Portland Grain Review 06/14

June 14, 2016 Portland Price Trends 06-01-15 08-01-15 05-01-16 06-07-16 06-14-16 #1 SWW (bu) 6.03 5.67 5.33 5.60 5.40 White Club 7.53 6.42 5.53 5.60 5.40 DNS 14% 7.35 6.19 7.35 6.46 6.33 HRW 11.5% 6.31 5.60 6.31 5.70 5.33 #2 Corn (ton) 158.00 160.00 158.00 184.00 187.00 #2 Barley 150.00 159.00 150.00 145.00 140.00 Wheat...West coast wheat prices retreated in early-week trade, coming under pressure from weakness across the futures complex. From the highs posted last week, white wheat settled out today 30 cents lower, hard red winter down 37 cents and hard red spring off 22 cents. Basis levels saw white wheat gain a nickel against Chicago from last week, hard red winter basis was a dime lower and hard red spring held steady. Cooler weather and scattered precipitation is being welcomed across the PNW this week. Crop Report...USDA acknowledged improved winter wheat yield potential across the Pacific Northwest, raising projected production for the three state region 3% from last month to 208.5 mb; up 15% from a year ago and the best crop since 2013. Yield projections were raised 6 bpa from last month for Oregon, 1 bpa for Washington and Idaho was unchanged. Weighted average yield for the three states would be up 14% from 2015 to 69.7 bpa and 1 bushel per acre above the five-year average. Shipments...Weekly export inspections showed U.S. wheat loadings held in line with the prior week, coming in at 13.3 mb to put total shipments at 21 mb compared to 20 mb a year ago. Top shipper for the week was hard red winter wheat with 5.1 mb, followed by hard red spring at 3.8 mb and soft white with 2.2 mb. Top destinations off the west coast included the Philippines, Japan and El Salvador. Crop Progress...A shift in winter wheat ratings for Oregon pulled the three-state weighted index down a point from last week to 105% of normal. Hot and dry weather took a toll on the Oregon crop with the poor to very poor category climbing 5% to 11%, with 4% coming out of good to exellent to settle at 60%. Idaho held unchanged at 86% good to excellent, while Washingtion slipped a point to 78%. U.S. spring wheat ratings managed to hold at 79% good to excellent, as an improved North Dakota crop helped offset notable declines in South Dakota and Minnesota. Washington spring wheat ratings held unchanged and stand at 110% of the 15-year average. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.