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November 16, 2018
Portland Price Trends
11-01-17 01-01-18 10-01-18 11-09-18 11-16-18
#1 SWW (bu) 5.23 5.32 6.15 6.18 6.20
White Club 5.28 5.32 6.15 6.18 6.20
DNS 14% 7.49 7.52 6.67 6.87 6.84
HRW 11.5% 5.60 5.60 6.36 6.49 6.40
#2 Corn (ton) 145.00 157.00 157.00 167.00 164.00
#2 Barley 125.00 128.00 140.00 140.00 140.00
Wheat..West coast wheat markets saw white wheat basis finish the week
on a higher note, holding within a nickel range through the week. A firm
basis on hard red winter is offsetting some of the continued declines in
KC futures, and good export demand is also firming hard red spring bids.
Weekly Sales...USDA reported a setback in export demand for U.S. wheat
over the past week, as sales came in below the four-week average at 16.1
mb; placing sales 13% behind a year ago and 15% behind the five-year pace.
Hard red winter continues to be the laggard, securing only 3.6 mb over the
past week to put year-to-date sales at 149 mb. Sales stand 35% below last
year and 32% under the five year average pace. Hard red spring wheat sales
continue to rebound, with export demand holding in-line with the four-week
average at 8.2 mb. Current years sales are now 2% ahead of last year and
on par with the five-year pace. Soft white registered 2.4 mb on the week,
and with 124 mb in commitments sets 8% behind a year ago but 17% ahead of
the five-year average.
Top Buyers...Bangladesh topped all buyers for the week, booking 4.4 mb
of US hard red spring. Taiwan bought 2.4 mb, followed closely by Japan at
2.2 mb, South Korea with 1.9 mb and Mexico buying 1.6 mb.
-Norm Ruhoff Contributing Analyst
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