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                                                      September 29, 2022
                                                                  
                                   Portland Price Trends
                 09-01-21    01-01-22    08-01-22    09-22-22   09-29-22
#1 SWW (bu)        10.85       10.70        9.00        9.70       9.35
White Club         12.85       12.45        9.00       10.20       9.85
DNS 14%            10.34       10.78        9.77       10.48      10.49
HRW 11.5%           8.69        9.81        9.76       10.93      10.89
#2 Corn (ton)     240.00      274.00      276.00      304.00     300.00
#2 Barley         240.00      240.00      235.00      240.00     240.00

   Wheat...The weaker tone continued for west coast white wheat markets
this week, as nearby basis levels continued to drift lower. Nearby basis
for soft white to Chicago slipped under 40 cents this week, the lowest
it has been since early May.  Cash bid structures also developed modest
carries into November.  Hard red winter cash bids remain at an inverse,
while hard red spring bids are flat into January.   
   Weekly Sales...USDA reported the best level of export sales for wheat
in three weeks, but overall totals were still just above 10 mb. This puts
year-to-date sales at 393 mb, which stands 4% behind a year ago and 12%
behind the five-year average pace.  Top seller was soft red winter, which
registered 6.5 mb for the week to put total sales at 75 mb, standing 75%
ahead of a year ago and 18% above average.  Hard red spring booked 1.5 mb
and with 113 mb in commitments, sets 4% ahead of a year ago and 73% above
average. Soft white recorded 1 mb in new business, putting sales at 88 mb,
which is 19% ahead of a year ago but 26% below average.  Hard red winter
saw less than a million bushels in sales and with 88 mb in commitments is
setting 29% behind a year ago and 7% below the average pace.  Top buyer
for the week was Guatemala, buying 4.2 mb of mostly soft red winter.

                                  -Norm Ruhoff  Contributing Analyst

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