November 30, 2023
                                                                  
                                   Portland Price Trends
                 11-01-22    01-01-23    10-01-23    11-23-23   11-30-23
#1 SWW (bu)        9.10        8.55        6.60        6.85       6.80
White Club         9.60        9.05        6.95        7.35       7.30
DNS 14%           10.70       10.19        7.89        8.06       8.09
HRW 11.5%         11.10       10.08        7.17        6.74       6.97
#2 Corn (ton)    311.00      302.00      254.00      231.00     223.00
#2 Barley        250.00      250.00      180.00      180.00     180.00
 
   Wheat...West coast white wheat markets held to a mostly sideways trek
this week against an upward move in Chicago futures, weakening the nearby
basis in the process.  Confirmation of improved export demand supported
all classes of wheat this week, with hard red winter finally registering
some global buying interest.
   Weekly Sales...USDA reported a big week of export demand for U.S wheat
last week, coming in near 23 mb and at the upper end of the best level for
the marketing year to date.  Commitments now stand at 466 mb which is 6%
below a year ago and 19% under the five-year average pace. Soft red winter
was the top seller, driven by Chinese buying, recording 6.9 mb in sales to
put the current year tally at 108 mb.  This stands 33% ahead of a year ago
and 52% above average. Hard red winter registered 6.1 mb, the best week of
the marketing year, and with 88 mb in sales sets 34% behind a year ago and
54% below average. White white also had a good week, securing another 5 mb
in sales to put commitments at 99 mb; 17% behind a year ago and 24% below
the five-year average pace for late November.
   Top Buyers...China was top buyer with 7.3 mb of mostly soft red winter
and hard red winter, putting commitments at 37 mb compared to 22 mb a year 
ago. Unknown booked 5.5 mb, Mexico bought 2.4 mb and the Philippines bought 
2.2 mb over the past week.
                          
                                      -Norm Ruhoff  Contributing Analyst

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