Portland Grain Review 09/21

September 21, 2017 Portland Price Trends 09-01-16 01-01-17 08-01-17 09-14-17 09-21-17 #1 SWW (bu) 4.68 4.50 5.20 5.30 5.36 White Club 4.78 4.65 5.30 5.40 5.41 DNS 14% 5.96 6.57 8.36 7.62 7.56 HRW 11.5% 4.87 4.99 5.65 5.57 5.63 #2 Corn (ton) 156.00 160.00 148.00 145.00 125.00 #2 Barley 125.00 115.00 125.00 125.00 143.00 Wheat....West coast white wheat basis levels remained firm, holding at levels more than double the ten-year average and supporting nearby prices near the $5.30 mark. Basis levels were also steady for hard red winter and red spring wheat, but exporters did stiffen protein discounts for hard red winter near the end of the week. Weekly Sales...USDA reported overall demand for U.S. wheat held on-par with the prior week at 11.3 mb; about 20% below the four-week average pace. Total commitments stand at 481 mb which is 3% below both a year ago and the five-year average for this time of year. Top seller was hard red spring at 4.5 mb and with sale of 130 mb sets 16% behind a year ago and 3% below the average. Soft white registered 2.7 mb for the week and with 115 mb in the books stands about 45% above both year-ago and average. Sales for hard red winter came in at 2.1 mb, placing year-to-date demand at 180 mb which sets 14% below a year ago and 2% above average. Top Buyers...The Philippines registered as top buyer of U.S. wheat last week with 2.8 mb, followed by Mexico with 2 mb. Kenya bought 1.5 mb of hard red winter wheat, and 2 mb was booked for both Japan and Unknown. -Norm Ruhoff Contributing Analyst Copyright 2017 DTN/Telvent. All Rights Reserved.