Portland Grain Review 06/21

June 21, 2016 Portland Price Trends 06-01-15 08-01-15 05-01-16 06-14-16 06-21-16 #1 SWW (bu) 6.03 5.67 5.33 5.40 5.22 White Club 7.53 6.42 5.53 5.40 5.22 DNS 14% 7.35 6.19 7.35 6.33 6.29 HRW 11.5% 6.31 5.60 6.31 5.33 5.22 #2 Corn (ton) 158.00 160.00 158.00 187.00 173.00 #2 Barley 150.00 159.00 150.00 140.00 140.00 Wheat...It was a tough start to the week for west coast wheat markets, tailing lower with the sharp down-draft across the futures complex. Basis was slightly stronger for white wheat against Chicago, with both winters and spring red wheat basis levels holding steady. Bid structures show the nearby positions flat through August for all wheats, with carries of 20 cents per month posted into January. Shipments...Weekly export inspections showed a solid week of loadings for U.S. wheat, coming in at nearly 21 mb to put total shipments for the new year at 44 mb and 37% ahead of a year ago. Top shipper for the week was hard red winter with 9.3 mb, followed by soft white wheat with 6 mb and hard red spring at 5.2 mb. West coast loading activity showed that vessels were destined primarily for the Pacific Rim; topped by shipments to the Philippines, Japan and Indonesia. Crop Progress...Weekly crop ratings showed winter wheat ratings across the Pacific Northwest taking a slight decline over the past week; mainly from a decline in Idaho. Recent hot temperatures pulled good to excellent ratings for Idaho down 6 points to 80%. Oregon was up 1 point to 61% and Washington unchanged from last week at 78%. Montana winter wheat was also unchanged at 64%. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.