Portland Grain Review 04/26

April 26, 2016 Portland Price Trends 04-01-15 08-01-15 03-01-16 04-19-16 04-26-16 #1 SWW (bu) 6.87 5.67 4.90 5.34 5.24 White Club 9.37 6.42 5.10 5.64 5.54 DNS 14% 9.12 6.19 5.95 6.32 6.27 HRW 11.5% 7.04 5.60 5.34 5.67 5.53 #2 Corn (ton) 171.00 160.00 153.00 166.00 164.00 #2 Barley 160.00 159.00 145.00 140.00 145.00 Wheat....Though still well off the recent highs, west coast markets regained some ground in early-week trade against a modest rebound across the futures complex. Export bids have now rolled to July futures, with basis on white wheat and hard red winter weakening to reflect the carry to July futures. Bid structures for all the wheat classes show a mostly flat market into June delivery. Shipments...Weekly export inspections showed US wheat shipments down slightly from the prior week at 14.9 mb, putting year-to-date shipments at 662 mb and 13% behind a year ago. Top shipper for the week was hard red spring at 5.5 mb, hard red winter followed at 4.8 mb and soft white registered 2.8 mb. Top destination off the west coast ports was Japan with 3.3 mb, followed by Vietnam with 1.7 mb. The Philippines and Taiwan accounted for 1.5 mb each. Crop Progress...Pacific Northwest winter wheat conditions continue to benefit from near ideal weather this spring, with the three-state index climbing a point over the past week to 104% of the twenty-year average. Improved good to excellent ratings for Washington, which were up 3% to 83%, offset a 2% decline in Idaho which stands at 88%. Oregon ratings were unchanged at 66%. Montana saw a two point gain in good-excellent, coming in at 60%. Overall US winter wheat ratings stand nearly a full standard deviation above the twenty-year average. Spring wheat planting shows the Washington crop going in 5% ahead of average at 72% complete, while Idaho lags the average by 5% at 65% planted. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.