Portland Grain Review 07/12



July 12, 2018

Portland Price Trends
07-01-17 08-01-17 06-01-18 07-05-18 07-12-18
#1 SWW (bu) 5.55 5.20 6.05 6.05 5.85
White Club 5.65 5.30 6.05 6.05 5.85
DNS 14% 9.31 8.38 7.49 6.72 6.39
HRW 11.5% 6.34 5.65 6.71 6.33 6.09
#2 Corn (ton) 157.00 148.00 178.00 162.00 158.00
#2 Barley 127.00 125.00 155.00 150.00 150.00

Wheat..West coast white wheat markets continue to hold up relatively well
against the weaker wheat complex, as recent demand and additional donations
support the market. Basis levels rebounded this week, pushing back to 115
over Chicago September futures. USDA announced another CCC donation tender,
good for 2.4 mb of white wheat for donation to Yemen for shipment in August.
Weekly Sales...USDA reported a dismal week of export demand for US wheat,
coming in at just 5 mb to put the year-to-date tally at 225 mb. which is 27%
below both a year ago and five-year average pace. Top seller was hard red
winter with 2.3 mb, placing current year commitments at 56 mb; 47% below a
year ago and 43% behind average. Hard red spring booked 1.5 mb and with 72
mb sold stands 15% behind both last year and average. Soft white garnered
only 100,000 bushels in export demand for the week, placing the year-to-date
total at 63 mb; 18% behind a year ago and 17% below average. Top buyers for
the week were Nigeria and the Philippines.

-Norm Ruhoff Contributing Analyst

Copyright 2018 DTN/Telvent. All Rights Reserved.