May 9, 2024
                                                                  
                                   Portland Price Trends
                 05-01-23    08-01-23    04-01-24    05-02-24   05-09-24
#1 SWW (bu)         7.15        7.05        5.65        6.05       6.30
White Club          7.15        7.30        5.65        6.05       6.30
DNS 14%             8.76        9.05        7.30        7.91       7.94
HRW 11.5%           8.78        8.24        6.50        6.97       6.24
#2 Corn (ton)     271.00      254.00      220.00      218.00     220.00
#2 Barley         220.00      210.00      155.00      155.00     155.00
 
   Wheat...A rebound across the futures complex on Thursday saw bids on
west coast white wheat and hard red winter were somewhat defensive, as
nearby basis weakened.  For hard red winter, exporters removed the old
crop premium and evened out the bid structure. Warmer and drier weather 
is expected across the Pacific Northwest this weekend, and is coming on 
the heels of good rainfall over most wheat growing areas this past week. 
   Weekly Sales...USDA reported another relatively good week of export
demand for U.S. wheat, coming in at nearly 16 mbus between old and new 
crop positions.  Old crop sales of 1.5 mbus puts the current year sales
total at 692 mbus, which is on par with last year at this time but 19%
below the five-year average pace.  New crop sales came in at 14.9 mbus,
topped by 4.5 mbus for hard red spring, and places commitments for the
coming year at 109 mbus which sets 80% ahead of last year at this time.
New crop sales were spurred primarily by Mexico and Panama, with each
booking about 4.5 mbus of different classes of red wheat.
   
                                  -Norm Ruhoff  Contributing Analyst

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