Portland Grain Review 05/10

May 10, 2016 Portland Price Trends 05-01-15 08-01-15 04-01-16 05-03-16 05-10-16 #1 SWW (bu) 6.20 5.67 5.14 5.18 5.30 White Club 7.70 6.42 5.34 5.38 5.50 DNS 14% 7.33 6.19 6.24 6.21 6.34 HRW 11.5% 6.07 5.60 5.52 5.31 5.33 #2 Corn (ton) 153.00 160.00 153.00 163.00 163.00 #2 Barley 140.00 159.00 140.00 145.00 145.00 Wheat...Slightly better futures markets and firming basis levels made for a better start to the week for west coast wheat markets. Spot basis levels strengthened across the complex; soft white basis was up 20 cents from last week, hard red winter up a dime and red spring up 15 cents. Shipments...Weekly export shipments came in at a solid 18 mb over the past week, putting year-to-date shipments 12% behind last year at 694 mb. Top shipper was hard red spring wheat with 6.9 mb, followed by hard red winter at 5.2 mb. White wheat registered a relatively good week, coming in at 3.6 mb that went mostly to Yemen and the Philippines. Crop Progress...Winter wheat ratings across the Pacific Northwest show the crop continues to reflect near-ideal growing conditions, with overall index numbers at the top end of the twenty-year range for early May. The three-state index held near 105% of average this week, with a one-percent decline for Idaho and Oregon offset by a similiar increase for Washington. Good to excellent ratings for Idaho stand at 89%, with Oregon at 64% and Washington at 83%. Crop Report...USDA acknowledged above-average crop conditions as yield projections were estimated to be at the best levels since 2013 for Idaho, Oregon, and Washington. If realized, the projected three-state weighted winter wheat yield of 68 bpa would be 10% above the past two years, and 4 bushels shy of the 2012 and 2013 weighted yield. Winter wheat production for the region is forecast to be up 12% from last year at 202.8 mb. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.