September 12 2024
                                                                  
                                   Portland Price Trends
                 09-01-23    01-01-24    08-01-24    09-05-24   09-12-24
#1 SWW (bus)        6.80        6.65        5.65        5.75       5.95
White Club          7.05        7.15        5.65        5.90       6.10
DNS 14%             8.10        8.03        6.58        6.86       6.87
HRW 11.5%           7.43        6.97        6.04        6.34       6.41
#2 Corn (ton)     246.00      232.00      199.00      202.00     200.00
#2 Barley         200.00      180.00      150.00      150.00     150.00
 
   Wheat...West coast white wheat markets gained some footing this week,
as USDA announced a tender for nearly 5 mbus to be shipped to Yemen in
the coming months.  The news moved spot bids back toward the $6 mark and
firmed up basis to Chicago futures. Nearby basis for dark northern spring
and hard red winter also strengthened a dime over the past week.
   Weekly Sales...USDA showed the Pacific Rim contingent showed up in a
strong way last week, as export demand for U.S. wheat came in above the
four-week average at 17.4 mbus.  Year-to-date commitments now stand at
396 mbus, which is 37% ahead of a year ago and 3% above the average pace
of the past five years.  Hard red spring returned to top seller status,
securing 8.6 mbus in sales to put commitments 26% ahead of a year ago and
14% above average, at 130 mbus. White wheat booked 5.8 mbus and with 100
mbus in sale, sets 75% ahead of a year ago and 32% above average.  Hard
red winter saw another relatively soft week of demand with 2.6 mbus and
with 93 mbus in commitments, is 82% ahead of a year ago but 25% below the
five-year average pace.
   Top Buyers...Taiwan, The Philippines and South Korea each booked more
than 3 mbus of U.S. wheat last week to account for the majority of export
sales.  Japan also bought 2.4 mbus and Mexico purchased 1.9 mbus. 
   
                                   -Norm Ruhoff  Contributing Analyst

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