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                                                      February 23, 2024
                                                                  
                                   Portland Price Trends
                 02-01-23    08-01-23    01-01-24    02-16-24   02-23-24
#1 SWW (bu)        8.40        7.05        6.65        6.15       6.10
White Club         8.55        7.30        7.15        6.40       6.35
DNS 14%           10.02        9.05        8.03        7.40       7.37
HRW 11.5%         10.03        8.24        6.97        6.27       6.35
#2 Corn (ton)    296.00      254.00      232.00      218.00     219.00
#2 Barley        250.00      210.00      180.00      180.00     180.00
 
   Wheat...A weaker finish to the trading week in wheat futures weighed
on west coast wheat markets, which trended lower after seeing an early 
week spike. For the first time since the first of the year, exporters
saw a notable increase in farmer selling which also weighed on the soft 
white wheat market.  Old crop to new crop cash bids narrowed to a dime
this week for white wheat, with protein wheats showing a dime or more
premium to new crop.
   Weekly Sales...USDA reported a meager week of export demand for U.S.
wheat, coming in at just 8.6 mb and 5 mb below the 4-week average. This
places current year commitments at 8.6 mb, which sets 6% ahead of last
year but 13% off the 5-year average pace. Top seller was hard red winter
with 3.6 mb to put sales at 118 mb, which is running 30% behind a year
ago and 55% below average.  Soft red winter booked 2.1 mb and with 168
mb in sales, sets 73% ahead of a year ago and 88% above average.  White
wheat sold 1.1 mb, putting commitments at 135 mb which is 13% behind a
year ago and 20% below the average pace.  Japan was the top buyer last
week, securing 2 mb of mostly hard red winter wheat.

                                  -Norm Ruhoff  Contributing Analyst

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