Portland Grain Review 01/12

January 12, 2017 Portland Price Trends 01-02-16 08-01-16 12-01-16 01-05-17 01-12-17 #1 SWW (bu) 5.35 4.95 4.55 4.60 4.58 White Club 6.60 4.95 4.70 4.75 4.73 DNS 14% 6.17 6.03 6.53 6.70 6.95 HRW 11.5% 5.60 5.10 4.88 5.19 5.29 #2 Corn (ton) 159.00 158.00 148.00 163.00 163.00 #2 Barley 150.00 135.00 115.00 115.00 115.00 Wheat..Follow-through strength from today's crop report provided a lift to west coast wheat markets, reflected mostly in hard red winter and hard red spring prices as white wheat basis remains defensive. Current market structures in spring wheat futures had some exporters rolling bids to the May futures today. Weekly Sales...USDA reported total U.S. wheat sales rebounded from the prior week of extremely soft demand, coming in right at the 4-week average of 14.4 mb. Year-to-date sales now stand at 784 mb which is 33% ahead of last year and 7% above the five-year average pace. Top seller was hard red winter with 8 mb, putting demand for that class of wheat 91% ahead of last year and 25% above average. Hard red spring sales of 3.8 mb placed current year commitments at 253 mb; 33% above last year and 30% better than average. White wheat tallied 1.6 mb for the week, standing at 130 mb in sales which is 18% ahead of last year and on par with the five-year average pace. The majority of sales were registered to unknown, with Mexico and Nigeria also on the list of buyers for the week. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2017 DTN/Telvent. All Rights Reserved.