Portland Grain Review 05/26

May 26, 2016 Portland Price Trends 05-01-15 08-01-15 04-01-16 05-19-16 05-26-16 #1 SWW (bu) 6.20 5.67 5.14 5.30 5.40 White Club 7.70 6.42 5.34 5.50 5.60 DNS 14% 7.33 6.19 6.24 6.28 6.34 HRW 11.5% 6.07 5.60 5.52 5.33 5.47 #2 Corn (ton) 153.00 160.00 153.00 166.00 175.00 #2 Barley 140.00 159.00 140.00 145.00 145.00 Wheat...West coast wheat markets caught an updraft today, following in line with gains across the futures complex. Japan was also in the market this week, covering a total of 4.6 mb that included 2.4 mb of U.S. wheat, 1.1 mb of Canadian spring wheat and 1.1 mb of Australian standard white wheat. Spot basis levels are holding mostly steady on the protein wheats while white wheat softened a nickel today against Chicago. Bids remain mostly flat through July as exporters focus on rounding out purchases for remaining old crop sales. Weekly Sales...USDA showed old crop U.S. wheat demand taking a small net decline for the week, as sales rolled forward into new crop positions. Year-to-date sales now stand at 757 mb; down 12% from last year and 23 mb short of current USDA projections. New crop wheat sales registered in at 13 mb, putting new crop commitments at 142 mb and 13% ahead of this time a year ago. Protein wheats were the top sellers, with 5.5 mb booked for both hard red winter and spring wheat. Hard red winter new crop sales are now 25% ahead of last year and hard red spring wheat more than double last year. White wheat commitments for the coming year stand at 27 mb and 23% ahead of a year ago, while soft red winter sales are half of a year ago. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.