Portland Grain Review 10/13

October 13, 2017 Portland Price Trends 10-01-16 01-01-17 09-01-17 10-06-17 10-13-17 #1 SWW (bu) 4.65 4.50 5.26 5.47 5.37 White Club 4.85 4.65 5.36 5.52 5.42 DNS 14% 6.36 6.57 7.52 7.54 7.42 HRW 11.5% 5.05 4.99 5.49 5.77 5.74 #2 Corn (ton) 160.00 160.00 151.00 142.00 141.00 #2 Barley 120.00 115.00 120.00 125.00 125.00 Wheat...Firming basis levels across both soft white and hard red winter wheat markets continued to offset weakness in the futures complex, as west coast exporters push for nearby deliveries. White wheat bids show carries into next year, while hard red winter markets show spot bids at a premium to deferred deliveries. Weekly Sales...USDA reported a sharp decline in overall demand for U.S. wheat over the past week, coming in at just 6.4 mb; less than half of the four-week average and second lowest weekly total this marketing year. All wheat sales stand at 521 mb and 5% below both a year ago and the five-year average for early October. Hard red spring was top seller for the week at 2.8 mb and sets 14% below a year ago and 1% under average. Soft red winter booked 1.6 mb followed by soft white with 1.4 mb. White wheat sales stand at 123 mb; 36% above last year and 41% ahead of average. Sales of hard red winter came in at less than a million bushels. Crop Report...USDA acknowledged the strong pace of sales for U.S. white wheat, tightening the balace sheet even further this month with a reduced production estimate and increased demand. Production was lowered 2 mb to 258 mb, while exports were increased 5 mb to 210 mb; the best since 2011. As a result, stocks slipped 7 mb from last month to 63 mb, which would be down 40% from last year. -Norm Ruhoff Contributing Analyst Copyright 2017 DTN/Telvent. All Rights Reserved.