.2 mbus.
 
                                   -Norm Ruhoff  Contributing Analyst

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