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MFA Agri Services of Iowa – Corydon, Leon and Lineville.
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December 5, 2023
Portland Price Trends
12-01-22 01-01-23 11-01-23 11-28-23 12-05-23
#1 SWW (bu) 8.80 8.55 6.85 6.75 6.80
White Club 9.30 9.05 7.35 7.25 7.30
DNS 14% 10.10 10.19 7.94 7.89 8.15
HRW 11.5% 10.18 10.08 6.90 6.65 7.13
#2 Corn (ton) 296.00 302.00 238.00 229.00 228.00
#2 Barley 250.00 250.00 180.00 180.00 180.00
Wheat...The rebound across the futures complex has been largely ignored
by west coast white wheat exporters, as cash prices held mostly flat early
week and nearby basis dropped by half from a week ago. Bids on the protein
wheats, however, reflected the gains in the respective futures markets as
dark northern spring prices were up 25 cents week on week while hard red
winter prices gained nearly 50 cents. A strong coastal front is bringing
good moisture to winter wheat production zones in the Pacific Northwest.
Shipments...Weekly export inspections showed a markedly slower pace of
export movement for U.S. wheat last week, coming in at just 6.8 mb. This
places year-to-date shipments 24% behind a year ago at 306 mb. Loadings
off the PNW showed a total of 4 mb of primarily hard red spring going to
Japan, South Korea and the Philippines. Exporter focus continues to be on
corn and soybeans, with China taking on nearly 10 mb of each last week.
-Norm Ruhoff Contributing Analyst
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