Portland Grain Review 03/10

March 10, 2016 Portland Price Trends 03-01-15 08-01-15 02-01-16 03-03-16 03-10-16 #1 SWW (bu) 6.77 5.67 5.32 4.98 5.13 White Club 9.27 6.42 6.57 5.28 5.43 DNS 14% 8.95 6.19 6.21 6.08 6.12 HRW 11.5% 6.75 5.60 5.60 5.51 5.63 #2 Corn (ton) 176.00 160.00 162.00 153.00 155.00 #2 Barley 170.00 159.00 145.00 145.00 145.00 Wheat...West coast wheat markets staged a modest recovery from multi- year lows placed last week, riding gains posted across the futures market for all three exchanges this week. Basis levels did weaken a bit, taking a dime out of the overall advance on the Minneapolis board for red spring wheat and a nickel off both hard red and white wheat. Beneficial moisture continues to stream across Pacific Northwest wheat growing regions. Weekly Sales...Pacific Rim demand supported US wheat sales last week, putting total sales at 12 mb to hold year-to-date sales at 17% behind a year ago at 675 mb. Sales by class again showed dark northern spring as top seller with 5.4 mb, followed by hard red winter with 3.6 mb and soft white wheat at 1.7 mb. Big buyers for the week were Japan and Taiwan at a combined 8 mb, followed by Mexico with 3 mb. Crop Report...USDA left the overall US wheat balance sheet unchanged from last month, swapping export revisions between hard red winter wheat and dark northern spring. Hard red winter exports were raised 10 mb and dark northern spring demand was reduced by a like amount. Implications to carryout show the stocks-to-use ratio for hard red winter now at 59%, dark northern spring at 54%, and soft red winter at 47%; all significant year-to-year increases. By comparison, soft white wheat stocks-to-use is showing an 8% decline from last year at 23%. -Norm Ruhoff Contributing Analyst Copyright 2016 DTN/Telvent. All Rights Reserved.