Portland Grain Review 06/11

June 11, 2020 Portland Price Trends 06-01-19 08-01-19 05-01-20 06-04-20 06-11-20 #1 SWW (bu) 6.20 5.90 6.06 6.00 5.85 White Club 6.20 5.90 7.56 7.25 7.10 DNS 14% 6.43 5.98 6.77 6.63 6.49 HRW 11.5% 6.22 5.36 6.33 6.13 5.86 #2 Corn (ton) 182.00 170.00 144.00 155.00 155.00 #2 Barley 140.00 140.00 130.00 130.00 130.00 Wheat..Despite word of a sizeable USDA donation package for PNW soft white wheat, west coast prices drifted through the week against a weaker Chicago market. USDA did announce a CCC tender, good for 3.1 mb of U.S. soft white for delivery to Yemen in early July. Basis levels across the protein wheats were also defensive this week, with spot hard red winter basis down 20 cents from a week ago. Weekly Sales...USDA reported nearly 10 mb in total U.S. wheat demand on the export front last week and with a net carryover in commitments of 76 mb, sales of 214 mb stand 5% behind a year ago and right on par with the five-year average pace. Top seller last week was hard red spring at 4.2 mb, putting sales at 65 mb which is 24% ahead of a year ago and 4% above average. Hard red winter booked 3.9 mb which puts commitments at 77 mb; 20% behind the first week of June last year but 7% above average. Soft white registered 1.8 mb in new business and with 42 mb in bookings sets 14% ahead of a year ago but 6% behind the five-year average. Crop Report..Increased carryout and production prospects boosted the USDA projection for 2020/21 U.S. wheat ending stocks in today's report. Old crop carryout for U.S. wheat was increased 5 mb from May estimates, primarily on a reduction in hard red spring wheat exports. Stocks for soft white wheat are expected to come in at 87 mb, holding the stocks- use-ratio above 30% for the third straight year. -Norm Ruhoff Contributing Analyst Copyright 2020 DTN/Telvent. All Rights Reserved.