Portland Grain Review 10/20

October 20, 2016 Portland Price Trends 10-01-15 01-01-16 09-01-16 10-13-16 10-20-16 #1 SWW (bu) 5.80 5.35 4.68 4.80 4.75 White Club 7.60 6.60 4.78 5.00 5.00 DNS 14% 6.71 6.17 5.96 6.52 6.46 HRW 11.5% 6.27 5.60 4.96 5.09 5.18 #2 Corn (ton) 168.00 154.00 153.00 150.00 150.00 #2 Barley 155.00 150.00 125.00 115.00 115.00 Wheat...Weaker basis levels offset gains across representative futures markets for both white wheat and hard red spring this week, with hard red winter closing out today posting a week-to-week gain. Hard red winter bids are also more reflective of carries between December and March futures as that market shows a 12 cent carry into the January delivery slot. Weekly Sales..USDA reported another good week of sales for U.S. wheat, coming in slightly above the four-week average at 18.9 mb. Year-to-date demand has now moved above the five-year average pace for the first time since early July. At 567 mb, overall wheat sales are 27% ahead of a year ago. Sales were more evenly distributed this week, led by 6.2 mb of hard red winter, 5.2 mb of hard red spring and 5.1 mb of white wheat. Sales of soft white registered the third-best tally of the marketing year and the current year total is 19% ahead of last year and 4% ahead of average. Top Buyers...Making top listing amongst the global buyers this week was Mexico, booking 3.6 mb of mostly soft red winter and hard red spring wheat. Japan and South Korea tied for second place with 2.9 mb each, followed by Algeria with 2.3 mb and the Philippines with 1.8 mb. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.