Portland Grain Review 04/12

April 12, 2016 Portland Price Trends 04-01-15 08-01-15 03-01-16 04-05-16 04-12-16 #1 SWW (bu) 6.87 5.67 4.90 5.16 5.02 White Club 9.37 6.42 5.10 5.36 5.32 DNS 14% 9.12 6.19 5.95 6.19 6.11 HRW 11.5% 7.04 5.60 5.34 5.48 5.32 #2 Corn (ton) 171.00 160.00 153.00 155.00 158.00 #2 Barley 160.00 159.00 145.00 140.00 140.00 Wheat...Firmer basis levels from late last week and a modest uptick in futures today delivered a modest reprieve west coast wheat markets today. White wheat basis to Chicago has strengthened by more than a dime over the past week, pushing above 50 cents at one point, while hard red winter 11.5% basis to Kansas City added back a dime since last week. Shipments...Weekly export inspections showed US wheat shipments holding above the 12 mb mark for the second straight week, putting the year-to-date tally at 630 mb and 13% behind a year ago. Top shipper was hard red spring with 6.6 mb, followed by soft white wheat with 2.4 mb. Indonesia, a large spring wheat buyer this year, accounted for the majority of loadings along with the Philippines. Crop Report...USDA ratcheted US wheat ending stocks up by 10 mb, driven primarily by reduced domestic demand as exports were left unchanged. Stocks were increased 8 mb each for hard red winter, hard red spring, and soft red winter, putting respective stocks-to-use ratios at 61%, 55% and 48%. White wheat saw exports increased and ending stocks decreased 8 mb to 47 mb; the lowest since 2007 and placing the stocks-to-use ratio 12% below a year ago at 19%. Durum stocks also declined 6 mb, for a stocks-use ratio of 25%. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.