Portland Grain Review 03/09

March 9, 2017 Portland Price Trends 03-01-16 08-01-16 02-01-17 03-02-17 03-09-17 #1 SWW (bu) 4.90 4.95 4.68 4.90 4.85 White Club 5.20 4.95 4.83 5.05 5.00 DNS 14% 5.95 6.03 6.91 6.93 6.74 HRW 11.5% 5.34 5.10 5.19 5.50 5.37 #2 Corn (ton) 153.00 158.00 169.00 175.00 165.00 #2 Barley 145.00 135.00 115.00 118.00 118.00 Wheat...West coast wheat markets trended lower this week, following the general decline across the futures complex. White wheat fared relatively well as basis levels firmed against Chicago futures, supported by a fairly strong week of demand. Export bids remained flat into June delivery. Weekly Sales...USDA showed total U.S. wheat sales of 14.4 mb, coming in slightly below the four-week average. Total year-to-date commitments stand at 922 mb, which is 37% ahead of a year ago and 6% above average. Hard red spring wheat was top seller with 4.8 mb, putting sales at 290 mb which is 30% ahead of last year and 26% ahead of average. White wheat registered a total of 3.9 mb, the best since mid-Janaury and putting current year sales at 162 mb; 30% above a year ago and 3% ahead of average. Hard red winter booked 3.1 mb and with 372 mb in commitments sets 93% ahead of a year ago and 24% above the five-year average pace. Top Buyers...Japan topped the list of U.S. wheat buyers last week with 2 mb, followed closely by Bangladesh. Yemen bolstered white wheat demand with 1.8 mb in purchases, followed by Mexico at 1.5 mb and the Philippines booking 1.4 mb. Crop Report...USDA made minor by-class revisions to exports this month, bumping both hard red spring and soft red winter exports 5 mb and lowering both white wheat and durum exports 5 mb each. -Norm Ruhoff Contributing Analyst Copyright 2017 DTN/Telvent. All Rights Reserved.