November 8, 2018
Portland Price Trends
11-01-17 01-01-18 10-01-18 11-01-18 11-08-18
#1 SWW (bu) 5.23 5.32 6.15 6.22 6.15
White Club 5.28 5.32 6.15 6.22 6.15
DNS 14% 7.49 7.52 6.67 6.92 6.93
HRW 11.5% 5.60 5.60 6.36 6.51 6.55
#2 Corn (ton) 145.00 157.00 157.00 159.00 162.00
#2 Barley 125.00 128.00 140.00 140.00 140.00
Wheat..West coast wheat markets reflected weaker futures coming out of
the monthly crop report today, as cash bids moved lower across the board.
USDA did tighten the white wheat balance sheet, projecting higher exports
and domestic use; dropping carryout 7 mb from last month to 50 mb which
would be the lowest levels since 2013.
Weekly Sales...USDA reported another strong week of export demand for
U.S. wheat, registering the second best weekly tally for the current year.
Total sales of 24.3 mb moved year-to-date commitments up to 506 mb, which
is 11% behind a year ago and 15% below the five-year average. Top seller
for the week was hard red spring, booking 8 mb to put sales at 162 mb and
on par with last year for the first time this marketing year. Sales for
hard red winter were also the best since in two months at 6.8 mb, placing
current year sales at 145 mb; 31% below both a year ago and the five year
average pace. Soft white booked 4.2 mb and with 122 mb in commitments is
running 8% below last year but 18% ahead of average. Soft red winter also
had a solid showing, registering a marketing year high of 4.4 mb and with
62 mb in sales stnads 13% ahead of a year ago.
Top Buyers...The Philippines was by far the largest buyer of U.S. wheat
last week, booking 11.2 mb which was split between soft white and hard red
spring. Indonesia bought 4.7 mb across all classes, Japan booked 3.6 mb,
South Korea 2.8 and Mexico bought 2.4 mb.
-Norm Ruhoff Contributing Analyst
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