Portland Grain Review 11/10

November 10, 2016 Portland Price Trends 11-01-15 01-01-16 10-01-16 11-03-16 11-10-16 #1 SWW (bu) 5.68 5.35 4.65 4.80 4.70 White Club 7.48 6.60 4.85 5.05 4.85 DNS 14% 5.98 6.17 6.36 6.25 6.30 HRW 11.5% 6.62 5.60 5.02 5.00 4.99 #2 Corn (ton) 161.00 154.00 160.00 145.00 144.00 #2 Barley 150.00 150.00 120.00 115.00 115.00 Wheat...A modest drift in the futures complex pulled west coast wheat markets lower this week, as basis levels generally held steady. Bids for delivery remain flat for the next 45 days as exporters secure additional coverage for recent demand and work to accommodate the upcoming extended closure of the river system for longer-term maintenance. Weekly Sales...USDA revealed a dramatic rebound in overall demand for U.S. wheat last week, as weekly demand registered the second best level of the marketing year at 28.3 mb. Year-to-date sales now stand at 627 mb and are running 31% ahead of last year and 4% above the five-year average pace. Hard red winter was top seller with 10.1 mb, putting sales at 262 mb; more than double last year and 24% ahead of average. Hard red spring saw nearly 8 mb in new commitments, putting sales at 193 mb which stands 24% ahead of last year and 22% ahead of average. White wheat sales were near the 5 mb mark for the third of the past four weeks. Sales of 106 mb stand 17% ahead of last year and 3% ahead of average. Crop Report...Monthly revisions from USDA left projected wheat exports unchanged from last month at 975 mb, but stocks climbed 5 mb based on an adjustment to use by class. Increased exports and domestic demand trimmed projected hard red winter carryout 13 mb, with reduced domestic usage for for hard red spring offsetting increase exports and adding 3 mb to stocks. White wheat numbers were unchanged, leaving carryout at a decades-high 95 mb projected for the end of the year. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.