Portland Grain Review 05/18

May 18, 2017 Portland Price Trends 05-01-16 08-01-16 04-01-17 05-11-17 05-18-17 #1 SWW (bu) 5.33 4.95 4.82 4.88 4.90 White Club 5.53 4.95 4.97 5.03 5.05 DNS 14% 6.21 6.03 6.66 6.73 6.68 HRW 11.5% 5.31 5.10 4.94 5.10 4.97 #2 Corn (ton) 167.00 158.00 160.00 158.00 157.00 #2 Barley 145.00 135.00 120.00 125.00 125.00 Wheat..Firm basis levels on white wheat helped support flat price bids this week, as west coast exporters continued to work on generating farmer selling interest. Export shipments have been solid the past few weeks and the need to fill the pipeline for recent sales remains apparent. Hard red winter and spring wheat basis levels remained steady through the week. Weekly Sales...USDA reported a fairly good week of demand for wheat as combined old and new crop sales came in above 23 mb. Old crop sales were at 9.1 mb, led by 4.5 mb in hard red winter sales, and total sales stand right at the USDA projection for the year of 1.035 bln bushels. Top buyer for the week was China, booking 2.5 mb of mostly hard red spring wheat, followed by Nigeria with 1.9 mb and Vietnam with 1.7 mb. New crop sales totaled 14.4 mb, with hard red spring accounting for half the business follwed by hard red winter at 3.8 mb. Top new crop buyer was Japan with 2.8 mb, followed by Mexico with 2 mb. Total commitments for 2017-18 are now at 114 mb compared to 128 mb a year ago. -Norm Ruhoff Contributing Analyst Copyright 2017 DTN/Telvent. All Rights Reserved.