Portland Grain Review 12/21

December 21, 2017 Portland Price Trends 12-01-16 01-01-17 11-01-17 12-14-17 12-21-17 #1 SWW (bu) 4.55 4.50 5.23 5.18 5.26 White Club 4.70 4.65 5.28 5.23 5.31 DNS 14% 6.53 6.57 7.49 7.45 7.48 HRW 11.5% 4.88 4.99 5.60 5.53 5.58 #2 Corn (ton) 148.00 160.00 145.00 153.00 152.00 #2 Barley 115.00 115.00 125.00 125.00 128.00 Wheat...West coast wheat markets held to a fairly tight range through the week, seeing limited farm offerings but bolstered by recent buying on the export front. White wheat basis continues to hold at double the ten- year average for December, dark northern spring at 130 over Minneapolis is about 30 cents below average and hard red winter at 135 over KC is 50 cents above average. Weekly Sales...USDA reported a marketing year best of 29.3 mb for all wheat sales last week, signalling U.S. prices working toward a competitve stance against global offers. Year-to-date sales now stand at 693 mb; 7% behind a year ago and 2% below the five-year average pace. The top seller last week was hard red winter with 12.2 mb and with 276 mb in sales sets 8% behind a year ago but 9% above average. White wheat nearly tied with a marketing year best at 7.2 mb and now sets with 155 mb booked which is 25% ahead of last year and 29% above avereage. Soft red winter registered the best demand of the year by far, with 7 mb and sets with 68 mb booked; 5% ahead of a year ago but 46% behind average. Hard red spring claimed a total of 2.8 mb, setting at 184 mb sold and 6% below average. Top Buyers...Unknown was the top buyer last week, committing to 6.7 mb of mostly soft red winter. Japan booked 4.8 mb, followed by Algeria with 4.4 mb, Indonesia with 4.3 mb of mostly white wheat and Guatemala at 2 mb. -Norm Ruhoff Contributing Analyst Copyright 2017 DTN/Telvent. All Rights Reserved.