Portland Grain Review 12/22

December 22, 2015 Portland Price Trends 12-01-14 01-01-15 11-01-15 12-15-15 12-22-15 #1 SWW (bu) 7.29 6.97 5.75 5.55 5.37 White Club 9.99 9.47 7.55 6.80 7.62 DNS 14% 10.17 8.27 6.70 6.48 6.23 HRW 11.5% 7.77 7.31 6.02 5.82 5.65 #2 Corn (ton) 190.00 195.00 163.00 163.00 160.00 #2 Barley 160.00 170.00 150.00 150.00 150.00 Wheat...The holiday "drift" continued in early-week trade, as west coast wheat markets moved lower with declines across the futures complex. Exporter interest remains muted as demand remains limited to traditional Pacific Rim markets. As a result, basis levels remain somewhat defensive and are hugging the lower end of a five-year range. Shipments...Weekly export inspections revealed another fairly good week of wheat shipments, coming in at 17.5 mb; the best pace of loadings since early October. Total shipments stand 14% behind a year ago at 420 mb. Top shipper was hard red spring wheat with 6.8 mb, followed by hard red winter with 4.5 mb. White wheat shipments were also noteworthy with the best weekly tally in nearly 3 months with over 4 mb. Yemen accounted for over half of that total. Basis..West coast wheat basis levels have been reflective of a slower pace of demand, remaining somewhat defensive and weakening toward longer term average levels. Soft white at 65 over Chicago today stands 15 cents above the 10-year average; hard red winter at 95 over is 30 cents above average; and hard red spring at 95 over stands 20 cents below average. -Norm Ruhoff Contributing Analyst Copyright 2015 DTN/Telvent. All Rights Reserved.