Portland Grain Review 05/16



May 16, 2019

Portland Price Trends
05-01-18 08-01-18 04-01-19 05-09-19 05-16-19
#1 SWW (bu) 6.05 6.05 5.95 5.75 5.95
White Club 6.05 6.05 5.95 5.75 5.95
DNS 14% 7.68 7.08 6.68 6.07 6.14
HRW 11.5% 6.93 6.89 6.14 5.68 5.84
#2 Corn (ton) 184.00 160.00 172.00 165.00 173.00
#2 Barley 155.00 140.00 140.00 140.00 140.00

Wheat...West coast wheat markets recovered some lost ground against a
bounce in the futures complex this week. Firm basis levels helped white
and hard red winter add back 20 cents, while hard red spring wheat prices
remained defensive. Overall winter wheat conditions across the PNW show
the crop thus far holding to an "average" status, but the region will be
receiving some much-needed moisture heading into the weekend.
Weekly Sales...USDA reported a fairly robust export sales number over
the past week for old and new crop wheat. Old crop sales of 4.2 mb puts
the year-to-date total at 943 mb, which is 9% ahead of a year ago and 1%
above the five-year average pace. New crop sales came in at 15.4 mb to
put commitments for next year at 109 mb and 43% ahead of a year ago. Top
seller for the week was hard red winter, seeing 2 mb in old crop demand
and 6.5 mb for new crop. Hard red spring saw nearly 6.5 mb in combined
sales while soft white wheat recorded 3.6 mb for old and new crop.

-Norm Ruhoff Contributing Analyst

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