Portland Grain Review 06/30

June 30, 2016 Portland Price Trends 06-01-15 08-01-15 05-01-16 06-23-16 06-30-16 #1 SWW (bu) 6.03 5.67 5.33 5.22 5.13 White Club 7.53 6.42 5.53 5.22 5.13 DNS 14% 7.35 6.19 7.35 6.26 6.08 HRW 11.5% 6.31 5.60 6.31 5.15 4.92 #2 Corn (ton) 158.00 160.00 158.00 169.00 161.00 #2 Barley 150.00 159.00 150.00 140.00 140.00 Wheat...West coast wheat markets remained mostly adrift this week, moving lower with the futures complex. USDA did confirm another good week of demand for U.S. wheat, which helped firm-up white wheat basis levels. Notable this week was a change in hard red winter protein scales, which saw both premiums and discounts steepen from 11.5%; reflective of expectations for an upcoming harvest of lower protein wheat. Weekly Sales...USDA confirmed another solid week of export sales for U.S. wheat, as demand continues to outpace last year and returns toward average levels. Sales for all wheat came in at 23.7 mb, putting year-to-date demand at 280 mb; 31% ahead of a year ago and in line with the five-year average. Top seller was hard red winter, registering a totalof 12 mb to put sales at 98 mb; 51% ahead of last year and 4% above the five year average pace. Hard red spring recorded 6.8 mb and stands 57% ahead of last year at 96 mb. Soft white registered 4.6 mb in new commitments and is now 38% ahead of last year and 12% ahead of the five-year average pace at 52 mb. Top Buyers...A large slate of buyers showed interest in U.S. wheat last week, topped by 4.3 mb in purchases by South Korea. Colombia also recorded 3 mb followed by Indonesia with 2.5 mb, both mostly hard red winter. Other countries rounding out the top five were Venezuela and the Philippines. Stocks & Acreage..Updated stocks numbers from USDA showed inventories of wheat up 12% from last year for the Pacific Northwest. Overall plantings of wheat for the three-state region are down only slightly from 2015 coming in at 4.29 mln acres. A slight increase in winter wheat plantings offset most of the decline in spring wheat plantings for Washington, where spring acres declined 13% from last year. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.