Portland Grain Review 05/18



May 18, 2017

Portland Price Trends
05-01-16 08-01-16 04-01-17 05-11-17 05-18-17
#1 SWW (bu) 5.33 4.95 4.82 4.88 4.90
White Club 5.53 4.95 4.97 5.03 5.05
DNS 14% 6.21 6.03 6.66 6.73 6.68
HRW 11.5% 5.31 5.10 4.94 5.10 4.97
#2 Corn (ton) 167.00 158.00 160.00 158.00 157.00
#2 Barley 145.00 135.00 120.00 125.00 125.00

Wheat..Firm basis levels on white wheat helped support flat price bids
this week, as west coast exporters continued to work on generating farmer
selling interest. Export shipments have been solid the past few weeks and
the need to fill the pipeline for recent sales remains apparent. Hard red
winter and spring wheat basis levels remained steady through the week.
Weekly Sales...USDA reported a fairly good week of demand for wheat as
combined old and new crop sales came in above 23 mb. Old crop sales were
at 9.1 mb, led by 4.5 mb in hard red winter sales, and total sales stand
right at the USDA projection for the year of 1.035 bln bushels. Top buyer
for the week was China, booking 2.5 mb of mostly hard red spring wheat,
followed by Nigeria with 1.9 mb and Vietnam with 1.7 mb. New crop sales
totaled 14.4 mb, with hard red spring accounting for half the business
follwed by hard red winter at 3.8 mb. Top new crop buyer was Japan with
2.8 mb, followed by Mexico with 2 mb. Total commitments for 2017-18 are
now at 114 mb compared to 128 mb a year ago.

-Norm Ruhoff Contributing Analyst

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