Portland Grain Review 09/22

September 22, 2016 Portland Price Trends 09-01-15 01-01-16 08-01-16 09-15-16 09-22-16 #1 SWW (bu) 5.70 5.35 4.95 4.78 4.83 White Club 6.45 6.60 5.05 4.93 4.98 DNS 14% 6.36 6.17 6.03 6.06 6.21 HRW 11.5% 5.88 5.60 5.10 5.06 5.11 #2 Corn (ton) 161.00 154.00 158.00 155.00 155.00 #2 Barley 160.00 150.00 135.00 120.00 120.00 Wheat...West coast wheat prices remained generally range-bound again this week, as the wheat futures complex tested the upper end of a three week trading range. Basis levels held mostly steady to better through the week, with hard red spring basis strengthening by a nickel to move back in line with average for late September. White wheat basis at 80 over Chicago is 20 cents above the five-year average and hard red winter at 90 over KC is about a dime under the five-year average. Weekly Sales...USDA reported a rebound in U.S. wheat demand last week, coming in 20% above the four-week average at 20.6 mb. Year-to-date sales now stand at 495 mb which is 23% ahead of last year and 1% behind average. Hard red winter sales accounted for half the total with 10.2 mb, putting that class 85% ahead of last year and 20% ahead of the five-year average pace at 208 mb. Hard red spring sales also rebounded to 6.5 mb last week, placing current year sales 20% ahead of both last year and average. White wheat saw fairly limited buying interest last week, registering 1.6 mb to put sales 13% ahead of last year and 2% behind average at 80 mb. Top Buyers...Mexico placed as top buyer last week, booking a total of 4.6 mb, followed by Peru with 3.6 mb and Brazil with 3 mb; all helping to bolster hard red winter sales. The top five was rounded-out by Indonesia with nearly 3 mb and Japan buying 2.3 mb. China was also a notable with a 2 mb purchase of hard red spring wheat. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.