Portland Grain Review 08/09



August 9, 2018

Portland Price Trends
08-01-17 01-01-18 07-01-18 08-02-18 08-09-18
#1 SWW (bu) 5.20 5.32 6.00 6.15 6.22
White Club 5.30 5.32 6.00 6.15 6.27
DNS 14% 8.38 7.52 6.52 7.00 7.18
HRW 11.5% 5.65 5.60 5.86 6.84 6.92
#2 Corn (ton) 148.00 157.00 157.00 160.00 161.00
#2 Barley 125.00 128.00 150.00 140.00 145.00

Wheat...West coast wheat markets showed prices holding above week-ago
levels, with firming basis levels noted primarily in the hard red winter
wheat markets. Protein scales also adjusted with a higher protein harvest
softening premiums and discounts. Exporters posted new highs for the soft
white wheat market, as farmer selling has waned and premiums of a nickel
were posted on club wheat to entice some movement.
Weekly Sales...USDA showed that higher U.S. prices tempered demand for
wheat last week, with overall sales coming in below the prior week but in-
line with the four-week average. Sales for the week of 11.6 mb put total
commitments at 276 mb, which is down 25% from a year ago and 29% below the
five-year average pace. Top seller for the week was hard red spring wheat
with 4.3 mb, putting year-to-date sales at 89 mb which is 8% behind a year
ago and 14% below average. Soft white booked 2.7 mb and stands 20% behind
a year ago but 18% ahead of average with 78 mb sold. Soft red winter sold
2.3 mb and hard red winter continues to lag about 50% behind a year ago and
average with 67 mb in commitments.

-Norm Ruhoff Contributing Analyst

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