Portland Grain Review 09/29

September 29, 2016 Portland Price Trends 09-01-15 01-01-16 08-01-16 09-22-16 09-29-16 #1 SWW (bu) 5.70 5.35 4.95 4.83 4.72 White Club 6.45 6.60 5.05 4.98 4.87 DNS 14% 6.36 6.17 6.03 6.21 6.30 HRW 11.5% 5.88 5.60 5.10 5.11 5.07 #2 Corn (ton) 161.00 154.00 158.00 155.00 152.00 #2 Barley 160.00 150.00 135.00 120.00 120.00 Wheat...With the exception of hard red spring wheat, west coast wheat markets once again spent the week holding within relatively narrow price ranges. White wheat actually broke to the low end of a six-week trading range, while hard red spring wheat has been displaying some independent strength. Limited farmer selling and demand for protein has firmed basis, and a break above resistance in Minneapolis futures has pushed hard red spring bids to the upper end of a six-week trading range. Weekly Sales...USDA reported U.S. wheat saw another good week of sales, coming in on-track with last week and 20% ahead of the four-week average. Top seller for the week was hard red winter, securing 12 mb to put demand for the current year at 220 mb; nearly double last year and 21% ahead of the five-year average. White wheat recorded the best week of sales this year with 6.5 mb, putting year-to-date sales at 87 mb which is 21% ahead of last year and 3% above average. Hard red spring sales slipped back to 2.2 mb for the week, but at 220 mb current year sales stands 20% ahead of last year and 16% above average. Top Buyers...Morocco accounted for nearly half the total sales of hard red winter last week, topping all buyers with 5.3 mb. Mexico also booked mostly hard red winter with an additional 4.1 mb commitment, followed by the Philippines with 3.9 mb of mostly hard red spring. Unknown was a big buyer of soft white with 3.5 mb, and South Korea rounded-out the top five for the week with 2 mb spread over all classes of wheat. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.