Portland Grain Review 05/09
9 May 2019
May 9, 2019 Portland Price Trends 05-01-18 08-01-18 04-01-19 05-02-19 05-09-19 #1 SWW (bu) 6.05 6.05 5.95 5.70 5.75 White Club 6.05 6.05 5.95 5.70 5.75 DNS 14% 7.68 7.08 6.68 6.20 6.07 HRW 11.5% 6.93 6.89 6.14 5.75 5.68 #2 Corn (ton) 184.00 160.00 172.00 168.00 165.00 #2 Barley 155.00 140.00 140.00 140.00 140.00 Wheat...A continued retreat across the futures complex weighed heavily on the Portland protein wheat markets this week, while a firming basis on white wheat helped offset the decline. Bid structures show old crop soft white at a dime premium to new crop, hard red winter nearby bids maintain a 60 cent premium to August while hard red spring old crop bids are at a discount to new crop months. Weekly Sales...USDA reported overall U.S. wheat sales for both old and new crop positions came in near 15 mb last week. Old crop sales of 3.3 mb put year-to-date totals at 939 mb, which is 9% ahead of a year ago and 1% ahead of the five-year average pace. Sales by class year-to-date show hard red spring and soft red winter well ahead of a year ago, while soft white wheat is slightly ahead of a year ago but 20% ahead of average. New crop sales for U.S. wheat are running 35% ahead of a year ago, due primarily to improved hard red winter demand. -Norm Ruhoff Contributing Analyst Copyright 2019 DTN/Telvent. All Rights Reserved.