Portland Grain Review 05/05

May 5, 2016 Portland Price Trends 05-01-15 08-01-15 04-01-16 04-28-16 05-05-16 #1 SWW (bu) 6.20 5.67 5.14 5.28 5.25 White Club 7.70 6.42 5.34 5.48 5.45 DNS 14% 7.33 6.19 6.24 6.27 6.17 HRW 11.5% 6.07 5.60 5.52 5.49 5.28 #2 Corn (ton) 153.00 160.00 153.00 166.00 161.00 #2 Barley 140.00 159.00 140.00 145.00 145.00 Wheat...West coast wheat markets went adrift with the retreat across the futures complex this week, but a stronger white wheat basis did help offset some of the decline. Spot basis levels climbed more than a dime today, closing at 62 over Chicago July futures and moving above the ten- year average for the first time since early January. The near-term slate for export loadings had exporters pushing for spot delivery of remaining old crop white wheat. Warmer temps and occasional rain showers remain ideal for crop conditons across the Pacific Northwest. Weekly Sales...USDA reported total US wheat sales slipped to less than half the prior week, coming in at 6.5 mb to put year-to-date sales at 740 mb; down 13% from last year and 35 mb below current projections with four full weeks left in the marketing year. Hard red winter was the top seller with 3 mb, standing 12 mb short of USDA projections; hard red spring with 2.7 mb stands 6 mb under projections; soft white wheat saw negligible old crop interest and sets 5 mb short of projections; and soft red winter saw less than 1 mb sold, standing 3 mb under USDA projections. Total new crop wheat sales came in at 5.1 mb, putting commitments for the coming year at 93 mb compared to 106 mb at the end of April last year. By-class new crop sales show hard red spring up nearly 70% from this time last year; white wheat even with last year; hard red winter down 11%; and soft red winter down 60% from a year ago. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.