Portland Grain Review 02/24

February 23, 2017 Portland Price Trends 02-01-16 08-01-16 01-02-17 02-17-17 02-23-17 #1 SWW (bu) 5.30 4.95 4.53 4.82 4.87 White Club 6.55 4.95 4.68 4.97 5.02 DNS 14% 6.20 6.03 6.58 6.91 6.89 HRW 11.5% 5.62 5.10 5.03 5.46 5.44 #2 Corn (ton) 162.00 158.00 159.00 178.00 171.00 #2 Barley 145.00 135.00 115.00 115.00 115.00 Wheat...West coast wheat markets closed out the week generally in-line with the prior week for red wheats while wheat wheat bids advanced about a nickel. Recent price spikes have found some farmer selling interest and overall bid structures remain flat into May. Another week of open weather allowed for improved export movement off PNW ports. Weekly Sales...USDA reported overall U.S. wheat demand slipped a bit off the prior two week's pace, coming in at 16.6 mb to put year-to-date demand at 896 mb to stand 38% ahead of last year and 8% above the five-year average pace. Top seller was hard red winter with 9 mb, which now has booked 364 mb in commitments; up 94% over last year and 27% ahead of average. White wheat had a respectable week of interest with 3.2 mb, standing at 158 mb in sales which is 30% ahead of last year and 4% above average. Hard red spring saw a total of 2.9 mb booked and with 281 mb in commitments sets 32% better than a year ago and 28% ahead of average. Top Buyers...Japan registered as top U.S. wheat buyer last week with 3.6 mb, followed by Algeria with 3 mb, Mexico with 2.5 mb, Sri Lanka with 2.3 mb the Philippines with 2.1 mb. -Norm Ruhoff Contributing Analyst Copyright 2017 DTN/Telvent. All Rights Reserved.