Portland Grain Review 02/25

February 25, 2016 Portland Price Trends 02-01-15 08-01-15 01-01-15 02-18-16 02-25-16 #1 SWW (bu) 6.72 5.67 5.25 5.18 4.98 White Club 9.22 6.42 6.40 5.68 5.28 DNS 14% 8.76 6.19 6.13 6.13 6.02 HRW 11.5% 6.84 5.60 5.55 5.52 5.42 #2 Corn (ton) 180.00 160.00 153.00 160.00 156.00 #2 Barley 170.00 159.00 145.00 145.00 145.00 Wheat...It was a tough week for west coast wheat prices, as fresh mult- year lows across the futures complex translated into the same performance for cash wheat markets. Exporter bids rolled to the May futures, holding basis levels mostly steady in the process. Most notable changes continues to be the erosion of premiums for low protein white and club wheat. Bids showed max 10.5% protein club slipping to 30 cents over white wheat; off another 20 cents from last week and down $1.50 or more from premiums that were being posted last fall. Weekly Sales...USDA reported a better week of demand for US wheat last week, coming in at 14 mb to put total stales 17% behind last year. Hard red winter was top seller with 5.7 mb followed by hard red spring at 5.2 mb, which included 2 mb for China. Soft white demand held in-line with the recent pace at 1.3 mb. Top buyers for the week were unknown at 5 mb, followed by Japan and China. New Crop Bids...Export interest in new crop positions remains muted, as reflected in basis bids near "average" levels. Soft white wheat with a maximum 10.5% protein spec is bid about 15 cents above average August basis at 53 over; dark northern spring wheat is bid 100 over Minneapolis and hard red winter shows bid at 50 over September KC futures. -Norm Ruhoff Contributing Analyst Copyright 2016 DTN/Telvent. All Rights Reserved.