Portland Grain Review 06/01
1 Jun 2018
June 1, 2018 Portland Price Trends 06-01-17 08-01-17 05-01-18 05-25-18 06-01-18 #1 SWW (bu) 4.90 5.20 6.05 6.10 6.00 White Club 5.05 5.30 6.05 6.10 6.00 DNS 14% 7.03 8.38 7.68 7.89 7.50 HRW 11.5% 5.10 5.65 6.93 6.94 6.63 #2 Corn (ton) 158.00 148.00 184.00 185.00 180.00 #2 Barley 127.00 125.00 158.00 155.00 155.00 Wheat...White wheat basis levels continued to adjust to the fluctations in Chicago futures this week, with exporters holding flat price near $6 on the front side of the market. Old crop spot markets also showed a premium to new crop across all classes of wheat. Weekly Sales...USDA reported a total of 12.1 mb in new export demand for U.S. wheat last week, as old crop net sales of 1.1 mb combined with 9.9 mb in new crop buying. Year-to-date old crop sales stand at 872 mb, which is 16% below a year ago and 10% below the five-year average. Soft white wheat remains the only class of wheat showing a year-to-year increase, setting 10% better than a year ago and 21% ahead of last year. Total new crop sales are at 98 mb which is nearly 40% below a year ago. Top buyers for the week in new crop positions were Thailand with 4 mb, Japan with 2.9 mb and unknown at 1.6 mb which consisted mostly of white wheat. Seasonal Prices...The end of the 2017/18 marketing years shows west coast wheat price levels improved from the prior year. Soft white average $5.45 a bushel which was up 12% from 2016/17; hard red winter average $5.94 and was up 16%; hard red spring averaged $7.67 which was up 18% over the prior year. -Norm Ruhoff Contributing Analyst Copyright 2018 DTN/Telvent. All Rights Reserved.