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Mayfield Grain Company, Inc.

 

 
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                                                      April 18, 2024
                                                                  
                                   Portland Price Trends
                 04-01-23    08-01-23    03-01-24    04-11-24   04-18-24
#1 SWW (bu)        7.65        7.05        5.80        5.85       5.70
White Club         7.65        7.30        6.05        5.85       5.70
DNS 14%            9.77        9.05        7.34        7.31       7.27
HRW 11.5%         10.08        8.24        6.34        6.56       6.50
#2 Corn (ton)    290.00      254.00      213.00      220.00     218.00
#2 Barley        240.00      210.00      180.00      155.00     155.00
 
   Wheat...West coast wheat markets showed all wheat bids drifting a bit
lower from a week ago, with overall trading activity termed very light.
For its part, white wheat saw basis hold in the 30 over range relative
to Chicago futures, while hard red spring basis slipped a nickel against
the Minneapolis May futures and hard red winter held steady.   
   Weekly Sales...USDA revealed yet another Chinese cancellation of soft
red winter of nearly 5 mb, which left net old and new crop sales for the
week at 4.8 mb.  Old crop commitments now stand at 688 mb, which stands
1% above a year ago but 18% behind the five-year average pace. Top seller
in the old crop position was white wheat with 1.3 mb.  New crop sales of
8.2 mb put that total at more than double this time last year at 65 mb.
Hard red spring was top seller in the new crop position with 4.2 mb.
   Chinese Purchases..With recent soft red winter purchase cancellations,
Chinese purchases of U.S. wheat stand at 75 mb compared to 41 mb in place
at this time last year.  By class, China has purchased 52 mb of soft red
winter versus 6 mb last year; 9 mb of white wheat versus 29 mb last year
and 3.6 mb of hard red spring versus 4.8 mb a year ago. 
      
                                  -Norm Ruhoff  Contributing Analyst

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