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                                                      July 11, 2024
                                                                  
                                   Portland Price Trends
                 07-01-23    08-01-23    06-01-24    07-05-24   07-11-24
#1 SWW (bus)        7.00        7.05        6.70        6.00       6.00
White Club          7.15        7.30        6.70        6.00       6.00
DNS 14%             8.79        9.05        8.04        7.03       6.97
HRW 11.5%           8.41        8.24        7.40        6.39       6.28
#2 Corn (ton)     261.00      254.00      220.00      212.00     198.00
#2 Barley         220.00      210.00      155.00      160.00     160.00
 
   Wheat...West coast cash wheat prices found some support from a modest
rebound across the futures complex on Thursday, holding white wheat bids
steady and putting the red wheats within a dime of last week.  After two
solid weeks of demand, traders saw world buyers move to the sidelines and
white wheat buyers are now booking into the fall months. 
   Weekly Sales...USDA showed global buyers stepped aside from the recent
buying spree, as U.S. wheat sales slipped to about a third of last week's
strong showing.  Weekly sales of 8.8 mbus places year-to-date commitments
at 262 mbus, which is 54% ahead of a year ago and 10% above the five-year
average pace.  White wheat was the top seller with 3.6 mbus, followed by
hard red spring with 2.6 mbus and hard red winter with 1.9 mbus.
   White Wheat Sales...With 62 mbus in commitments, white wheat sales are
off the to best start since the 2018-19 marketing year.  Relative to last
year at this time commitments are up 27 mbus. Contributing to the increase
is South Korea with purchases up 10.7 mbus; The Philippines up 7 mbus and
Indonesian commitments up 4.5 mbus.  
 
                                      -Norm Ruhoff  Contributing Analyst

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