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October 31, 2024
Portland Price Trends
10-01-23 01-01-24 09-01-24 10-24-24 10-31-24
#1 SWW (bus) 6.60 6.65 5.65 6.05 6.00
White Club 6.95 7.15 5.80 6.20 6.15
DNS 14% 7.89 8.03 6.60 6.88 6.76
HRW 11.5% 7.17 6.97 6.10 6.42 6.43
#2 Corn (ton) 254.00 232.00 197.00 212.00 206.00
#2 Barley 280.00 180.00 150.00 150.00 150.00
Wheat...Firming basis levels across all classes of wheat was apparent
this week, and backed by USDA confirming another week of relatively good
export demand. White wheat bids held within a nickel range through the
week, keeping basis above the 30 over mark against Chicago futures. Hard
red winter bids showed basis firming 20 cents and hard red spring basis
also moved a nickel higher.
Weekly Sales...USDA reported another respectable week of export demand
for U.S. wheat, coming in at 15.1 mbus and evenly spread between protein
and white wheats. Year-to-date commitments now set at 496 mbus, which is
22% ahead of a year ago and 2% above the five-year average pace. Hard red
winter was the top seller with 5.1 mbus and with 113 mbus in sales, sets
53% ahead of a year ago but 29% below average. White wheat booked 4.6 mbus
to put sales at 129 mbus, which is 49% ahead of a year ago and 26% above
average. Hard red spring also secured 4.6 mbus and with 164 mbus in sales,
sets 18% ahead of a year ago and 16% above average.
Top Buyers...Mexico was the top U.S. wheat buyer last week with 6.2 mbus,
followed by The Philippines with 2.9 mbus, Indonesia buying 2.2 mbus of soft
white, Japan with 1.5 mbus and Ecuador with 1.1 mbus.
-Norm Ruhoff Contributing Analyst
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