March 28, 2023
Portland Price Trends
03-01-22 08-01-22 01-01-23 03-21-23 03-28-23
#1 SWW (bu) 11.25 9.00 8.55 7.75 7.70
White Club 12.75 9.00 9.05 7.75 7.70
DNS 14% 11.59 10.08 10.19 9.35 9.66
HRW 11.5% 11.83 10.00 10.08 9.61 10.08
#2 Corn (ton) 313.00 279.00 302.00 276.00 286.00
#2 Barley 260.00 235.00 250.00 240.00 240.00
Wheat...The marked rebound across the futures complex was reflected
in higher west coast cash wheat prices in early week trade, moving hard
red winter back above the $10 mark. White wheat bids were also slightly
higher, but exporters trimmed basis by 20 cents against the advances in
Old Crop-New Crop: Spreads between old crop and new crop August bids
have narrowed dramatically for white wheat and dark northern spring over
the past few weeks. Soft white August bids at $7.40 are 30 cents below
old crop, while DNS 14% protein bids for August of $9.60 are just 6 cents
below old crop. Hard red winter 11.5% protein bids still show old crop
at a 75 cent premium to the August bid of $9.32.
Shipments...Weekly export inspections showed another relatively good
week of wheat movement off U.S. ports, coming in slightly better than a
week ago at 14.4 mb. Year-to-date shipments now stand just over 1% below
a year ago at 613 mb. Hard red winter was the top shipper with more than
half the 5.2 mb loaded off the west coast. Soft white wheat registered
4.4 mb off PNW ports and hard red spring moved 2.9 mb. China was the top
destination off west coast ports with 2.5 mb, followed by South Korea at
1.9 mb. Vessels for the Philippines, Vietnam, Japan and Indonesia were
also under the spout last week.
-Norm Ruhoff Contributing Analyst
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