Portland Grain Review 04/14

April 14, 2016 Portland Price Trends 04-01-15 08-01-15 03-01-16 04-07-16 04-14-16 #1 SWW (bu) 6.87 5.67 4.90 5.02 5.15 White Club 9.37 6.42 5.10 5.22 5.45 DNS 14% 9.12 6.19 5.95 6.08 6.17 HRW 11.5% 7.04 5.60 5.34 5.29 5.45 #2 Corn (ton) 171.00 160.00 153.00 158.00 161.00 #2 Barley 160.00 159.00 145.00 140.00 140.00 Wheat..Notable gains were posted across the west coast wheat complex this week, with firming basis levels on both soft white wheat and hard red winter building week-to-week gains. Slow farm selling and upcoming shipments had exporters pushing nearby bids to generate movement. As a result, spot basis levels on white wheat moved back near 55 over, up 15 cents from last week, while hard red winter 11.5% also saw an increase of 15 cents to close at 90 over Kansas City May futures. Current rains blanketing the Pacific Northwest wheat regions should be followed with warmer weather into the weekend and benefit crop conditions. Export Sales...USDA reported a meager week of demand for old crop US wheat, coming in at only 4.6 mb to put sales at 710 mb and 17% behind a year ago. New crop sales registered 7.7 mb, coming partly from rolling of old crop to new crop but the Philippines and Thailand accounted for 4.4 mb in new bookings for the coming year. Leading Buyers..Japan sets as top buyer of US wheat so far this year but is down 24 mb from last year at 85 mb; Mexico stands in second with 81 mb and down 18 mb from last year; the Philippines is in third place with 77 mb and down 8 mb from last year; Nigeria is next with 52 mb and down 19 mb from last year. Brazil accounts for 40 mb of the shortfall in total US sales from a year ago, while China is up 10 mb and Yemen is up 3 mb from a year ago. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.