Portland Grain Review 05/02
2 May 2019
May 2, 2019 Portland Price Trends 05-01-18 08-01-18 04-01-19 04-25-19 05-02-19 #1 SWW (bu) 6.05 6.05 5.95 5.75 5.70 White Club 6.05 6.05 5.95 5.75 5.70 DNS 14% 7.68 7.08 6.68 6.18 6.20 HRW 11.5% 6.93 6.89 6.14 5.84 5.75 #2 Corn (ton) 184.00 160.00 172.00 165.00 168.00 #2 Barley 155.00 140.00 140.00 140.00 140.00 Wheat...A modest recovery across the wheat futures complex was met by a somewhat defensive old crop white wheat basis this week, holding cash bids near the low-end of the price range for the marketing year. Weaker export demand has muted exporter buying. West coast cash bids all rolled to the respective July futures this week, paring back basis bids for both hard red winter and spring wheat. Weekly Sales...USDA export sales revealed a dismal week for U.S. wheat, coming in at about a fourth of the four-week average at 4.5 mb. The year- to-date total now stands at 935 mb, which is 8% ahead of a year ago and 1% above the five-year average pace. Hard red winter recorded 1.8 mb in sales, and with 340 mb in commitments stands on par with both a year ago and the five-year average. Soft red winter booked 1.6 mb and with 124 mb sold sets 35% ahead of a year ago and 13% behind average. Hard red spring saw less than a million bushels sold, but year-to-date sales stand 15% ahead of a year ago and 3% behind average. Soft white also had a meager week but at 198 mb in commitments sets 2% ahead of a year ago and 21% above average. -Norm Ruhoff Contributing Analyst Copyright 2019 DTN/Telvent. All Rights Reserved.