September 29, 2016
Portland Price Trends
09-01-15 01-01-16 08-01-16 09-22-16 09-29-16
#1 SWW (bu) 5.70 5.35 4.95 4.83 4.72
White Club 6.45 6.60 5.05 4.98 4.87
DNS 14% 6.36 6.17 6.03 6.21 6.30
HRW 11.5% 5.88 5.60 5.10 5.11 5.07
#2 Corn (ton) 161.00 154.00 158.00 155.00 152.00
#2 Barley 160.00 150.00 135.00 120.00 120.00
Wheat...With the exception of hard red spring wheat, west coast wheat
markets once again spent the week holding within relatively narrow price
ranges. White wheat actually broke to the low end of a six-week trading
range, while hard red spring wheat has been displaying some independent
strength. Limited farmer selling and demand for protein has firmed basis,
and a break above resistance in Minneapolis futures has pushed hard red
spring bids to the upper end of a six-week trading range.
Weekly Sales...USDA reported U.S. wheat saw another good week of sales,
coming in on-track with last week and 20% ahead of the four-week average.
Top seller for the week was hard red winter, securing 12 mb to put demand
for the current year at 220 mb; nearly double last year and 21% ahead of
the five-year average. White wheat recorded the best week of sales this
year with 6.5 mb, putting year-to-date sales at 87 mb which is 21% ahead
of last year and 3% above average. Hard red spring sales slipped back to
2.2 mb for the week, but at 220 mb current year sales stands 20% ahead of
last year and 16% above average.
Top Buyers...Morocco accounted for nearly half the total sales of hard
red winter last week, topping all buyers with 5.3 mb. Mexico also booked
mostly hard red winter with an additional 4.1 mb commitment, followed by
the Philippines with 3.9 mb of mostly hard red spring. Unknown was a big
buyer of soft white with 3.5 mb, and South Korea rounded-out the top five
for the week with 2 mb spread over all classes of wheat.
-Norm Ruhoff Extension Economist
University of Idaho CALS-AERS
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