Portland Grain Review 05/07

May 7, 2020 Portland Price Trends 05-01-19 08-01-19 04-01-20 04-30-20 05-07-20 #1 SWW (bu) 5.67 5.90 6.10 6.06 6.13 White Club 5.67 5.90 7.60 7.56 7.63 DNS 14% 6.12 5.98 7.04 6.85 6.84 HRW 11.5% 5.70 5.36 6.30 6.33 6.33 #2 Corn (ton) 168.00 170.00 155.00 144.00 145.00 #2 Barley 140.00 140.00 130.00 130.00 138.00 Wheat...West coast wheat markets put in a mostly sideways week, but a firm basis complemented by a rebound in Chicago bolstered the soft white wheat price today. All markets also continue to reflect a sharp premium on old crop bids relative to new crop positions. Weekly Sales...USDA reported a slower pace of export demand for U.S. wheat over the past week, with old crop sales of 9 mb moving the current year total to 962 mb. This total stands 2% ahead of a year ago and 8% better than the five-year average pace. Top seller for the week was hard red spring wheat with 5.6 mb, putting sales at 284 mb which is 11% ahead of a year ago and 8% above average. Hard red winter old crop sales were just 1.8 mb and with 363 mb in commitments, sets 6% ahead of a year ago and 13% above average. White wheat registered 1.7 mb to put sales at 192 mb, which is 3% behind a year ago but 12% above average. New crop sales for all wheat came in at 4.9 mb, led by hard red spring sales, and sets on par with a year ago having 78.4 mb in commitments. Top Buyers...The Philippines was top buyer of U.S. wheat last week at 2.5 mb, followed by Vietnam with 2.4 mb and Indonesia with 2 mb. South Korea booked 1.8 mb and Mexico bought less than a million bushels. -Norm Ruhoff Contributing Analyst Copyright 2020 DTN/Telvent. All Rights Reserved.