Portland Grain Review 11/03

November 3, 2016 Portland Price Trends 11-01-15 01-01-16 10-01-16 10-27-16 11-03-16 #1 SWW (bu) 5.68 5.35 4.65 4.80 4.80 White Club 7.48 6.60 4.85 5.10 5.05 DNS 14% 5.98 6.17 6.36 6.40 6.25 HRW 11.5% 6.62 5.60 5.02 5.07 5.00 #2 Corn (ton) 161.00 154.00 160.00 148.00 145.00 #2 Barley 150.00 150.00 120.00 115.00 115.00 Wheat..West coast white wheat markets spiked higher today, countering recent weakness in basis and triggering a modest amount of farm selling as prices hit the highest levels in over a month. Exporters jockeyed a bit, working to line-up pipeline supplies ahead of an extended closure of the river system which will begin in early December. Weekly Sales...USDA reported the second lowest week of demand for U.S. wheat of the marketing year, with overall sales coming in less than half the four-week average at 8.6 mb. Year-to-date commitments stand at 599 mb, which is holding 27% ahead of last year and 2% above the five-year average pace. Top seller for the week was hard red winter with 5.6 mb, keeping current year demand nearly double a year ago. Hard red spring registered a total of 2.3 mb, remaining 20% ahead of both last year and the five-year pace. White wheat saw a net reduction of 200,000 bushels and with 101 mb sold is 15% ahead of last year and 2% above average. Top Buyers...Mexico accounted for more than half of total sales last week, booking 5.2 mb of hard red winter. The Philippines bought 2.8 mb, followed by Venezuela, Colombia and Honduras committing to a total of 2 mb as a group. Year-to-date, the Philippines holds top buyer status for all wheat with 65 mb, which is up 31% from last year; Mexico has booked 62 mb and is up 34%; Japan with 54 mb is up 17%; Brazil with 37 mb is more than triple a year ago; South Korea is on track with purchases at this time last year with 31 mb; and Nigeria holds fifth place, having booked 26 mb which is down 30% from a year ago. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.