Portland Grain Review 07/18



July 18, 2019

Portland Price Trends
07-01-18 08-01-18 06-01-19 07-11-19 07-18-19
#1 SWW (bu) 6.00 6.05 6.20 6.15 6.10
White Club 6.00 6.05 6.20 6.15 6.10
DNS 14% 6.52 7.08 6.43 6.21 6.07
HRW 11.5% 5.86 6.89 6.22 5.75 5.56
#2 Corn (ton) 157.00 160.00 182.00 197.00 196.00
#2 Barley 150.00 140.00 140.00 140.00 140.00

Wheat...West coast white wheat basis firmed to the best levels since
early June this week, offsetting all but a nickel of the declines posted
in Chicago. Firmer basis levels were also seen for hard red winter which
picked up 5 cents. Dark northern spring wheat basis remains well below
average, setting 45 cents under the 10-year mid-July average of $1.25.
Weekly Sales...USDA reported a modest improvement in US wheat export
demand last week, coming in at 12.8 mb and right at the 4-week average.
Year-to-date sales now stand 22% ahead of a year ago but 4% behind the
average pace at 289 mb. Top seller for the week was hard red winter at
4.7 mb, putting sales at 116 mb which is 102% of a year ago and 24% on
top of the 5-year average. Soft red winter booked 3.3 mb and with 41 mb
in commitments sets 35% ahead of a year ago and slightly behind average.
Hard red spring saw 2.7 mb in sales and soft white 1.4 mb, with both of
those classes setting behind year-ago and average commitments.

-Norm Ruhoff Contributing Analyst

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