Portland Grain Review 05/24

May 24, 2018 Portland Price Trends 05-01-17 08-01-17 04-01-18 05-17-18 05-24-18 #1 SWW (bu) 4.87 5.20 5.80 5.90 6.10 White Club 5.02 5.30 5.80 5.90 6.10 DNS 14% 6.88 8.38 7.03 7.60 7.91 HRW 11.5% 5.36 5.65 6.17 6.49 6.87 #2 Corn (ton) 161.00 148.00 175.00 183.00 186.00 #2 Barley 125.00 125.00 152.00 155.00 155.00 Wheat...A two-week rally across the wheat futures complex held intact, moving Portland cash white wheat and hard red winter prices to marketing year highs. White wheat prices held above the $6 mark, posting the best price levels since September 2015, while hard red winter 11.5% pro prices are holding near three-year highs. Warm weather accompanied by persistent moisture continued to improve winter wheat conditions throughout the PNW this week. Weekly Sales...USDA reported a relatively good week of exports for U.S. wheat, coming in above 16 mb for both old and new crop positions. Old crop sales were at 4.1 mb, putting the year-to-date total at 871 mb; 16% behind a year ago, 10% below the five-year average and at 96% of USDA projections for this year. Top sellers were soft white and hard red spring with each picking up 1.3 mb in old crop commitments. New crop sales came in at 12.5 mb to put commitments at 88 mb compared to 127 mb at this time last year. Top buyers for new crop were Taiwan with 3.1 mb, followed by Japan with 2 mb and Iraq with 1.8 mb. -Norm Ruhoff Contributing Analyst Copyright 2018 DTN/Telvent. All Rights Reserved.