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May 2, 2024
Portland Price Trends
05-01-23 08-01-23 04-01-24 04-25-24 05-02-24
#1 SWW (bu) 7.15 7.05 5.65 6.10 6.05
White Club 7.15 7.30 5.65 6.10 6.05
DNS 14% 8.76 9.05 7.30 7.79 7.91
HRW 11.5% 8.78 8.24 6.50 7.09 6.97
#2 Corn (ton) 271.00 254.00 220.00 222.00 218.00
#2 Barley 220.00 210.00 155.00 155.00 155.00
Wheat..An improved pace of buying in new crop positions provided some
support to west coast wheat prices this week, with basis levels firming
for all three classes of wheat. Relative shifts in the underlying futures
were also apparent, as dark northern spring wheat continued to widen the
spread to hard red winter wheat.
Weekly Sales...Late season adjustments to U.S. wheat export sales led
to a net cancellation of 700,000 bus in old crop commitments, putting the
total at 691 mbus, which is 1% behind a year ago and 19% below the 5-year
average pace. New crop sales registered nearly 15 mbus in new sales and
puts the commitments for next year at 94 mbus, which is double the total
in the books at this time last year. Hard red winter was the top seller
for new crop at 6.1 mbus, followed by hard red spring at 4.3 mbus. White
wheat saw 2.1 mbus in new bookings and soft red winter recorded 2.4 mbus.
Taiwan was the top new crop buyer last week with 3.9 mbus, with Unknown
booking 3.5 mbus of hard red winter wheat.
-Norm Ruhoff Contributing Analyst
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