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                                                       September 22, 2016
                                   Portland Price Trends
                 09-01-15    01-01-16    08-01-16    09-15-16    09-22-16
#1 SWW (bu)         5.70        5.35        4.95        4.78        4.83
White Club          6.45        6.60        5.05        4.93        4.98
DNS 14%             6.36        6.17        6.03        6.06        6.21
HRW 11.5%           5.88        5.60        5.10        5.06        5.11
#2 Corn (ton)     161.00      154.00      158.00      155.00      155.00
#2 Barley         160.00      150.00      135.00      120.00      120.00

   Wheat...West coast wheat prices remained generally range-bound again
this week, as the wheat futures complex tested the upper end of a three
week trading range.  Basis levels held mostly steady to better through
the week, with hard red spring basis strengthening by a nickel to move
back in line with average for late September.  White wheat basis at 80
over Chicago is 20 cents above the five-year average and hard red winter
at 90 over KC is about a dime under the five-year average. 
   Weekly Sales...USDA reported a rebound in U.S. wheat demand last week,
coming in 20% above the four-week average at 20.6 mb.  Year-to-date sales
now stand at 495 mb which is 23% ahead of last year and 1% behind average.
Hard red winter sales accounted for half the total with 10.2 mb, putting
that class 85% ahead of last year and 20% ahead of the five-year average
pace at 208 mb.  Hard red spring sales also rebounded to 6.5 mb last week,
placing current year sales 20% ahead of both last year and average. White
wheat saw fairly limited buying interest last week, registering 1.6 mb to
put sales 13% ahead of last year and 2% behind average at 80 mb.
   Top Buyers...Mexico placed as top buyer last week, booking a total of
4.6 mb, followed by Peru with 3.6 mb and Brazil with 3 mb; all helping to
bolster hard red winter sales.  The top five was rounded-out by Indonesia
with nearly 3 mb and Japan buying 2.3 mb.  China was also a notable with
a 2 mb purchase of hard red spring wheat.

                                     -Norm Ruhoff  Extension Economist
               University of Idaho  CALS-AERS

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