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April 19, 2018
Portland Price Trends
04-01-17 08-01-17 03-01-18 04-12-18 04-17-18
#1 SWW (bu) 4.82 5.20 5.78 5.92 5.95
White Club 4.97 5.30 5.78 5.92 5.95
DNS 14% 6.66 8.38 7.64 7.58 7.55
HRW 11.5% 4.94 5.65 6.83 6.57 6.42
#2 Corn (ton) 160.00 148.00 173.00 183.00 179.00
#2 Barley 120.00 125.00 150.00 152.00 152.00
Wheat...West coast export bids showed white wheat basis adjusting to
fluctuations in Chicago futures, holding spot cash bids near $5.90 most
of the week. Japan was in the market to cover additional requirements for
June, but the primary driver for soft white markets has been coverage of
prior export sales.
Weekly Sales...USDA confirmed another dismal week of export demand for
U.S. wheat, with cancellation and rolling of sales resulting in a net loss
for the week of 2.5 mb. Year-to-date export commitments now stand at 844
mb; 17% behind a year ago and 10% below the five-year average pace. Hard
red winter showed sales of 1.1 mb while both red spring and soft white saw
net declines above 2 mb.
New Crop Sales...Export commitments for U.S. wheat into the coming year
registered a gain of 8.8 mb for the week, bringing total new crop sales to
51 mb; which is down 12% from a year ago and the lowest tally at mid-April
of the past five years. Since 2013, new crop commitments at this time of
year were at a high of 101 mb in both 2013 and 2014, averaging 78 mb over
the past five years.
-Norm Ruhoff Contributing Analyst
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