December 7, 2023
                                                                  
                                   Portland Price Trends
                 12-01-22    01-01-23    11-01-23    11-30-23   12-07-23
#1 SWW (bu)        8.80        8.55        6.85        6.80       6.90
White Club         9.30        9.05        7.35        7.30       7.40
DNS 14%           10.10       10.19        7.94        8.09       8.13
HRW 11.5%         10.18       10.08        6.90        6.98       7.17
#2 Corn (ton)    296.00      302.00      238.00      227.00     227.00
#2 Barley        250.00      250.00      180.00      180.00     180.00
 
   Wheat..Renewed Chinese buying spurred Chicago futures markets through 
the week, which resulted in west coast white wheat markets holding firm
but seeing sharply weaker basis levels.  Week to week nearby white wheat
basis slipped another 30 cents and down 80 cents from early last week.
   Weekly Sales...USDA reported a lighter week of export demand over the
past week, coming in at 13.1 mb to put the year-to-date total at 479 mb
which is 4% behind a year ago and 19% behind the five-year average pace.
Soft red winter was the top seller with 6.9 mb, putting sales at 108 mb
which stands 33% ahead of a year ago and 52% above average.  Red spring
wheat garnered 5.6 mb for the week and with 164 mb in commitments, sets
8% ahead of a year ago but 3% below average. Soft white wheat registered
another relatively good week with 4.2 mb in bookings, putting sales at
103 mb which is 15% behind a year ago and 23% below average.
   Top Buyers...Taiwan was the top wheat buyer last week, securing 4 mb
of mostly hard red spring wheat.  A prior Chinese white wheat purchase
of 2.5 mb was switched from unknown, Bangladesh bought 2 mb of hard red
spring, the Philippines booked 2 mb and Indonesia bought 1.9 of white
wheat.                           
                                   -Norm Ruhoff  Contributing Analyst

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