Portland Grain Review 07/21

July 21, 2016 Portland Price Trends 07-01-15 08-01-15 06-01-16 07-14-16 07-21-16 #1 SWW (bu) 6.60 5.67 5.35 5.30 5.22 White Club 7.35 6.42 5.35 5.30 5.22 DNS 14% 7.47 6.19 6.29 6.00 6.01 HRW 11.5% 6.67 5.60 5.41 5.12 5.12 #2 Corn (ton) 180.00 160.00 179.00 165.00 159.00 #2 Barley 150.00 159.00 145.00 135.00 135.00 Wheat...West coast exporters continued to ratchet basis levels higher on all classes of wheat this week, trying to counter weaker futures and trigger some farmer selling to cover recent demand. White wheat basis moved a dime higher from last week to 104 over, nearly 80 cents above average, and hard red winter basis has climbed 30 cents over the past two weeks to 105 over. Red spring wheat basis also firmed 15 cents to 115 over but remains slightly below the ten-year average. Weekly Sales...USDA reported a rebound in U.S. wheat sales over the past week, coming in at 17.6 mb to put total sales at 340 mb and 32% ahead of a year ago. Top seller for the week was hard red spring with 6.2 mb, putting sales at 117 mb and 46% ahead of last year. White wheat posted nearly 6 mb for the week, to put year-to-date sales at 61 mb and 33% ahead of last year. Hard red winter recorded 4 mb in sales and stands 84% ahead of a year ago at 125 mb. Top buyer for the week was registered as unknown, accounting for 5 mb of the total which consisted of mostly white wheat. Japan bought a total of 3 mb, China was a notable buyer with 2.2 mb of hard red spring and both Nigeria and Brazil covered about 1.2 mb each. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.