September 21, 2023
                                                                  
                                   Portland Price Trends
                 09-01-22    01-01-23    08-01-23    09-14-23   09-21-23
#1 SWW (bu)        8.90        8.55        7.05        6.85       6.80
White Club         9.40        9.05        7.30        7.10       7.05
DNS 14%            9.66       10.19        9.05        8.32       8.22
HRW 11.5%          9.88       10.08        8.24        7.54       7.39
#2 Corn (ton)    296.00      302.00      254.00      253.00     254.00
#2 Barley        235.00      250.00      210.00      200.00     190.00
 
   Wheat...Another good week of demand for U.S. white wheat provided good
footing for west coast cash bids, as prices held within a 10 cent range
over the past week. Nearby basis is also hovering near the top end of the
range posted over the past year.  Diminished prospects for the Australian
crop remains supportive.
   Weekly Sales...USDA reported a setback in U.S. wheat export demand for
the past week, coming in at the lowest level since late July. Total sales
of 11.3 mb came in 20% below the four-week average, placing commitments at
317 mb which is 17% behind a year ago and 26% below the five-year average
pace.  White wheat was the top seller for the week, seeing the third week
of sales above 4 mb and with 67 mb in commitments, sets 23% behind a year
ago and 26% below average.  Hard red spring secured 3.5 mb to put sales at
113 mb, which is 1% ahead of a year ago but 8% below average.  Sales for
soft red winter came in at 1.8 mb to put commitments at 72 mb, standing 6%
ahead of a year ago and 29% above average. 
   Top Buyers...The Philippines was top U.S. wheat buyer last week with 2.7
mb, followed by South Korea with 2 mb, Unknown at 1.8 mb and Indonesia with
1 mb of white wheat.

                                    -Norm Ruhoff  Contributing Analyst

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