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Portland Grain Review 01/17



January 17, 2019

Portland Price Trends
01-01-18 08-01-18 12-01-18 01-10-19 01-17-19
#1 SWW (bu) 5.32 6.05 6.25 6.27 6.30
White Club 5.32 6.05 6.25 6.27 6.30
DNS 14% 7.52 7.08 6.91 6.74 6.77
HRW 11.5% 5.60 6.89 6.50 6.49 6.54
#2 Corn (ton) 157.00 160.00 166.00 163.00 170.00
#2 Barley 128.00 140.00 140.00 140.00 140.00

Wheat....A spike in the futures complex this morning pulled west coast
wheat markets higher today, moving soft white wheat bids back to the high
for the marketing year at $6.30. Spot basis levels also stand historically
strong for white wheat and hard red winter. Dark northern spring basis is
setting well-below average, weakening another nickel this week. Japan was
in the market this week, buying 4 mb of wheat from the U.S., Australia and
Canada. South Korea was also reportedly seeking U.S. wheat.
White Wheat Sales...At last count nearly a month ago, USDA showed sales
of U.S. soft white running 8% behind a year ago; down 12 mb at 143 mb. The
buyers coming up short to last year at that point were primarily China and
unknown, down 24 mb from last year. Making up some of that difference are
Japan, Thailand and Nigeria which show a combined increase of nearly 12 mb.

-Norm Ruhoff Contributing Analyst

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