Portland Grain Review 08/18

August 18, 2016 Portland Price Trends 08-01-15 01-01-16 07-01-16 08-11-16 08-18-16 #1 SWW (bu) 5.70 5.35 5.05 5.05 5.15 White Club 6.45 6.60 5.05 5.15 5.25 DNS 14% 6.22 6.17 6.00 6.18 6.43 HRW 11.5% 5.64 5.60 4.82 5.12 5.21 #2 Corn (ton) 160.00 154.00 163.00 159.00 161.00 #2 Barley 159.00 150.00 140.00 140.00 130.00 Wheat...West coast wheat markets saw bids move modestly higher though the week, with the most notable gains being in hard red spring. Spreads between Minneapolis and Kansas continue to widen as millers seek protein blends for hard red winter wheat. Basis levels showed white wheat up a nickel versus Chicago for the week; hard red winter was unchanged at 100 over KC and hard red spring holding at the top end of a six-month range. Weekly Sales...USDA reported that weekly export demand for U.S. wheat held relatively solid over the past week, coming in right on track with the four-week average. New commitments of 18 mb put total year-to-date sales at 411 mb; 21% ahead of last year and 1% behind the five-year pace for mid-August. Top seller for the week was hard red winter wheat with 9.2 mb, putting sales for that class at 167 mb which stands 79% ahead of last year and nearly 20% above the five-year average. Hard red spring registered 6.3 mb and stands 20% ahead of both last year and five-year average pace. White wheat demand of 2.6 mb for the week placed sales at 63 mb; 18% ahead of a year ago and 5% above the five-year average. Top Buyers...Hard red winter wheat demand continues to be supported by demand from more traditional buyers, as Brazil registered as the top buyer this week with 3.4 mb. Taiwan booked 2.4 mb, Mexico came in at 2 mb, the Philippines at 1.9 mb and unknown bought 1 mb. Algeria was also in, booking 2 mb of hard red winter but cancelling a nearly 1 mb purchase of U.S. durum. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.