Portland Grain Review 02/11

February 11, 2020 Portland Price Trends 02-01-19 08-01-19 01-01-20 02-04-20 02-11-20 #1 SWW (bu) 6.52 5.90 6.15 6.28 6.30 White Club 6.52 5.90 7.65 7.78 7.80 DNS 14% 6.79 5.98 7.21 7.11 7.06 HRW 11.5% 6.59 5.36 6.26 6.22 6.19 #2 Corn (ton) 169.00 170.00 172.00 175.00 175.00 #2 Barley 140.00 140.00 140.00 140.00 140.00 Wheat...West coast white wheat basis continued to firm in early-week trade, climbing to 86 over against weaker Chicago futures this morning. Recent export demand and limited farm selling remain supportive. Shipments...Weekly export inspections showed an improved pace of U.S. wheat shipments last week, coming in at 19.2 mb to put the year-to-date total at 631 and 12% ahead of a year ago. Top shipper for the week was hard red winter with 6.5 mb, followed closely by hard red spring at 6.4 mb. White wheat registered 3.6 mb. Top destinations off the west coast were Bangladesh with 3.2 mb, the Philippines with 2.4 mb and Japan with 2.2 mb. Yemen also took on 1.1 mb. Crop Report...USDA tightened U.S. wheat stocks in the monthly report this morning, taking projected carryout down 25 mb to 940 mb; the lowest since 2014. Soft white stocks were trimmed 5 mb on stronger exports and hard red spring cut 15 mb, but remain above the 5-year average. Hard red winter stocks were also pared 5 mb and set just below the 5-year average. -Norm Ruhoff Contributing Analyst Copyright 2020 DTN/Telvent. All Rights Reserved.