Portland Grain Review 05/29
29 May 2020
May 29, 2020 Portland Price Trends 05-01-19 08-01-19 04-01-20 05-22-20 05-29-20 #1 SWW (bu) 5.67 5.90 6.10 6.05 6.10 White Club 5.67 5.90 7.60 7.55 7.60 DNS 14% 6.12 5.98 7.04 6.83 6.82 HRW 11.5% 5.70 5.36 6.30 5.94 6.21 #2 Corn (ton) 168.00 170.00 155.00 153.00 157.00 #2 Barley 140.00 140.00 130.00 140.00 140.00 Wheat...West coast wheat markets saw gains against a higher futures complex muted by defensive basis levels this week. Nearby white wheat basis was pared nearly 20 cents from the highs last week and hard red spring basis pulled back a dime, while hard red winter held steady. Weekly Sales...USDA reported a relatively good week of export demand for U.S. wheat across old and new crop positions, coming in just under a combined 26 mb. Old crop sales of 7.7 mb moved total commitments to 983 mb, which is 3% ahead of a year ago and 10% above the five-year average pace. Top seller was hard red winter with 3.5 mb, putting sales at 369 mb; 7% ahead of a year ago and 14% above average. Hard red spring saw 3.2 mb and with 293 mb in bookings, sets 11% ahead of a year ago and 9% above average. Soft white booked 1.8 mb to put sales at 197 mb, which is 2% below a year ago but 14% ahead of average. Top Buyers..Japan was the top buyer of U.S. wheat last week with 4.7 mb in old and new crop purchases, followed by the Philippines with 2.4 mb, South Korea with 3.4 mb and Indonesia with 2.2 mb. -Norm Ruhoff Contributing Analyst Copyright 2020 DTN/Telvent. All Rights Reserved.