Hoffman Ag Services Thursday, January 26, 2023  
 
 
 
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                                                      January 26, 2023
                                                                  
                                   Portland Price Trends
                 01-01-22    08-01-22    12-01-22    01-19-23   01-26-23
#1 SWW (bu)        10.70        9.00        8.80        8.35       8.40
White Club         12.45        9.00        9.30        8.85       8.90
DNS 14%            10.78       10.08       10.18        9.84      10.00
HRW 11.5%           9.81       10.00       10.10        9.52       9.84
#2 Corn (ton)     274.00      279.00      295.00      297.00     299.00
#2 Barley         240.00      235.00      250.00      250.00     250.00

   Wheat...Confirmation of yet another good week of export demand for U.S.
wheat bolstered futures markets this week, and west coast cash markets saw
similar improvement. Nearby white wheat bids have recovered 20 cents from
recent lows, while both hard red winter 11.5% protein and dark northern 14
proteins are up 20 cents from last week.  Both protein wheat bid structures
show nearby bids flat and at a premium to deferred months.
   Weekly Sales..USDA showed another relatively good week of export demand
for U.S. wheat, reporting 18.4 mb in sales.  Year-to-date commitments now
stand at 589 mb, which is down 7% from a year ago and 12% below the 5-year
average pace.  White wheat was the big seller, garnering 8.7 mb to put the
current total at 149 mb; 32% ahead of a year ago but 29% below the average
pace.  Hard red winter saw a second week of renewed interest, drawing sales
of 4.5 mb to put commitments at 161 mb, which is 35% behind a year ago but
only 5% below average.  Hard red spring recorded 3.2 mb in new business and
with 176 mb in sales, sets 4% ahead of a year ago and 14% below average.
   Top Buyers...Japan took top buyer honors last week, booking nearly 4 mb
of various classes, followed by Mexico and Unknown with 3.3 mb each, South
Korea bought 2.7 mb and Taiwan committed to another 1.6 mb.
     
                                      -Norm Ruhoff  Contributing Analyst

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