Portland Grain Review 01/06

January 6, 2017 Portland Price Trends 01-02-16 08-01-16 12-01-16 12-30-16 01-06-17 #1 SWW (bu) 5.35 4.95 4.55 4.53 4.57 White Club 6.60 4.95 4.70 4.68 4.72 DNS 14% 6.17 6.03 6.53 6.58 6.73 HRW 11.5% 5.60 5.10 4.88 5.03 5.18 #2 Corn (ton) 159.00 158.00 148.00 159.00 162.00 #2 Barley 150.00 135.00 115.00 115.00 115.00 Wheat...West coast wheat markets moved higher this week on gains across the futures complex. White wheat gains were tempered by a defensive basis, which slipped more than a dime from last week, while both hard red winter and spring wheat held steady. Hard red spring 14% protein bids rebounded to the best weekly close since early November. Weekly Sales..USDA revealed a surprisingly slow week of demand over the holiday week, with total sales coming in at about a third of the four-week average at 6.7 mb. Current marketing year sales stand at 770 mb, which is 33% ahead of a year ago and 7% above the five-year average pace. Hard red spring and soft red winter were top sellers for the week with 1.6 mb each. Hard red spring sales are now 34% ahead of a year ago and 31% ahead of the five-year average. Hard red winter recorded 1 mb, putting sales at 310 mb; up 88% over a year ago and 24% ahead of average. Soft white wheat saw new interest of less than a million bushels, remaining 19% ahead of a year ago and 2% ahead of the average pace with 128 mb in commitments. Buyers...Notables among the list of buyers who have increased purchases of U.S. wheat this year include Mexico and the Philippines, each booking 17 mb more than a year ago and both near 75 mb; China more than double a year ago with 35 mb; and Indonesia up 15 mb from last year with 26 mb bought. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2017 DTN/Telvent. All Rights Reserved.