Portland Grain Review 07/16
16 Jul 2020
July 9, 2020 Portland Price Trends 07-01-19 08-01-19 06-01-20 07-09-20 07-16-20 #1 SWW (bu) 6.00 5.90 6.08 5.95 5.85 White Club 6.00 5.90 7.33 6.45 6.35 DNS 14% 6.24 5.98 6.81 6.49 6.31 HRW 11.5% 5.59 5.36 6.12 5.94 5.81 #2 Corn (ton) 182.00 170.00 154.00 159.00 160.00 #2 Barley 140.00 140.00 130.00 130.00 130.00 Wheat...West coast white wheat basis took a big hit this week against gains in Chicago, as spot basis weakened 40 cents from a week ago before recovering a bit today. Hard red spring basis also softened a dime. Weekly Sales...USDA reported a surge in U.S. wheat export sales over the past week, registering large purchases from China. Overall sales of 28.1 mb put year-to-date commitments at 306 mb, which stands 6% ahead of a year ago and 4% above the five-year average pace. Top seller was hard red winter with 12.8 mb, putting sales slightly ahead of a year ago but 20% above the average pace. Hard red spring booked 10.3 mb to put sales at 90 mb; 25% ahead of a year ago and 3% above average. White wheat saw 3.8 mb in new commitments and with 60 mb in sales sets 16% ahead of last year but 5% behind the average pace. Top Buyers...China booked nearly 12 mb of hard red winter and springs last week to claim top-buyer honors, followed by Mexico with 4.9 mb and Indonesia with 2.9 mb. Rounding out the top five for the week was Japan with 2.5 mb and the Philippines with 2.4 mb. -Norm Ruhoff Contributing Analyst Copyright 2020 DTN/Telvent. All Rights Reserved.