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                                                      March 14, 2024
                                                                  
                                   Portland Price Trends
                 03-01-23    08-01-23    02-01-24    03-07-24   03-14-24
#1 SWW (bu)        8.10        7.05        6.40        5.50       5.35
White Club         8.10        7.30        6.90        5.75       5.50
DNS 14%            9.48        9.05        7.81        7.45       7.43
HRW 11.5%          9.56        8.24        6.81        6.45       6.43
#2 Corn (ton)    278.00      254.00      226.00      213.00     220.00
#2 Barley        250.00      210.00      180.00      170.00     160.00
 
   Wheat...Another week and further declines in west coast white wheat
markets, as U.S. price levels have yet to attract any significant export
demand.  Chicago futures also drifted from recent gains on the official
word of Chinese purchase cancellations.  Export bids show prices posted
flat into new crop months, with old crop basis about a nickel above the
nearby Chicago futures, with new crop basis bid at 25 under the Chicago 
September futures.
   Weekly Sales...USDA officially accounted for nearly 4 mb in soft red
winter wheat purchases from China and with that, weekly sales came in at
only 3.1 mb for the week.  Year-to-date commitments now stand at 680 mb,
which is 4% ahead of a year ago but 14% below the five-year average pace.
Hard red winter notched a net of 3.2 mb in sales for the week, which did
include a 2.4 mb switched from unknown to China. Sales of 125 mb set 29%
behind a year ago and 55% below average.  Soft white registered 2.3 mb in
new business, putting sales at 142 mb which is 14% behind a year ago and
20% below average.  Hard red spring booked 1.5 mb and with 230 mb on the
books, sets 16% ahead of a year ago and on par with average.
   New Crop Sales...Another 2.9 mb was registered for wheat sales in the
2024/25 marketing year, putting sales at 19 mb compared to 24 mb a year
ago.  New crop commitments to date include 3.5 mb for Mexico, 2.6 mb for
the Philippines and 1.2 mb of hard red spring wheat for Egypt.

                                    -Norm Ruhoff  Contributing Analyst

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