Portland Grain Review 09/15

September 15, 2016 Portland Price Trends 09-01-15 01-01-16 08-01-16 09-08-16 09-15-16 #1 SWW (bu) 5.70 5.35 4.95 4.82 4.78 White Club 6.45 6.60 5.05 4.92 4.93 DNS 14% 6.36 6.17 6.03 6.07 6.06 HRW 11.5% 5.88 5.60 5.10 5.08 5.06 #2 Corn (ton) 161.00 154.00 158.00 155.00 155.00 #2 Barley 160.00 150.00 135.00 125.00 120.00 Wheat...Relatively narrow trading ranges across the futures complex and steady basis levels made for a fairly quiet week of trading for west coast markets this week. All wheat markets saw a range of only about a nickel for the week, with protein wheat markets bid mostly flat through December. Weather remains open for the completion of dry bean harvest across the Pacific Northwest. Weekly Sales...USDA reported overall wheat sales tailed-off from last week, coming in under the four-week average at 14.8 mb. Commitments for the current year now stand at 474 mb which sets 21% ahead of a year ago and 2% below the five-year average. Top seller for the week was hard red winter wheat with 6.9 mb, putting sales for that class 79% ahead of last year and 17% ahead of average. Hard red spring saw 3.7 mb booked, which places year-to-date demand 20% ahead of both last year and the five-year average. White wheat was the only class of wheat to beat the four-week average, as Japan returned to the market after recent GMO concerns and helped bump sales to 3 mb for the week. Year-to-date commitments show soft white demand is 14% ahead of last year and in-line with average. Top Buyers...Japan topped all buyers for the week with 3.3 mb of new commitments as they stepped back into the white wheat market. Coming in near the 2.5 mb mark were the Philippines and Sri Lanka. Rounding-out the top five were Algeria and Taiwan, both near the 2 mb level. Overall white wheat sales for the year show the Philippines as top buyer by a large margin, followed by Japan and South Korea. Included amongst the top ten soft white buyers are Indonesia, Yemen and Sri Lanka. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.