Portland Grain Review 08/23

August 23, 2016 Portland Price Trends 08-01-15 01-01-16 07-01-16 08-16-16 08-23-16 #1 SWW (bu) 5.70 5.35 5.05 5.12 4.95 White Club 6.45 6.60 5.05 5.22 5.05 DNS 14% 6.22 6.17 6.00 6.31 6.26 HRW 11.5% 5.64 5.60 4.82 5.11 5.23 #2 Corn (ton) 160.00 154.00 163.00 160.00 159.00 #2 Barley 159.00 150.00 140.00 130.00 130.00 Wheat...A roll from September to December futures against big carries between those contracts pulled spot basis levels lower today, especially for white wheat which saw basis drop 20-plus cents. Harvest pressure has weighed on all markets with logistics being complicated by lower falling number issues in white wheat and lower protein red wheats hitting export channels in Portland. Shipments...Weekly export inspections showed another relatively good week of export loadings for U.S. wheat, coming in near 20 mb to put the year-to-date total 33% ahead of last year at 219 mb. Hard red winter in particular was a solid mover, topping all classes of wheat for the week with 8.3 mb. Hard red spring followed that with 6.3 mb shipped. White wheat saw 2 mb loaded off the PNW, going primarily to Taiwan. Other top destinations for the week included Vietnam, the Philippines, Indonsia, and Japan. Crop Progress...Open weather has allowed for steady harvest progress across the Pacific Northwest. The majority of winter wheat crops have been cut, and USDA shows spring wheat harvest advancing slightly ahead of average for Idaho and Washingtion, both at 60% or better harvested and Montana 14% ahead of average at 53% cut. -Norm Ruhoff Extension Economist University of Idaho CALS-AERS Copyright 2016 DTN/Telvent. All Rights Reserved.