Portland Grain Review 12/20

December 20, 2016 Portland Price Trends 12-01-15 01-01-16 11-01-16 12-13-16 12-20-16 #1 SWW (bu) 5.40 5.35 4.75 4.70 4.50 White Club 6.65 6.60 5.00 4.85 4.65 DNS 14% 5.69 6.17 6.34 6.53 6.56 HRW 11.5% 6.52 5.60 5.04 5.00 4.98 #2 Corn (ton) 159.00 154.00 145.00 158.00 157.00 #2 Barley 150.00 150.00 115.00 115.00 115.00 Wheat...Sagging Chicago futures and weaker basis levels pulled white wheat bids to a new marketing-year low in early week trade. A combination of slowed demand and extended river closure are keeping exporter bids on the defensive for white wheat, while both hard red spring and winters are seeing basis levels hold steady. An strong arctic blast across the winter wheat areas of the Pacific Northwest over the past week was met by a good layer of snow cover. Shipments...Weekly export inspections showed a modest rebound in total U.S. wheat loadings from the prior week, coming in at 17.6 mb to put year- to-date shipments at 536 mb and 422 ahead of last year. Hard red winter was top shipper with 7.3 mb, followed by a solid week for white wheat at 4.4 mb and hard red spring with 3.1 mb. Top destination across all ports was Japan, taking 5.7 mb off the west coast. A total of 3 mb was loaded for both Bangladesh and South Korea, accounting for the balance of wheat shipped off the PNW. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.