Portland Grain Review 04/23

April 23, 2020 Portland Price Trends 04-01-19 08-01-19 03-01-20 04-16-20 04-23-20 #1 SWW (bu) 5.95 5.90 5.95 6.15 6.15 White Club 5.95 5.90 7.45 7.65 7.65 DNS 14% 6.68 5.98 6.93 6.95 6.90 HRW 11.5% 6.14 5.36 6.08 6.17 6.24 #2 Corn (ton) 172.00 170.00 173.00 154.00 151.00 #2 Barley 140.00 140.00 140.00 130.00 130.00 Wheat..It was a mostly sideways week for west coast wheat markets with a modest improvement in basis firming up the hard red winter price. Bid structures posted by the exporters are holding old crop hard red spring markets at a 45 cent premium to new crop. Hard red winter bids are flat into July while soft white markets show a modest carry into June. Weekly Sales...USDA reported a modest improvement in U.S. wheat export demand, showing 9 mb in additional old crop commitments last week. Year- to-date sales now stand at 936 mb which is on par with a year ago but 7% ahead of the five-year average pace. New crop sales were at 5.7 mb which put bookings for next year at 67 mb and in-line with the prior year. Top seller for the wwek was white wheat with 3.9 mb, putting sales at 187 mb; 5% behind a year ago but 10% above average. Hard red spring saw 2.5 mb in new business and with 273 mb in sales, sets 7% ahead of a year ago and 4% above average. Hard red winter saw 1.4 mb in old crop sales for the week. Commitments of 354 mb are 5% ahead of a year ago and 12% above average. Top Buyers...The Philippines was the top buyer of old crop wheat last week, while Thailand and Japan were the bigger buyers of new crop. -Norm Ruhoff Contributing Analyst Copyright 2020 DTN/Telvent. All Rights Reserved.