Portland Grain Review 03/21

March 21, 2019 Portland Price Trends 03-01-18 08-01-18 02-01-19 03-14-19 03-21-19 #1 SWW (bu) 5.78 6.05 6.52 5.92 6.00 White Club 5.78 6.05 6.52 5.92 6.00 DNS 14% 7.64 7.08 6.79 6.75 6.89 HRW 11.5% 6.83 6.89 6.59 6.10 6.22 #2 Corn (ton) 173.00 160.00 169.00 185.00 181.00 #2 Barley 150.00 140.00 140.00 140.00 140.00 Wheat..West coast wheat markets saw prices stabilize from the recent declines, marking week-to-week gains across all three classes of wheat. Soft white wheat basis has dropped about 20 cents from recent highs but hard red winter has strengthened nearly 20 cents; currently bid at 175 over KC May futures for 11.5% protein. Weekly Sales...Overall U.S. wheat sales came in slightly better than a week ago but below expectations at 11 mb. Year-to-date sales stand at 850 mb, which is 3% ahead of a year ago and 3% behind the 5-year average. Top seller for the week was hard red winter with 4.7 mb, standing at 297 mb sold which is 8% behind a year ago and 6% below average. Red spring wheat registered 2.3 mb and with 236 mb in commitments sets 10% ahead of a year ago but 6% behind average. Soft red winter booked 2.2 mb to put year-to-dates sales 29% ahead of a year ago at 112 mb. Soft white wheat saw 1.4 mb in sales and with 186 mb in total sales stands 11% ahead of a year ago and 19% above average. Top Buyers...South Korea was the top U.S. wheat buyer last week with 2.7 mb, followed by Sri Lanka with 2.4 mb. Both Japan and Mexico were at the 1.3 mb mark for new commitments and Taiwan booked 1 mb. -Norm Ruhoff Contributing Analyst Copyright 2019 DTN/Telvent. All Rights Reserved.