Portland Grain Review 02/06
6 Feb 2020
February 6, 2020 Portland Price Trends 02-01-19 08-01-19 01-01-20 01-30-20 02-06-20 #1 SWW (bu) 6.52 5.90 6.15 6.28 6.35 White Club 6.52 5.90 7.65 7.78 7.85 DNS 14% 6.79 5.98 7.21 7.11 7.09 HRW 11.5% 6.59 5.36 6.26 6.21 6.19 #2 Corn (ton) 169.00 170.00 172.00 175.00 177.00 #2 Barley 140.00 140.00 140.00 140.00 140.00 Wheat...West coast wheat markets saw strengthening basis across all wheat markets over the past week, supported by recent demand. The spot basis on hard red spring was up a dime to 175 over, which is right at the 10-year average for early February. Hard red winter basis gained a nickel to 150 over and sets 60 cents above average. Soft white hit two month highs at 78 over, right at the 10-year average. Weekly Sales...After three straight weeks of more than 20 mb in new export demand, USDA reported a retreat in overall sales to 12.4 mb over the past week. Year-to-date commitments now stand at 781 mb which sets 19% ahead of a year ago and 6% above average. Top seller was hard red winter with 5.5 mb, placing sales at 289 mb; 41% above a year ago and 14% abpve the five-year pace. Hard red spring registered 3.4 mb which places sales at 224 mb; 11% ahead of a year ago and right on track with average. Soft white sales slumped to 1.8 mb and with 157 in sales sets 4% ahead of a year ago and 9% above avereage. Top Buyers...The Philippines was the top U.S. wheat buyers last week with 3.5 mb, followed by Unknown with 2.2 mb and Mexico at 1.9 mb. The top five for the week was rounded-out by 1.3 mb for Nigeria and 1.1 mb going to Italy. -Norm Ruhoff Contributing Analyst Copyright 2020 DTN/Telvent. All Rights Reserved.