Portland Grain Review 10/27

October 27, 2015 Portland Price Trends 10-01-14 01-01-15 09-01-15 10-20-15 10-27-15 #1 SWW (bu) 6.60 6.97 5.70 5.57 5.72 White Club 9.50 9.47 6.45 7.37 7.52 DNS 14% 8.81 8.27 6.36 6.59 6.66 HRW 11.5% 7.18 7.31 5.88 5.91 6.03 #2 Corn (ton) 174.00 195.00 161.00 159.00 162.00 #2 Barley 150.00 170.00 160.00 150.00 150.00 Wheat...West coast trading activity remains slow with farmer marketing commitments lagging well behind average pace. Markets remain rangebound, with prices currently working within the upper third the range in place since harvest. Basis levels are firm for hard red winter and springs at 115 and 150 over, respectively, with soft white wheat remaining defensive against gains in Chicago; closing at 60 over today against the December futures for spot delivery. Shipments...Weekly export inspections revealed a relatively slow week for US wheat shipments, coming in at 11.6 mb to put year-to-date totals at 326 mb and 17% behind a year ago. By-class loadings showed both hard red winter and springs shipping 3.3 mb last week, followed by soft white with 1.7 mb. Vessels for South Korea, the Philippines and Guatemala were top destinations off the PNW last week. Crop Ratings...The first assessment of winter wheat conditions shows the toll of a dry fall. Oregon rates only 8% of the crop good-excellent, at an index of 286 versus 329 last year (300=Fair); Idaho rated at 55% with an index of 366 versus 397; and Washington countering neighboring states with a 56% good to excellent, placing the index at 354 versus a 306 standing in late October last year. -Norm Ruhoff Contributing Analyst Copyright 2015 DTN/Telvent. All Rights Reserved.