Portland Grain Review 05/24

May 24, 2016 Portland Price Trends 05-01-15 08-01-15 04-01-16 05-17-16 05-24-16 #1 SWW (bu) 6.20 5.67 5.14 5.48 5.30 White Club 7.70 6.42 5.34 5.68 5.50 DNS 14% 7.33 6.19 6.24 6.39 6.22 HRW 11.5% 6.07 5.60 5.52 5.43 5.31 #2 Corn (ton) 153.00 160.00 153.00 169.00 169.00 #2 Barley 140.00 159.00 140.00 145.00 145.00 Wheat..Another relatively quiet start to the week saw west coast bids holding in a relatively narrow trading range with limited farm offerings. Basis levels for white wheat were modestly higher today, flattening the carry between old crop and new crop August delivery. Bid structures on both hard red winter and springs also show prices flat through July. Shipments...Weekly export inspections showed total US wheat shipments down about 2 mb from the prior week at 11 mb. Top shipper was hard red winter with 7 mb. Soft white and hard red spring wheat reported in near the 1.8 mb mark. Top destinations off the west coast were Indonesia, El Salvador and Chile. Crop Progress...Pacific Northwest winter wheat conditons held mostly in-line with prior week levels, with all three states registering a one point decline in good to excellent ratings. Overall ratings are holding at 106% of the five-year average, with Idaho at an 87% good to excellent rating, Oregon at 62% and Washington at 80%. The most notable change was a 4% increase in the poor to very poor category for Oregon, coming from hot and windy conditions in Sherman County. The first assessment of the spring wheat crop shows Washington coming in at the top end of the range since 2000 at 110% of average, with Idaho at 102% of average and Montana at 104% of average. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.