Portland Grain Review 01/03

January 3, 2017 Portland Price Trends 01-02-16 08-01-16 12-01-16 12-27-16 01-03-17 #1 SWW (bu) 5.35 4.95 4.55 4.55 4.50 White Club 6.60 4.95 4.70 4.70 4.65 DNS 14% 6.17 6.03 6.53 6.59 6.57 HRW 11.5% 5.60 5.10 4.88 5.04 4.99 #2 Corn (ton) 159.00 158.00 148.00 159.00 160.00 #2 Barley 150.00 135.00 115.00 115.00 115.00 Wheat...West coast wheat markets remained somewhat lethargic stepping into the new calendar year, as current price levels are attracting little interest at the farm level. White wheat basis continues to be defensive against any strength in Chicago and has moved under the ten-year average over the past week. Hard red spring wheat basis also remains under the ten-year average for early January, while hard red winter basis holds at about 15 cents above average. Seasonal indexes show a tendency for all wheat basis levels to strengthen into February and March. Shipments...Weekly export inspections showed a slowed holiday pace of U.S. wheat export loadings, coming in at 14.5 mb to put the current year total at 570 mb and 28% ahead of last year. Top shipper for the week was hard red spring with 5.6 mb off all ports, followed by hard red winter at 4.7 mb and soft white with 3.2 mb. The majority of shipments off the PNW ports went to the Philippines, taking a total of 5 mb, followed by Japan with 2.4 mb. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2017 DTN/Telvent. All Rights Reserved.