Portland Grain Review 06/28

June 28, 2016 Portland Price Trends 06-01-15 08-01-15 05-01-16 06-21-16 06-28-16 #1 SWW (bu) 6.03 5.67 5.33 5.22 5.22 White Club 7.53 6.42 5.53 5.22 5.22 DNS 14% 7.35 6.19 7.35 6.29 6.13 HRW 11.5% 6.31 5.60 6.31 5.22 4.98 #2 Corn (ton) 158.00 160.00 158.00 173.00 172.00 #2 Barley 150.00 159.00 150.00 140.00 140.00 Wheat...The four-week downtrend continued across the wheat complex in early-week trade, with west coast prices following along. Basis levels on white wheat did show a slight improvement, gaining about a dime from last week, hard red spring gained a nickel over Minneapolis and hard red winter held unchanged. Hot weather across the PNW is ripening the winter wheat crops with harvest expected to begin in portions of Oregon after the holiday weekend. Shipments...Weekly export inspections showed another respectable week of export loading for U.S. wheat with totals reflective of recent demand increases relative to last year. Shipments off all ports totaled 18.3 mb last week, putting year-to-date loadings at 62 mb and 36% ahead of last year. Top shipper for the week was hard red winter with 8.7 mb, and red spring tallied 7.3 mb. White wheat saw 2.2 mb loaded off the west coast. Top destinations off the west coast included the Philippines and Taiwan. Crop Progress..Recent hot weather nipped both winter and spring wheat conditions across the PNW over the past week. Winter wheat ratings were down a point from last week, with the overall three-state index dropping 1% to 105% of the five-year average. Poor to very poor ratings increased a point for both Idaho and Oregon. Declines were also notable for spring wheat ratings, with the overall U.S. index slipping from above to below average over the past week. Hot weather pared northern tier ratings as South Dakota lost 10% off the good to excellent category, Montana saw a 14% drop and North Dakota slipped 5%. Washington was unchanged. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.