Portland Grain Review 07/05

July 5, 2016 Portland Price Trends 07-01-15 08-01-15 06-01-16 06-28-16 07-05-16 #1 SWW (bu) 6.60 5.67 5.35 5.22 5.00 White Club 7.35 6.42 5.35 5.22 5.00 DNS 14% 7.47 6.19 6.29 6.13 6.08 HRW 11.5% 6.67 5.60 5.41 4.98 4.91 #2 Corn (ton) 180.00 160.00 179.00 172.00 160.00 #2 Barley 150.00 159.00 145.00 140.00 140.00 Wheat...West coast wheat markets were pressed lower coming out of the holiday weekend, following a move to fresh multi-year lows in the futures complex. A late recovery in Chicago futures today helped put soft white prices back at the $5 level this afternoon, after dipping to four-month lows this morning. Basis levels for white wheat were somewhat defensive against the rebound in Chicago today, dropping 8 cents from last week. Shipments...Weekly export shipments continue to mirror the better pace of US wheat sales, registering 20.5 mb for all wheat last week to put the year-to-date total at 83 mb and 41% ahead of a year ago. Top shipper for the week was hard red spring with with 8.7 mb followed by hard red winter with 5.4 mb. White wheat loaded a total of 3.5 mb off the PNW, which saw the Philippines and Thailand as top destinations. Crop Progress...Hot and dry conditons over the past week pulled winter wheat conditions down in Oregon, with the poor to very poor gaining 2% to 16% and good to excellent down 6% to 54%. Idaho and Washington ratings held unchanged, with the three-state index dropping one point to 104% of the five-year average. Winter wheat harvest is officially underway for both Oregon and Washington. Spring wheat ratings held at a healthy 85% good to excellent for Washington; Idaho dropped 1% to a solid 75%. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.