October 23, 2014
Portland Price Trends
10-01-13 01-01-14 09-01-14 10-16-14 10-23-14
#1 SWW (bu) 7.25 7.03 7.00 6.85 6.96
White Club 7.25 7.63 9.30 9.80 9.91
HRS 14% 8.28 8.10 8.72 9.20 9.21
HRW 11.5% 8.45 7.62 7.57 7.76 7.75
#2 Corn (ton) 195.00 186.00 178.00 181.00 185.00
#2 Barley 155.00 155.00 165.00 150.00 150.00
Wheat...The continued uptrend in wheat futures coupled with firm basis
levels bumped west coast wheat values to six-week highs today, with white
wheat knocking on the door of the $7 mark; thought to be the next pricing
point for producers. Bid structures remain relatively flat across all the
wheats, indicative of limited supplies of quality wheat. Widespread rain
showers are being welcomed across the PNW today.
Weekly Sales..Total US wheat sales came in 39% below the 4-week average
at 11 mb, placing the current year demand 23% behind a year ago at 540 mb.
Hard red spring wheat registered 3.5 mb and stands 29% ahead of last year;
hard red winter sales were less than half the 4-week average at 3 mb; soft
white came in with 1.7 mb as overall sales remain in-line with a year ago
against a tight carryout crop; and soft red winter hit the 4-week average
with 2.8 mb for the week.
Top Buyers..Japan was top buyer last week with 3.3 mb, followed by the
Philippines with 2.5 mb, and South Korea with 1.9 mb. Dominion Republic
took fourth place with 1.3 mb, followed by Nigeria with 1 mb.
YTD Sales %..At 20 weeks into the current marketing year total US wheat
commitments stand at 58% of projected sales for the year of 925 mb; on par
with the 10-year average for mid-October. Soft white bookings are 60% of
projected, 4% ahead of average; soft red winter is at 65%, 5% ahead of the
average; red spring demand is 6% ahead of the average at 64% of projected;
and hard red winter is 8% behind with 51% of projected sales in the books.
-Norm Ruhoff Contributing Analyst
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