Portland Grain Review 08/11

August 11, 2016 Portland Price Trends 08-01-15 01-01-16 07-01-16 08-04-16 08-11-16 #1 SWW (bu) 5.70 5.35 5.05 4.92 5.05 White Club 6.45 6.60 5.05 5.02 5.15 DNS 14% 6.22 6.17 6.00 5.06 5.12 HRW 11.5% 5.64 5.60 4.82 5.99 6.18 #2 Corn (ton) 160.00 154.00 163.00 159.00 159.00 #2 Barley 159.00 150.00 140.00 140.00 140.00 Wheat..West coast markets put in a mostly sideways week, settling out mostly unchanged today ahead of the crop report tomorrow morning. Basis levels on hard red spring did gain a nickel today. Demands remains well ahead of last year, but traders await a resolution on the current delay in western white wheat sales to Japan which is expected to be cleared-up by month end. Harvest has resumed through eastern Washington and north Idaho after brief showers this week. Weekly Sales...USDA reported a hefty rebound in U.S. wheat sales over the past week, coming in above 20 mb for the fourth time this marketing year to put total sales at 393 mb; 20% over a year ago but 2% below the five-year average pace. Top seller for the week was hard red winter at nearly 10 mb, putting that class 75% ahead of a year ago and 17% above the five-year average. White wheat followed at 4.5 mb and stands at 68 mb sold which is 17% ahead of a year ago and 3% above average. Hard red spring recorded 3.3 mb and with 123 mb in commitments stands 18% ahead of both last year and the five-year average. Soft red winter posted a total of 3 mb for the week and sets 39% behind last year and nearly 60% behind the five-year average. Top Buyers...Mexico was the top buyer last week with 4.8 mb, followed by Indonesia with 3.4 mb of mostly white wheat; unknown with 3.3 mb and Japan with 2.3 mb. Guatemala rounded out the top five for the week with 1.7 mb. Year-to-date sales activity shows the Philippines, South Korea, Brazil, Indonesia, Colombia and Thailand among the list of buyers with total commitments running 20% or more ahead of last year at this time. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.