Portland Grain Review 04/02
2 Apr 2020
April 2, 2020 Portland Price Trends 04-01-19 08-01-19 03-01-20 03-26-20 04-02-20 #1 SWW (bu) 5.95 5.90 5.95 6.15 6.10 White Club 5.95 5.90 7.45 7.65 7.60 DNS 14% 6.68 5.98 6.93 7.10 6.99 HRW 11.5% 6.14 5.36 6.08 6.49 6.22 #2 Corn (ton) 172.00 170.00 173.00 158.00 155.00 #2 Barley 140.00 140.00 140.00 135.00 130.00 Wheat...With the exception of white wheat, west coast wheat markets went on the defensive this week given a slowed pace of demand. Hard red winter and spring wheat markets both saw weakening basis along with the lower move in futures. White wheat basis strengthend more than 30 cents from the lows last week, holding cash bids above the $6 mark. Weekly Sales...USDA reported a shuffling of the deck in relation to overall U.S. wheat export demand, as cancellations and repositioning cut into the weekly totals. For the week, overall U.S. export sales came in at a net 2.7 mb, putting commitments at 911 mb which is 2% ahead of last year at this time and 6% above the 5-year average pace. Top seller was hard red winter at 2 mb, putting year-to-dates sales at 342 mb, standing 8% ahead of a year ago and 13% above average. Soft white booked 1.4 mb and with 183 mb in the books sets 5% behind a year ago but 10% ahead of the 5-year pace. Top Buyers...Mexico registered as top U.S. wheat buyer last week with 3.1 mb, followed by the Philippines with 2.2 mb, Malaysia at 1.6 mb and Chile with 1.4 mb. Bangladesh bought just under 1 mb of hard red winter. -Norm Ruhoff Contributing Analyst Copyright 2020 DTN/Telvent. All Rights Reserved.