Portland Grain Review 02/23

February 23, 2016 Portland Price Trends 02-01-15 08-01-15 01-01-15 02-16-16 02-23-16 #1 SWW (bu) 6.72 5.67 5.25 5.20 5.05 White Club 9.22 6.42 6.40 5.70 5.55 DNS 14% 8.76 6.19 6.13 6.11 6.01 HRW 11.5% 6.84 5.60 5.55 5.46 5.41 #2 Corn (ton) 180.00 160.00 153.00 159.00 158.00 #2 Barley 170.00 159.00 145.00 145.00 145.00 Wheat..West coast white wheat markets got off to a rough start for the week, drifting to new seasonal lows against fresh contract lows in Chicago and weaker basis levels. At today's close, white wheat prices settled at the lowest level since July 2010. Export demand remains only routine, as traditional Pacific Rim buyers entertain offers off the PNW, with South Korea booking 2.5 mb of U.S. wheat last night to cover a portion of their May and June requirements. Low-protein premiums of white and club wheat also remain defensive as western white buyers eye new crop potential. Shipments...Weekly export inspections showed 9 mb of wheat shipped off all US ports last week, putting year-to-date shipments at 529 mb and 13% behind a year ago. White wheat was top shipper with 3 mb, going mostly to Japan, but included donation shipments to Afghanistan and Bangladesh. Basis...West coast wheat basis levels generally remain reflective of a slow year of demand, trading well-below longer-term averages. White wheat basis at 52 over Chicago March today stands 35 cents below the ten-year average for mid-February; hard red spring at 115 over Minneapolis futures stands 80 cents below average; while hard red winter at 95 over KC March sets right at the 10-year average. -Norm Ruhoff Contributing Analyst Copyright 2016 DTN/Telvent. All Rights Reserved.