Portland Grain Review 05/31

May 31, 2016 Portland Price Trends 05-01-15 08-01-15 04-01-16 05-24-16 05-31-16 #1 SWW (bu) 6.20 5.67 5.14 5.30 5.25 White Club 7.70 6.42 5.34 5.50 5.25 DNS 14% 7.33 6.19 6.24 6.22 6.20 HRW 11.5% 6.07 5.60 5.52 5.31 5.32 #2 Corn (ton) 153.00 160.00 153.00 169.00 174.00 #2 Barley 140.00 159.00 140.00 145.00 145.00 Wheat...Sharply lower futures coming out of the extended weekend put a damper on west coast wheat values, pulling old crop white wheat bids back to a dime above early May lows. Old crop club wheat premiums also eroded to even money with white wheat and went to 20 cents over new crop as west coast exporters reflect Pacific Rim buying interest. Basis levels remain steady, with white and hard red winter above ten-year averages. Shipments..Weekly export inspections showed a surge in total U.S. wheat shipments last week, coming in at 18 mb to put loadings at 737 mb and 11% below a year ago. Hard red winter was top shipper for the week with 7.4 mb, followed by soft white at 4.7 mb and hard red spring at 4.7 mb. Major west coast destinations included Yemen taking 3.7 mb of white wheat along with Thailand and China each near the 2 mb mark. Crop Progress...Overall winter and spring wheat ratings show U.S. crop potential remains well above average, as indexes improved for both crops over the past week. U.S. winter wheat now stands at 124% of the five-year average, with improved ratings in North and South Dakota raising the total spring wheat index to 103% of average. PNW winter wheat conditions show a plateau over the past few weeks, but remain at a healthy 106% of average. Montana winter wheat dropped 2% out of good to excellent at 65% while the spring wheat crop gained a point to 73% and stands 6% above average. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.