Portland Grain Review 07/11

July 11, 2019 Portland Price Trends 07-01-18 08-01-18 06-01-19 07-04-19 07-11-19 #1 SWW (bu) 6.00 6.05 6.20 6.05 6.15 White Club 6.00 6.05 6.20 6.05 6.15 DNS 14% 6.52 7.08 6.43 6.20 6.21 HRW 11.5% 5.86 6.89 6.22 5.59 5.75 #2 Corn (ton) 157.00 160.00 182.00 190.00 192.00 #2 Barley 150.00 140.00 140.00 140.00 140.00 Wheat..A stronger futures complex coming out of the USDA report moved Portland cash prices higher this morning, helping bids recover and post week-to-week gains. White wheat basis has firmed while basis on protein wheats holds mostly steady. Weekly Sales...Overall US wheat export sales of 10.4 mb were near the 10 mb mark for the second straigh week. Year-to-date sales now stand at 276 mb which is 23% ahead of a year ago. Hard red winter was top seller with 4.7 mb and stands 97% ahead of a year ago. Soft white registered 2.5 mb for the week and with 50 mb sold sets 21% behind a year ago. Crop Report...A projected improvement in domestic and export demand is expected to tighten-up the US wheat balance sheet this year, pulling the stocks-use ration below 50% for the first time since 2014. Most notable among the individual classes of wheat is hard red winter, forecasted to see a 20% drop in stocks-use to 48%. Soft white stocks-use is expected to decline 9% to 23%, the lowest since 2013, while hard red spring looks to see a 13% increase to an modern-day high stocks-use of 59%. -Norm Ruhoff Contributing Analyst Copyright 2019 DTN/Telvent. All Rights Reserved.