Portland Grain Review 01/23

January 23 2020 Portland Price Trends 01-01-19 08-01-19 12-01-19 01-16-20 01-23-20 #1 SWW (bu) 6.15 5.90 5.95 6.22 6.31 White Club 6.15 5.90 7.75 7.72 7.81 DNS 14% 6.59 5.98 6.80 7.20 7.27 HRW 11.5% 6.39 5.36 5.99 6.25 6.31 #2 Corn (ton) 168.00 170.00 170.00 171.00 176.00 #2 Barley 140.00 140.00 135.00 140.00 140.00 Wheat...West coast wheat markets saw cash bids reach new marketing year highs this week, bolstered by higher futures and firming of basis levels. Hard red spring actually marked the highest levels since June 2018 while hard red winter marked the best levels since February 2019. Recent improved demand has been the primary driver. Weekly Sales...USDA reported a surge in export demand for U.S. wheat over the past week, coming in near the marketing year high at 23.9 mb. Year-to-date sales now stand at 719 mb and running 9% ahead of last year and 3% above the five-year average pace. Top seller last week was hard red spring with 10.5 mb, which was a marketing year high. Current year commitments set at 204 mb, which is 1% ahead of a year ago but 5% below the five-year average. Hard red winter garnered 7.5 mb in sales and at 263 mb is 28% ahead of a year ago and 9% above average. White wheat also had a solid week with 4.9 mb booked, putting commitments at 144 mb which is 5% behind a year ago but 6% ahead of average. Top Buyers...The Philippines and Unknown registered as top buyers for the week with each committing to 4.8 mb. Indonesia bought 2.6 mb of both hard red winter and springs, with Mexico at 2.3 mb and Thailand 2.2 mb. -Norm Ruhoff Contributing Analyst Copyright 2020 DTN/Telvent. All Rights Reserved.