Portland Grain Review 03/15

March 15, 2016 Portland Price Trends 03-01-15 08-01-15 02-01-16 03-08-16 03-15-16 #1 SWW (bu) 6.77 5.67 5.32 5.02 5.15 White Club 9.27 6.42 6.57 5.32 5.35 DNS 14% 8.95 6.19 6.21 6.09 6.19 HRW 11.5% 6.75 5.60 5.60 5.51 5.64 #2 Corn (ton) 176.00 160.00 162.00 154.00 145.00 #2 Barley 170.00 159.00 145.00 145.00 158.00 Wheat...West coast wheat markets made some headway over the past week, ppsting one-month highs in white wheat prices and both hard red winter and dark northern spring hitting six-week highs. Overall gains were muted by defensive basis levels, with nearby basis for red winters and springs down another nickel this week, while white wheat held mostly steady. Premiums on both low protein white and club wheat continue to erode, as bids on the 10.5% max protein club pulled back another dime to 20 over white wheat. Shipments..Weekly export inspections showed total US wheat shipments on track with the past few weeks near the 15 mb mark; on the pace needed to meet USDA projections and holding year-to-date loadings 12% behind a year ago. Hard red winter was top shipper with 5.5 mb, followed by red spring at 4.6 mb. Soft white came in at 2.5 mb, going mostly to the Philippines, and soft red winter recorded 2.3 mb. New Crop...Bids for west coast wheat new crop deliveries show basis on white wheat slightly above average August levels, while basis on protein wheat are slightly below average. White wheat basis for August is bid at 40 over Chicago, 15 cents over the 10-year average, but carries with it a max 10.5% protein requirement; dark northern spring 14% protein is posted a nickel below the 10-year average at 95 over; and hard red winter 11.5% protein is a dime below the average at 50 over KC September futures. -Norm Ruhoff Contributing Analyst Copyright 2016 DTN/Telvent. All Rights Reserved.