Portland Grain Review 01/22

January 22, 2016 Portland Price Trends 01-01-15 08-01-15 12-01-15 01-15-16 01-22-16 #1 SWW (bu) 6.92 5.67 5.40 5.30 5.36 White Club 9.42 6.42 6.65 6.55 6.61 DNS 14% 8.45 6.19 6.52 6.22 6.17 HRW 11.5% 7.31 5.60 5.69 5.69 5.81 #2 Corn (ton) 192.00 160.00 159.00 159.00 162.00 #2 Barley 170.00 159.00 150.00 145.00 145.00 Wheat...West coast wheat markets remained relatively quiet through the week, with bids settling out slightly better against a relatively steady performance in the futures complex and firmimg basis levels. Aside from another weekly round of buying from Japan and some small donation tenders, demand remained limited. Recent Pacific Rim sales and slow farmer selling did firm-up hard red winter basis by 15 cents today. Weekly Sales...USDA reported an improved week of demand for US wheat as sales came in above the weekly pace needed to meet projections at 13.3 mb. Year-to-date sales stand 15% behind last year and 27% behind the five-year average pace at 603 mb. Hard red spring was top seller at 4.7 mb with soft white next in line at 3.2 mb. White wheat sales stand 8% behind last year and 20% below the five-year average at 113 mb. Topping the list of buyers for the week was Mexico with 3.6 mb, followed by Japan, the Philippines, Guatemala and Taiwan. Basis...Basis levels for west coast wheat remain reflective of limited demand, trading below five-year averages. Soft white basis to Chicago is now posted 20 cents below the five-year average at 60 over and at the low end of the current season range; hard red spring is bid 60 cents under the five-year average at 120 over; while hard red winter climbed back to near 20 cents over the five-year average with a move to 110 over today. -Norm Ruhoff Contributing Analyst Copyright 2016 DTN/Telvent. All Rights Reserved.