Portland Grain Review 08/02

August 2, 2016 Portland Price Trends 08-01-15 01-01-16 07-01-16 07-26-16 08-02-16 #1 SWW (bu) 5.70 5.35 5.05 5.17 4.85 White Club 6.45 6.60 5.05 5.17 4.95 DNS 14% 6.22 6.17 6.00 6.01 5.96 HRW 11.5% 5.64 5.60 4.82 5.17 5.06 #2 Corn (ton) 160.00 154.00 163.00 159.00 158.00 #2 Barley 159.00 150.00 140.00 135.00 135.00 Wheat...Curtailed export demand out of Japan over GMO concerns kept a defensive tone in west coast white wheat markets, as basis levels moved a nickel lower today and 20 cents below recent highs. On average, Japan ranks as the top buyer of U.S. soft white wheat over the past five years, accounting for about 20% of exports, and the current import restriction follows a similar suspension which lasted two months in May 2013. Farmer selling remains limited as current price levels and harvest have subdued marketing interest. Shipments...Export loadings of U.S. wheat continue to reflect improved demand so far this year, with total shipments registering the best weekly total since October 2014. Loadings off all ports totaled 24.3 mb, putting year-to-date shipments at 160 mb and 39% ahead of last year. Top shipper was hard red spring with 10.1 mb, followed by white wheat with 5.2 mb and hard red winter with 4.8 mb. Top destination was the Philippines, taking nearly 5 mb, but other notables included China, Yemen and South Korea. Crop Progress...Winter wheat harvest is progressing at an average pace across the Pacific Northwest with reports indicating above average yields and generally lower protein levels. Washington is reported 41% complete with winter wheat harvest and 14% cut on spring wheat; Idaho is posted at 21% complete on winter wheat and getting underway on spring wheat harvest. Oregon stands 64% harvested on winter wheat, while Montana is progressing ahead of average at 54% complete. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.