Portland Grain Review 02/08

February 8, 2018 Portland Price Trends 02-01-17 08-01-17 01-01-18 02-01-18 02-08-18 #1 SWW (bu) 4.68 5.20 5.25 5.40 5.47 White Club 4.83 5.30 5.25 5.40 5.47 DNS 14% 6.89 8.38 7.52 7.36 7.42 HRW 11.5% 5.28 5.65 5.60 6.13 6.27 #2 Corn (ton) 169.00 148.00 157.00 162.00 161.00 #2 Barley 115.00 125.00 128.00 140.00 140.00 Wheat..West coast white wheat markets remained relatively firm on the front side of the market this week, with confirmation of export interest over the past week explaining relative strength. Basis levels did weaken against a higher move in Chicago, but the spot basis remains well above average and prices hit the $5.50 level again. Hard red winter has also remained firm from a basis standpoint, with bids reflecting a basis more than double the ten-year average. Weekly Sales..USDA reported better than expected sales for U.S. wheat, coming in at 14.5 mb to put year-to-date totals at 14.5 mb; which stands 11% behind a year ago and 6% behind the five-year average pace. Topping the list for the week was white wheat, which saw a relatively good week of demand with 5 mb. Sales for that class of 168 mb stand 14% above last year and 20% ahead of average. Hard red winter booked 4.5 mb and sets 11% behind last year but 8% ahead of average with 309 mb in sales. Hard red spring secured 2.8 mb for the week and with 199 mb sold stands 28% behind last year and 11% behind average. Japan was topped all buyers at 3.3 mb, followed by Mexico with 2.4 mb and the Philippines with 1.4 mb. -Norm Ruhoff Contributing Analyst Copyright 2018 DTN/Telvent. All Rights Reserved.