July 25, 2024
                                                                  
                                   Portland Price Trends
                 07-01-23    08-01-23    06-01-24    07-18-24   07-25-24
#1 SWW (bus)        7.00        7.05        6.70        5.75       5.75
White Club          7.15        7.30        6.70        5.75       5.75
DNS 14%             8.79        9.05        8.04        6.73       6.74
HRW 11.5%           8.41        8.24        7.40        6.04       6.11
#2 Corn (ton)     261.00      254.00      220.00      203.00     205.00
#2 Barley         220.00      210.00      155.00      160.00     160.00
 
   Wheat...West coast cash wheat prices found a bit of stability this week
and closed out Thursday mostly in line with the prior week.  Nearby basis 
for 11.5% protein hard red winter wheat strengthened by a dime but held
steady for soft white and dark northern spring wheat.
   Weekly Sales...USDA revealed a weaker pace of export demand last week
as the weekly total of 11.4 mbus was about half the four-week average pace.
Year-to-date commitments now stand at 295 mbus, with is up 55% from a year
ago and 6% above the five-year average pace.  Soft white wheat was the top
seller with 4.1 mbus and with 71 mbus in commitments, sets double the pace
of last year and 33% above average.  Hard red spring garnered 3.3 mbus to
put sales at 101 mbus, which is 62% ahead of a year ago and 26% better than
average. Hard red winter recorded 2.7 mbus in new sales, which puts current
year commitments at 74 mbus; 93% ahead of a year ago but 19% below average.
   Top Buyers...South Korea was the top U.S. wheat buyer last week with 3.8
mbus, followed by Nigeria with 2.2 mbus and Japan with 1.8 mbus. Italy was
a buyer of 1.5 mbus of hard red spring and Brazil bought 1.2 mbus of hard 
red winter wheat.
                                       -Norm Ruhoff  Contributing Analyst

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