Portland Grain Review 06/03

June 3, 2016 Portland Price Trends 06-01-15 08-01-15 05-01-16 05-27-16 06-03-16 #1 SWW (bu) 6.03 5.67 5.33 5.42 5.50 White Club 7.53 6.42 5.53 5.62 5.50 DNS 14% 7.35 6.19 7.35 6.28 6.39 HRW 11.5% 6.31 5.60 6.31 5.45 5.59 #2 Corn (ton) 158.00 160.00 158.00 158.00 180.00 #2 Barley 150.00 159.00 150.00 150.00 145.00 Wheat...The holiday-shortened week finished on a positive note, with west coast wheat prices tracking higher with gains across the the futures complex. White wheat basis was a bit defensive however, moving about a dime lower through the week with bids on all wheats holding mostly flat into July. Pacific Northwest crop conditions remain nearly ideal across the three-state region, with unseasonably warm temperatures expected to prevail through the weekend and into early next week. Weekly Sales...USDA reported net old crop wheat sales of 3.9 mb last week, putting the year-to-date total at 761 mb and 11% below a year ago. Notable for west coast demand was a 1.9 mb white wheat sale registered to Yemen. New crop wheat sales totaled 14 mb to put commitments for the coming year at 156 mb and 12% ahead of a year ago. Top seller was hard red winter with 8 mb, garnering interest from traditional buyers which included Nigeria, Brazil, and Mexico. New crop hard red winter sales are now running 37% ahead of last year, hard red spring demand is 70% ahead of a year ago and white wheat up 12%. Soft red winter sales are running 50% behind a year ago. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.