Portland Grain Review 04/09
9 Apr 2020
April 9, 2020 Portland Price Trends 04-01-19 08-01-19 03-01-20 04-02-20 04-09-20 #1 SWW (bu) 5.95 5.90 5.95 6.10 6.12 White Club 5.95 5.90 7.45 7.60 7.62 DNS 14% 6.68 5.98 6.93 6.99 7.14 HRW 11.5% 6.14 5.36 6.08 6.22 6.36 #2 Corn (ton) 172.00 170.00 173.00 155.00 154.00 #2 Barley 140.00 140.00 140.00 135.00 130.00 Wheat...West coast wheat markets showed week-to-week improvement this week, even with somewhat defensive basis levels on both white wheat and hard red winter. Soft white wheat basis pared about a dime from last week while hard red winter weakened 20 cents against the recent slowed pace of export demand. Weekly Sales...USDA reported a modest improvement in export demand for U.S. wheat last week, but the weekly total of 9.5 mb came in 35% below the four-week average. Year-to-date commitments now stand at 920 mb, which is 2% ahead of a year ago and 7% above the five-year average pace. Top seller was hard red winter with 4.2 mb, placing sales 8% ahead of a year ago and 13% above average at 346 mb. Hard red spring registered 3.8 mb which puts sales at 270 mb; 8% ahead of a year ago and 4% above average. Soft white saw 1.2 mb in new bookings, placing sales at 184 mb which sets 5% behind a year ago but 10% above average. Top Buyers...Taiwan was top buyer of U.S. wheat over the past week with 3.6 mb, followed by Mexico with 3.1 mb, Nigeria with 2.4 mb, Italy at 1.7 mb and Guatemala with 740,000 bushels. -Norm Ruhoff Contributing Analyst Copyright 2020 DTN/Telvent. All Rights Reserved.