Portland Grain Review 03/14



March 14, 2019

Portland Price Trends
03-01-18 08-01-18 02-01-19 03-07-19 03-14-19
#1 SWW (bu) 5.78 6.05 6.52 5.90 5.92
White Club 5.78 6.05 6.52 5.90 5.92
DNS 14% 7.64 7.08 6.79 6.63 6.75
HRW 11.5% 6.83 6.89 6.59 5.93 6.10
#2 Corn (ton) 173.00 160.00 169.00 183.00 185.00
#2 Barley 150.00 140.00 140.00 140.00 140.00

Wheat...A rebound across the futures complex led to a higher weekly
close for west coast wheat markets. Defensive basis levels for white
wheat held gains in check while both hard red winter and springs saw
basis levels firm against higher futures. Japan was the notable routine
buyer this week.
Weekly Sales...USDA reported total wheat export sales were less than
half the prior week, coming in at 9.7 mb and putting year-to-date sales
3% ahead of a year ago at 839 mb. Top seller for the week was hard red
winter with 6.2 mb, putting the current year commitments at 293 mb and
9% behind a year ago. Soft white booked another 2.2 mb and with 185 mb
in sales stands 3% ahead of a year ago. Both hard red spring and soft
red winter saw less than a million bushels sold, but stand 10% and 28%
ahead of a year ago, respectively.
Top Buyers...Nigeria once again favored U.S. hard red winter and was
top buyer for the week with 3.9 mb. Japan booked 2.3 mb, Yemen bought
1.6 mb of white wheat and Vietnam and Malaysia rounded-out the top five
for the week with about 1 mb each.

-Norm Ruhoff Contributing Analyst

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