Portland Grain Review 04/21

April 21, 2016 Portland Price Trends 04-01-15 08-01-15 03-01-16 04-14-16 04-21-16 #1 SWW (bu) 6.87 5.67 4.90 5.15 5.32 White Club 9.37 6.42 5.10 5.45 5.62 DNS 14% 9.12 6.19 5.95 6.17 6.28 HRW 11.5% 7.04 5.60 5.34 5.45 5.73 #2 Corn (ton) 171.00 160.00 153.00 161.00 165.00 #2 Barley 160.00 159.00 145.00 140.00 140.00 Wheat...Defensive basis levels and a setback across the wheat futures complex trimmed week-to-week gains for west coast wheat prices today, but prices still closed well above last Thursday for white wheat and hard red winter. Basis levels for white wheat pulled back another nickel today as farm selling from the spike in price levels this week weighed on all the wheat markets; hard red winter basis slipped a nickle and hard red spring basis weakened by a dime. Warmer weather is advancing spring field work across the Pacific Northwest this week and benefitting winter wheat crops. Export Sales...USDA reported an improved week of sales for US wheat as old crop sales came in more than 50% above a battered four-week average. Weekly sales of 10.8 mb moved year-to-date US wheat demand to 721 mb and 17% behind last year; 31% behind the five-year average. Some rolling of old crop sales pushed new crop sales to 12 mb for the week. Top buyers for the week were Japan, Indonesia, the Philippines, Thailand and Chile. Hard red winter was top seller for the week with 4.9 mb, followed by an impressive rebound in white wheat demand at 3.7 mb. Year-to-date sales of soft white stand 7% behind last year and 22% off the five-year pace. Total new crop sales for U.S. wheat stand 22% ahead of last year at this time last year, coming primarily from improved demand for red spring and white wheat. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.