Portland Grain Review 08/16

August 16, 2018 Portland Price Trends 08-01-17 01-01-18 07-01-18 08-09-18 08-16-18 #1 SWW (bu) 5.20 5.32 6.00 6.22 6.20 White Club 5.30 5.32 6.00 6.27 6.23 DNS 14% 8.38 7.52 6.52 7.18 6.86 HRW 11.5% 5.65 5.60 5.86 6.92 6.57 #2 Corn (ton) 148.00 157.00 157.00 161.00 161.00 #2 Barley 125.00 128.00 150.00 145.00 145.00 Wheat...West coast white wheat markets remained relatively strong this week, with recent demand supporting a firmer basis and holding spot bids near the $6.20 level. Harvest reports continue to indicate above average winter wheat yields for white wheat with lower protein levels. Weekly Sales..Lower U.S. wheat prices generated a resurgence in global buying interest over the past week, as USDA reported a significant jump in export demand. Weekly sales hit a marketing year high of 29.5 mb, putting total sales at 306 mb which stands 21% below a year ago and 24% under the five-year average pace. Hard red winter led all classes with some much- needed demand, registering 14 mb for the week to put commitments at 81 mb; 41% behind last year and 40% below average. Hard red spring garnered 5.8 mb and with 95 mb booked sets 7% below a year ago and 12% below average. Soft white also registered solid interest with 5.2 mb, which puts current year sales at 83 mb; 17% behind a year ago but 19% above average. Top Buyers...Mexico topped all buyers last week with 9.1 mb, followed by the Philippines with 6.5 mb, Nigeria at 5.1 mb and Japan with 2.2 mb. Mexico and Nigeria were big buyers of hard and soft red winter wheat. -Norm Ruhoff Contributing Analyst Copyright 2018 DTN/Telvent. All Rights Reserved.