May 31, 2024
                                                                  
                                   Portland Price Trends
                 05-01-23    08-01-23    04-01-24    05-24-24   05-31-24
#1 SWW (bus)        7.15        7.05        5.65        6.80       6.75
White Club          7.15        7.30        5.65        6.80       6.75
DNS 14%             8.76        9.05        7.30        8.28       8.08
HRW 11.5%           8.78        8.24        6.50        7.61       7.46
#2 Corn (ton)     271.00      254.00      220.00      228.00     230.00
#2 Barley         220.00      210.00      155.00      155.00     155.00
 
   Wheat...West coast white wheat bids held up relatively well through
the week, with nearby basis strengthening for the first time in several
weeks.  Export sales showed a long list of white wheat buyers over the
past week, and U.S. white wheat sales are off to the best starts of the
past five years. 
   Weekly Sales...USDA reported net old and new crop sales of nearly 12
mbus, built mostly on hard red winter and white wheat sales.  New crop
sales of 14 mbus puts commitments for the 2024/25 marketing year at 142
mbus, which is 45% ahead of last year at this time.  Hard red winter was
top seller with 5.1 mbus, putting new crop commitments at 33 mbus which
is nearly double that of a year ago. White wheat saw another 3.8 mbus in
new crop business and with 37 mbus in sales, also sets nearly double what
was in this books this time last year. Hard red spring new crop sales of
47 mbus are up 20 mbus over last year.
   Top Buyers...Unknown was the top U.S. wheat buyer last week, booking
3 mbus across all classes. Brazil bought 2.2 mbus, Indonesia rolled a 2 
mbus old crop booking to new crop, and both Japan and Mexico purchased
1.7 mbus each.
                                   -Norm Ruhoff  Contributing Analyst

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