March 31, 2023
                                                                  
                                   Portland Price Trends
                 03-01-22    08-01-22    01-01-23    03-24-23   03-31-23
#1 SWW (bu)        11.25        9.00        8.55        7.60       7.55
White Club         12.75        9.00        9.05        7.60       7.55
DNS 14%            11.59       10.08       10.19        9.42       9.72
HRW 11.5%          11.83       10.00       10.08        9.88       9.97
#2 Corn (ton)     313.00      279.00      302.00      284.00     286.00
#2 Barley         260.00      235.00      250.00      240.00     240.00

   Wheat..Wheat futures failed to catch a spark from post-report rallies
in corn and soybeans on Friday, and west coast cash wheat markets trailed
lower.  All wheat plantings came in at the top end of trade expectations
and weighed on the wheat side of the complex.  New crop bids for August 
delivery showed white wheat at $7.25, hard red winter 11.5% protein near
the $9.30 mark and dark northern spring 14% protein at $9.68.  
   Acreage...Pacific Northwest winter wheat acreage is expected to be up
6% from last year, and the largest area planted of the past three years.
Spring wheat plantings, however, are expected to see respective declines 
of 8% and 11% for Idaho and Washington.  Washington is expected to see a
2% increase in barley plantings, with bean and lentil acres also showing
respective increases of 13% and 26%.  
   Weekly Sales...USDA reported another lethargic week of export demand
for U.S. wheat, coming in well below the four-week average at 5.6 mb to
put commitments at 662 mb.  Year-to-date totals stand 5% behind a year
ago and 18% under the five-year average pace. Soft red winter accounted
for the majority of sales last week, and Mexico was the top buyer.  
   
                                    -Norm Ruhoff  Contributing Analyst

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