Portland Grain Review 08/04

August 4, 2016 Portland Price Trends 08-01-15 01-01-16 07-01-16 07-28-16 08-04-16 #1 SWW (bu) 5.70 5.35 5.05 5.05 4.92 White Club 6.45 6.60 5.05 5.05 5.02 DNS 14% 6.22 6.17 6.00 6.02 5.06 HRW 11.5% 5.64 5.60 4.82 5.14 5.99 #2 Corn (ton) 160.00 154.00 163.00 157.00 159.00 #2 Barley 159.00 150.00 140.00 135.00 140.00 Wheat..West coast white wheat markets remained somewhat defensive for the week, with lack of new demand and the current suspension on shipments to Japan over GMO concerns weighing on bids. Carries remain prevalent in all the wheat markets, most notably in the hard red winter which shows a a 16 cent carry into October and is reflective of the KC futures market. Winter wheat harvest made good progress across the PNW this week, marked by most regions reporting above average yields and quality. Weekly Sales...Aside from another strong showing for hard red winter, USDA reported a dramatic reduction in sales for U.S. wheat over the past week. Total sales came in at 12 mb, with hard red winter accounting for 11 mb, putting year-to-date commitments at 370 mb which stands 18% ahead of last year and 4% behind the five-year average. Hard red winter demand is at 148 mb for the year, up 70% from last year and 14% above the five- year average. White wheat registered a net reduction of 900,000 bushels and at 63 mb is 17% ahead of last year and 3% above average. Red spring wheat sales slipped to just 100,000 bushels, holding 20% ahead of a year ago and 19% above the five-year average. Top Buyers...Nigeria was top buyer for the week with 5.4 mb, followed by Guatemala and South Korea at 1.9 mb each, and the Philippines booked 1.2 mb. Year-to-date commitments for all wheat show the Philippines as top buyer with 32.2 mb, followed by Mexico with 31.4 mb and Japan with 30.5 mb. South Korea and Nigeria round out the top five buyers with 21.6 mb and 19.8 mb, respectively. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.