Portland Grain Review 08/09

August 9, 2016 Portland Price Trends 08-01-15 01-01-16 07-01-16 08-02-16 08-09-16 #1 SWW (bu) 5.70 5.35 5.05 4.85 5.00 White Club 6.45 6.60 5.05 4.95 5.10 DNS 14% 6.22 6.17 6.00 5.99 6.08 HRW 11.5% 5.64 5.60 4.82 5.06 5.10 #2 Corn (ton) 160.00 154.00 163.00 158.00 159.00 #2 Barley 159.00 150.00 140.00 135.00 140.00 Wheat...Exporter buying interest for white wheat remained subdued as reflected in stagnant basis levels, despite word of South Korea resuming shipments of U.S. white wheat. Japan has yet to lift restrictions after a GMO concern has them implementing new testing protocols. White wheat basis remains about 20 cents below the late July high water mark, posted at 83 over Chicago. Hard red winter basis has slipped a nickel over the past week and hard red spring is holding steady. Protein scales reflect lower protein harvest intakes, with discounts and premiums getting wider on both hard red winter and spring wheat. Shipments...Export loadings for U.S. wheat tapered back again from a recent strong pace, but remain 31% ahead of last year at 174 mb shipped. Hard red winter was the top mover, accounting for more than 8 mb of the weekly total. Hard red spring loaded-out 2.3 mb and soft white wheat saw 2 mb shipped off the PNW. Top destination by far was Indonesia with 3.8 mb, one of three major destinations off the west coast last week. Crop Progress...Open weather allowed for good harvest progress across the Pacific Northwest last week. Notable was a 34% advancement in winter wheat harvest for Idaho, which now stands slightly ahead of average pace at 55% complete. Both Washington and Oregon pulled in another 15% of the crop and stand at 57% and 78% complete, respectively. Yields generally remain above average, protein at or below average, with some incidence of lower falling numbers being reported out of eastern Washington and north Idaho wheat regions. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.