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                                                      April 11, 2024
                                                                  
                                   Portland Price Trends
                 04-01-23    08-01-23    03-01-24    04-04-24   04-11-24
#1 SWW (bu)        7.65        7.05        5.80        5.75       5.85
White Club         7.65        7.30        6.05        5.75       5.85
DNS 14%            9.77        9.05        7.34        7.36       7.31
HRW 11.5%         10.08        8.24        6.34        6.47       6.56
#2 Corn (ton)    290.00      254.00      213.00      220.00     220.00
#2 Barley        240.00      210.00      180.00      155.00     155.00
 
   Wheat...Limited farm selling and an improved pace of export demand was
supportive for white wheat prices this week. Basis levels also firmed on
the drop in Chicago futures, posted at about 32 over the May futures and
up 25 cents from recent lows. 
   Weekly Sales...USDA reported a combined 13 mb in U.S. wheat sales for
both old and new crop positions last week.  Net old crop sales of 3 mb
place current year commitments at 692 mb, which is 3% ahead of a year ago
but 17% below the five-year average pace.  The Philippines was top buyer
for old crop with 2.3 mb.  New crop sales of 10 mb puts total commitments
at 57 mb for the coming year, up 31 mb from this time a year ago.  White
wheat saw 4.3 mb in new crop sales, with Japan accounting for 3.3 mb of
that total.
   Crop Report...USDA lowered mports and domestic use for U.S. wheat in
the updated estimates on Thursday, resulting in a 25 mb increase in the
carryout projection.  Hard red spring stocks were raised 20 mb, durum was
bumped 4 mb and white wheat stocks increased 6 mb. Ending stocks for hard
red winter were lowered 5 mb from last month.
   
                                  -Norm Ruhoff  Contributing Analyst

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