Portland Grain Review 02/04

February 4, 2020 Portland Price Trends 02-01-19 08-01-19 01-01-20 01-28-20 02-04-20 #1 SWW (bu) 6.52 5.90 6.15 6.35 6.28 White Club 6.52 5.90 7.65 7.85 7.78 DNS 14% 6.79 5.98 7.21 7.12 7.11 HRW 11.5% 6.59 5.36 6.26 6.22 6.22 #2 Corn (ton) 169.00 170.00 172.00 177.00 175.00 #2 Barley 140.00 140.00 140.00 140.00 140.00 Wheat..A bounce in Chicago futures this morning pared back spot basis levels for west coast white wheat markets, while nearby basis firmed for both hard red winter and springs over the past few days. Overall trade activity at the farm level remains light. Cash market structures show a modest carry in all the wheats. New crop bids for white wheat have seen basis nearly double the past three weeks, with flat price at $6.15 today. Shipments...Weekly export inspections showed a solid rebound in total U.S. wheat loadings last week, coming in nearly double the prior week at 15.2 mb; putting year-to-date shipments at 610 mb and 12% ahead of a year ago. Top shipper for the week was soft white wheat with 5.4 mb followed by hard red winter at 5.1 mb. Hard red spring registered 3.9 mb off all ports. Top destinations off the west coast were the Philippines with 4.8 mb, followed by Japan with 2.5 and South Korea with 1.9 mb. -Norm Ruhoff Contributing Analyst Copyright 2020 DTN/Telvent. All Rights Reserved.