Portland Grain Review 09/20

September 20, 2016 Portland Price Trends 09-01-15 01-01-16 08-01-16 09-13-16 09-20-16 #1 SWW (bu) 5.70 5.35 4.95 4.78 4.86 White Club 6.45 6.60 5.05 4.93 5.01 DNS 14% 6.36 6.17 6.03 6.08 6.06 HRW 11.5% 5.88 5.60 5.10 5.06 5.08 #2 Corn (ton) 161.00 154.00 158.00 151.00 155.00 #2 Barley 160.00 150.00 135.00 125.00 120.00 Wheat...West coast wheat markets remained range-bound within a fairly tight range, reflective of the current consolidation taking place across the wheat futures complex. Wheat generally remains a follower of the row crop futures, with corn mounting a modest rally toward the recent highs. Calendar spreads for Chicago wheat also show a slight weakening of carry between spot and deferred months. Both white wheat and hard red spring wheat basis levels are a nickel higher than last week. Shipments...Weekly export inspections showed another decent week for U.S. wheat loadings, coming in at 20.6 mb to put shipments at 315 mb and 25% ahead of last year. Hard red winter was top shipper, accounting for over half the weekly total with 12.3 mb going mostly to Brazil off Gulf ports. Hard red spring moved over 5 mb and soft white loaded 2.6 mb off the west coast. Top destinations off PNW ports included China, Thailand and Japan. Other notables were Indonesia and El Salvador. Crop Progress...A Pacific front brought in moisture across the wheat regions of the Northwest over the past week, triggering additional winter wheat seeding. Idaho plantings stand slightly ahead of average at 22%, while Oregon and Washington sowings are reported slightly behind the 5- year pace at 9% and 44% complete, respectively. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.