June 2, 2023
                                                                  
                                   Portland Price Trends
                 06-01-22    08-01-22    05-01-23    05-26-23   06-02-23
#1 SWW (bu)        11.00        9.00        7.15        7.10       7.20
White Club         11.50        9.00        7.15        7.10       7.20
DNS 14%            12.77       10.08        8.76        8.98       8.85
HRW 11.5%          12.38       10.00        8.77        8.89       8.70
#2 Corn (ton)     322.00      279.00      271.00      272.00     270.00
#2 Barley         275.00      235.00      220.00      220.00     220.00
 
   Wheat...A rebound across the futures complex, most pronounced in the
spring wheat market, helped west coast cash wheat prices recover ground
late this week. After hitting a two-year low in early week trading, soft
white wheat recovered 25 cents, with exporters pushing front month bids
to attract some coverage for spot shipments.  Hard red winter was up 20 
cents and red spring gained 25 cents.   
   Weekly Sales...USDA reported net sales of 9.4 mb for U.S. wheat with
7.7 mb of old crop rolling into new crop.  Sales for the new marketing
year of 17.1 mb puts that total at 98 mb, which is 39% behind totals in
place at this time last year. Carryout stocks for the 2022/23 marketing
year will likely see an upward revision as even with donations, overall
wheat sales stand about 50 mb below current USDA projections.  Hard red
spring and soft red winter are each within 10 mb of projections, while
hard red winter sales and white wheat both stand about 20 mb below the
most recent USDA estimate. 

                                  -Norm Ruhoff  Contributing Analyst

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