Portland Grain Review 06/07

June 7, 2016 Portland Price Trends 06-01-15 08-01-15 05-01-16 05-31-16 06-07-16 #1 SWW (bu) 6.03 5.67 5.33 5.25 5.60 White Club 7.53 6.42 5.53 5.25 5.60 DNS 14% 7.35 6.19 7.35 6.20 6.46 HRW 11.5% 6.31 5.60 6.31 5.32 5.70 #2 Corn (ton) 158.00 160.00 158.00 174.00 184.00 #2 Barley 150.00 159.00 150.00 145.00 145.00 Wheat...West coast markets saw white wheat prices hit the high end of a seven-month trading range in early-week trade, tagging along with the strength across the futures complex. Portland white wheat prices hit the $5.60 mark for both old and new crop positions, with January 2017 posted at $5.80; price levels which attracted some new crop farmer selling. Hot and dry weather has prevailed across the Pacific Northwest, with record heat being recorded in many locations. Shipments...Weekly export inspections showed U.S. wheat loadings were down about 4 mb from the prior week at 14.3 mb. Top shipper for the week was hard red winter with 6.4 mb, followed by hard red spring wheat with a 4.2 mb tally that went primarily to China off the west coast. Soft white wheat loaded out 2.5 mb for the week, going mostly to Indonesia. Crop Progress...USDA reported only minor declines in PNW winter wheat conditions, with the three-state weighted index down two points. Overall ratings for the region are holding at 106% of the five-year average. Crop ratings for spring wheat remain impressive, challenging the high end of a twenty-year range and at the best levels since 2010. Washington's spring wheat rates at 109% of the five-year average with Idaho at 104%. Montana winter wheat dropped 2% out of good to excellent, standing at 65%, while that state's spring wheat crop rates at 106% of the twenty-year average. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.