Portland Grain Review 09/27

September 27, 2018 Portland Price Trends 09-01-17 01-01-18 08-01-18 09-20-18 09-27-18 #1 SWW (bu) 5.26 5.32 6.05 6.05 6.10 White Club 5.36 5.32 6.05 6.05 6.10 DNS 14% 7.52 7.52 7.08 6.77 6.62 HRW 11.5% 5.49 5.60 6.81 6.35 6.37 #2 Corn (ton) 151.00 157.00 160.00 148.00 156.00 #2 Barley 120.00 128.00 140.00 140.00 140.00 Wheat...West coast wheat markets saw white wheat prices hold near recent highs this week, supported by continued export demand and limited selling at the farm level. Basis levels also remain strong, climbing to 95 over during the week which is more than triple the ten-year average for late September. Basis levels firmed a nickel for hard red winter and spring wheat. Weekly Sales...USDA reported an active week of export demand for wheat, as U.S. sales registered the second best weekly total of the marketing year with 24.1 mb. Year-to-date commitments now stand at 399 mb; 17% below a year ago and 20% below the five-year average pace. Top seller for the week was hard red spring with a marketing year best of 9 mb, putting total sales at 122 mb which is 6% below a year ago and 9% below average. Sales of hard red winter came in at 6.5 mb to put commitments at 115 mb which is 36% off a year ago and 35% below average. White wheat booked another 4.8 mb to put year-to-date sales at 102 mb; 13% below a year ago but 18% above average. Soft red winter posted a relatively good week of sales with 3.5 mb and with 50 mb sold, stands 5% ahead of a year ago but 47% behind average. Top Buyers...Japan was the top buyer of U.S. wheat last week with 5.2 mb, followed by the Philippines with 3.4 mb, Mexico at 3.3 mb, unknown at 3.2 mb and Venezuela with 2.2 mb. Nigeria also was a notable buyer of 2 mb of soft white wheat. -Norm Ruhoff Contributing Analyst Copyright 2018 DTN/Telvent. All Rights Reserved.