Portland Grain Review 08/16



August 16, 2018

Portland Price Trends
08-01-17 01-01-18 07-01-18 08-09-18 08-16-18
#1 SWW (bu) 5.20 5.32 6.00 6.22 6.20
White Club 5.30 5.32 6.00 6.27 6.23
DNS 14% 8.38 7.52 6.52 7.18 6.86
HRW 11.5% 5.65 5.60 5.86 6.92 6.57
#2 Corn (ton) 148.00 157.00 157.00 161.00 161.00
#2 Barley 125.00 128.00 150.00 145.00 145.00

Wheat...West coast white wheat markets remained relatively strong this
week, with recent demand supporting a firmer basis and holding spot bids
near the $6.20 level. Harvest reports continue to indicate above average
winter wheat yields for white wheat with lower protein levels.
Weekly Sales..Lower U.S. wheat prices generated a resurgence in global
buying interest over the past week, as USDA reported a significant jump in
export demand. Weekly sales hit a marketing year high of 29.5 mb, putting
total sales at 306 mb which stands 21% below a year ago and 24% under the
five-year average pace. Hard red winter led all classes with some much-
needed demand, registering 14 mb for the week to put commitments at 81 mb;
41% behind last year and 40% below average. Hard red spring garnered 5.8
mb and with 95 mb booked sets 7% below a year ago and 12% below average.
Soft white also registered solid interest with 5.2 mb, which puts current
year sales at 83 mb; 17% behind a year ago but 19% above average.
Top Buyers...Mexico topped all buyers last week with 9.1 mb, followed
by the Philippines with 6.5 mb, Nigeria at 5.1 mb and Japan with 2.2 mb.
Mexico and Nigeria were big buyers of hard and soft red winter wheat.

-Norm Ruhoff Contributing Analyst

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