Portland Grain Review 03/17

March 17, 2016 Portland Price Trends 03-01-15 08-01-15 02-01-16 03-10-16 03-17-16 #1 SWW (bu) 6.77 5.67 5.32 5.13 4.99 White Club 9.27 6.42 6.57 5.43 5.19 DNS 14% 8.95 6.19 6.21 6.12 6.05 HRW 11.5% 6.75 5.60 5.60 5.63 5.46 #2 Corn (ton) 176.00 160.00 162.00 155.00 158.00 #2 Barley 170.00 159.00 145.00 145.00 145.00 Wheat...West coast wheat markets gave back a good share of recent gains today, following the retreat across the futures complex. A weak slate of export demand over the past week held nearby basis levels in check, and a front of moisture moving across western Kansas had hard red winter futures leading the charge lower today. Japan booked a total of 5.4 mb of wheat this week which included 2.3 mb of US wheat, 2.2 mb of Australian standard white wheat and 900,000 bushels of Canadian spring wheat. Weekly Sales...Aside from USDA raising the curtain on reclassification of sales to unkown, overall wheat export demand was disappointing, coming in at 7.8 mb over the past week. Soft white wheat sales were the highlight for the week, coming in at 5 mb for old crop, and another 2.4 mb recorded in new crop positions. The Philippines was the notable buyer in new crop, and bought 1.4 mb of old crop in addition to 2.7 mb sold to unknown. Dark northern spring wheat sales registered 1.2 mb, with USDA revealing a 3.6 mb sale to China switched out of the unknown category. Overall US wheat sales stand 18% behind a year ago; double the current expectation out of USDA for export sales to finish 9% behind a year ago. -Norm Ruhoff Contributing Analyst Copyright 2016 DTN/Telvent. All Rights Reserved.