Portland Grain Review 07/28

July 28, 2016 Portland Price Trends 07-01-15 08-01-15 06-01-16 07-21-16 07-28-16 #1 SWW (bu) 6.60 5.67 5.35 5.22 5.05 White Club 7.35 6.42 5.35 5.22 5.05 DNS 14% 7.47 6.19 6.29 6.01 6.02 HRW 11.5% 6.67 5.60 5.41 5.12 5.14 #2 Corn (ton) 180.00 160.00 179.00 159.00 157.00 #2 Barley 150.00 159.00 145.00 135.00 135.00 Wheat...West coast wheat markets drifted lower against a weaker futures complex this week, with basis holding steady on hard red winter and spring wheat but weakening on white wheat. An advancing wheat harvest with above average yields and weak prices are beginning to weigh on the front side of the market, with limited movement toward export markets backing up storage in country locations. Weather conditions remain hot and dry into next week which should trigger heavy harvesting in southeast Washington and northern Idaho winter wheat zones. Weekly Sales...USDA reported another fairly good week of demand for U.S. wheat, supported primarily by sales of hard red winter. Total sales came in at 18.6 mb, about 2 mb below the four-week average, putting year-to-date commitments at 359 mb; 27% ahead of a year ago and 1% below the five-year average pace. Hard red winter registered nearly 12 mb in sales and stands with 137 mb in commitments which is 78% ahead of last year and 14% ahead of the five-year average. Soft white recorded 2.8 mb in sales and at 64 mb is 36% ahead of a year ago and 12% ahead of average. Spring wheat sales came in a 2 mb to put year-to-date sales at 119 mb; 33% ahead of a year ago and 27% ahead of average. Top buyers for the week were Japan, Mexico, Unknown and Brazil. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.