December 6, 2022

Portland Price Trends
12-01-21 01-01-22 11-01-22 11-29-22 12-06-22
#1 SWW (bu) 10.65 10.70 9.10 8.75 8.40
White Club 12.65 12.45 9.60 9.25 8.90
DNS 14% 11.30 10.78 11.10 10.14 9.73
HRW 11.5% 9.83 9.81 10.70 10.06 9.48
#2 Corn (ton) 255.00 274.00 311.00 300.00 288.00
#2 Barley 240.00 240.00 250.00 250.00 250.00

Wheat...A weaker futures complex weighed on all west coast wheat bids
in early week trade, with cash prices moving to the lowest levels since
early fall. For its part, white wheat has seen basis strengthen to 120
over the Chicago March futures; the strongest since late July. New crop
August bids are also surfacing, posted at $7.70 today.
Shipments...Weekly export inspections showed a modest uptick in U.S.
wheat shipments last week, coming in at 12.3 mb to put the year-to-date
total at 401 mb and 2% behind a year ago. Soft white wheat registered
a total of 5.1 mb for the week, while hard red winter and spring wheat
both moved about 3 mb. West coast port activity showed the Philippines
taking on 4 mb of white wheat along with 735,000 bushels going to Yemen.
China also took on more than 24 mb of soybeans.
Price Performance...Continued declines across the futures complex has
certainly weighed on west coast cash prices, as white wheat bids are now
near four-month lows, even with basis gaining 30 cents in recent weeks.
Hard red winter 14% protein bids, dark northern spring 14% protein and
Portland corn prices are all near three-month lows.

-Norm Ruhoff Contributing Analyst

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