Portland Grain Review 07/08

July 8, 2016 Portland Price Trends 07-01-15 08-01-15 06-01-16 07-01-16 07-08-16 #1 SWW (bu) 6.60 5.67 5.35 5.05 5.22 White Club 7.35 6.42 5.35 5.05 5.22 DNS 14% 7.47 6.19 6.29 6.00 6.01 HRW 11.5% 6.67 5.60 5.41 4.82 4.97 #2 Corn (ton) 180.00 160.00 179.00 163.00 163.00 #2 Barley 150.00 159.00 145.00 140.00 140.00 Wheat...Another solid week of demand for U.S. wheat was confirmed by USDA, helping explain stronger basis levels being posted for west coast white wheat. Spot basis levels for white wheat against Chicago climbed 20 cents this week, settling at 87 over September futures and 70 cents above the ten-year avereage for early July. Soft white wheat demand has averaged more than 4 mb per week over the past four weeks, and exporter interest in nearby ownership is apparent with bids remaining flat into September delivery positions. Weekly Sales...Global wheat importers went on a buying spree over the past week, as USDA showed a hefty total of 30.3 mb of U.S. wheat sold to a long list countries. Year-to-date U.S. wheat commitments now stand at 311 mb; 37% ahead of a year ago and 3% above the five-year average. Top seller for the week was hard red winter with 13.8 mb to put sales at 112 mb; 75% ahead of a year ago and 14% ahead of average. Sales of hard red spring were also solid at 11.5 mb, putting that class 61% above last year and 36% ahead of average. White wheat recorded another 4 mb week to put sales at 56 mb; 31% ahead of last year and 13% ahead of average. Top Buyers...USDA reported sales to unknown destinations of 12 mb as top buyer for the week. Rounding out the top five were the Philippines with 3.2 mb; Japan with 2.4 mb; Peru with 2 mb and Thailand with 1.9 mb. Malaysia, Taiwan and Brazil were all near the 1.5 mb mark. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.