Portland Grain Review 03/22

March 22, 2016 Portland Price Trends 03-01-15 08-01-15 02-01-16 03-15-16 03-22-16 #1 SWW (bu) 6.77 5.67 5.32 5.15 5.04 White Club 9.27 6.42 6.57 5.35 5.24 DNS 14% 8.95 6.19 6.21 6.19 6.10 HRW 11.5% 6.75 5.60 5.60 5.64 5.52 #2 Corn (ton) 176.00 160.00 162.00 158.00 159.00 #2 Barley 170.00 159.00 145.00 145.00 145.00 Wheat..West coast wheat markets posted a modest recovery in early-week trade, as basis levels held mostly steady on gains across the three wheat exchanges. Cash bids continue to hold above early March lows, and are now within a dime of recent highs. Japan is in the market this week, seeking a total of 4.6 mb for their May-June requirements, which includes 1.2 mb of US wheat, 1 mb of Canadian spring and 2.4 mb of Australian wheat. More heavy rains are hitting Pacific Northwest winter wheat production zones, improving expectations for improved ratings coming out in early April. Shipments...Weekly export shipments showed a solid week for U.S. wheat loadings, registering a total of 17 mb to put the year-to-date total near 600 mb and 12% behind a year ago. Top shipper for the week was hard red winter wheat, posting 7.8 mb comprised of 3.8 mb out of the Gulf loading mostly for Ethiopia and Honduras. Shipment of hard red spring wheat came in at 5.2 mb, with 3.5 mb off the PNW and the balance off the Gulf. Soft white recorded 2.9 mb, going mostly to the Philippines out of the PNW. -Norm Ruhoff Contributing Analyst Copyright 2016 DTN/Telvent. All Rights Reserved.