Portland Grain Review 09/01

September 1, 2016 Portland Price Trends 09-01-15 01-01-16 08-01-16 08-25-16 09-01-16 #1 SWW (bu) 5.70 5.35 4.95 4.90 4.68 White Club 6.45 6.60 5.05 5.00 4.78 DNS 14% 6.36 6.17 6.03 6.14 5.96 HRW 11.5% 5.88 5.60 5.10 5.22 4.96 #2 Corn (ton) 161.00 154.00 158.00 157.00 154.00 #2 Barley 160.00 150.00 135.00 130.00 125.00 Wheat...New lows across the Chicago futures complex translated into fresh six-year lows for west coast white wheat markets this week. Demand has generally slowed from a solid early-season start, which combined with heavy harvest logistics has put a carry back into export bids. The retreat in hard red winter bids triggered loan deficiency payments for that class of wheat this week. Weekly Sales...USDA reported total U.S. wheat sales drifted lower for the third straight week, posting a marketing-year low over the past week at 10.3 mb. Year-to-date sales now stand at 435 mb; 18% ahead of a year ago but 3% below the five-year average. Hard red winter recorded nearly half the weekly total with 4.8 mb and current year demand sets 69% above a year ago and 13% ahead of average. Hard red spring secured 3.8 mb for the week, setting nearly 20% ahead of both last year and five-year pace. Soft white notched another 2.3 mb for the week and with 73 mb in current year sales stands 16% ahead of last year and 3% ahead of average. Top Buyers...Brazil posted their largest U.S. wheat purchase of hard red winter for the year over the past week to register as top buyer for the week. The Philippines, South Korea, China and Taiwan rounded-out the top five buyers for the week. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.