Portland Grain Review 10/14

October 14, 2016 Portland Price Trends 10-01-15 01-01-16 09-01-16 10-07-16 10-14-16 #1 SWW (bu) 5.80 5.35 4.68 4.65 4.78 White Club 7.60 6.60 4.78 4.85 5.03 DNS 14% 6.71 6.17 5.96 6.42 6.48 HRW 11.5% 6.27 5.60 4.96 4.98 5.12 #2 Corn (ton) 168.00 154.00 153.00 153.00 154.00 #2 Barley 155.00 150.00 125.00 120.00 115.00 Wheat...Increased interest in U.S. wheat spurred short-covering across the wheat futures complex this week, helping pull west coast wheat markets higher. Gains were tempered in white wheat by weaker basis against Chicago futures, while hard red spring moved to the high end of the trading range in place since June. Weekly Sales...USDA reported a modest rebound in U.S. wheat sales over the past week, coming mainly on the shoulders of further interest in hard red winter wheat. Sales of 18 mb for the week were up nearly 30% from the prior week, putting year-to-date sales at 548 mb and 26% ahead of a year ago. Hard red winter secured two-thirds of the weekly total with 12.6 mb, putting sales for that class at 236 mb and 97% ahead of a year ago. Hard red spring booked 4.4 mb and with 167 mb in commitments stands 19% ahead of last year. Soft white wheat interest was disappointing, with less than a million bushels sold, leaving current year demand at 90 mb but 17% ahead of a year ago. Top Buyers...Morocco was the big buyer of U.S. wheat last week, booking 5.3 mb of hard red winter, followed by unknown with 3 mb. Thailand bought 2 mb, with Japan and Brazil rounding out the top-five buyers for the week at 1.2 mb each. Yemen was also notable with 1.1 mb in purchases. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.