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                                                      February 29, 2024
                                                                  
                                   Portland Price Trends
                 02-01-23    08-01-23    01-01-24    02-23-24   02-29-24
#1 SWW (bu)        8.40        7.05        6.65        6.10       6.05
White Club         8.55        7.30        7.15        6.35       6.30
DNS 14%           10.02        9.05        8.03        7.37       7.49
HRW 11.5%         10.03        8.24        6.97        6.35       6.57
#2 Corn (ton)    296.00      254.00      232.00      219.00     215.00
#2 Barley        250.00      210.00      180.00      180.00     180.00
 
   Wheat...West coast white wheat bids saw further drift this week as
the protein wheat markets gained some footing against higher futures.
Recent farm selling and very limited export demand continues to weigh
on white wheat prices.  Over the past two weeks, club wheat premiums
have also been cut in half to 25 cents over white wheat.
   Weekly Sales...USDA reported a modest bump in export demand for U.S.
wheat last week, coming in right in-line with the four-week average at
12 mb.  Year-to-date commitments set at 667 mb, which is 6% ahead of a
year ago but 13% below the five-year average pace. Top seller was hard
red spring, securing 5.9 mb to put sales at 223 mb which is 17% ahead
of a year ago and right at the average pace.  Hard red winter saw 2.6
mb in new bookings and with 121 mb in commitments, now sets 30% behind 
a year ago and 55% below average.  White wheat garnered 2.4 mb and with
137 mb in sales, stands 12% behind a year ago and 20% below average.

                                  -Norm Ruhoff  Contributing Analyst

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