Portland Grain Review 07/26

July 26, 2016 Portland Price Trends 07-01-15 08-01-15 06-01-16 07-19-16 07-26-16 #1 SWW (bu) 6.60 5.67 5.35 5.22 5.17 White Club 7.35 6.42 5.35 5.22 5.17 DNS 14% 7.47 6.19 6.29 5.93 6.01 HRW 11.5% 6.67 5.60 5.41 5.05 5.17 #2 Corn (ton) 180.00 160.00 179.00 160.00 159.00 #2 Barley 150.00 159.00 145.00 135.00 135.00 Wheat...Firming basis levels and widening protein scales have been the highlight of west coast markets over the past week, as exporters continue to push for farmer movement and harvest progress reveals lower protein is hitting the elevator pits. White wheat basis to Chicago is holding at 75 cents above average and at 102 over is challenging the early season high for last year. Hard red winter basis is also nearly double the ten-year average at 105 over KC futures. At 115 over Minneapolis, red spring wheat basis has moved back toward average for late July. Shipments...Weekly export inspections showed a solid week of shipments for hard red winter, coming in at 12 mb and accounting for over half the weekly total. Hard red spring wheat loadings registered 4.6 mb with soft white reporting 1.5 mb shipped. Top destination off the PNW was Japan. Crop Progress...Overall U.S. spring wheat ratings took another modest decline, with the crop now at 99% of the five-year average and 102% of the twenty-year average. Crop conditions across the western states held mostly steady, while northern tier states registered declines; notably in South Dakota where ratings declined for the fifth straight week and stand at 91% of the five-year average. Harvest progress on winter wheat shows Pacific Northwest progress back on track with the average pace versus the faster drought-induced pace of the past two years. Idaho is 10% complete, Oregon 35% and Washington at 23% cut. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.