Portland Grain Review 04/11

April 11, 2017 Portland Price Trends 04-01-16 08-01-16 03-01-17 04-04-17 04-11-17 #1 SWW (bu) 5.14 4.95 4.90 4.82 4.80 White Club 5.34 4.95 5.05 4.97 4.95 DNS 14% 6.24 6.03 6.96 6.63 6.63 HRW 11.5% 5.52 5.10 5.47 4.97 5.05 #2 Corn (ton) 153.00 158.00 175.00 158.00 163.00 #2 Barley 140.00 135.00 118.00 120.00 120.00 Wheat..Steady basis levels and a modest rebound in futures provided a lift to west coast wheat prices in early-week trade. Japan returns to the market this week to cover a portion of their June requirements, but trade at the farm level remains limited. Crop Report...USDA raised projected U.S. wheat carryout 30 mb from last month, coming primarily from reduced domestic consumption. Hard red winter domestic use was cut 19 mb, hard red spring 6 mb and soft red winter saw a 10 mb decline. Exports were unchanged, with a 5 mb increase for hard red winter offsetting a 5 mb decline for white wheat. Shipments..Weekly export inspections showed another solid week for U.S wheat loadings, coming in at 23.5 mb to put year-to-date shipments at 641 mb and improving to 31% ahead of a year ago. To shipped for the week was hard red winter, registering nearly 11 mb mostly out of the Gulf. Spring wheat tallied 8.8 mb and white wheat 2.6 mb. Top destination off the PNW ports was Indonesia with 2.7 mb, followed by China with 2.2 mb, Japan and the Philippines with 1.8 mb each and Thailand with 1.5 mb. Crop Progress...USDA winter wheat conditions showed the PNW crop stayed right in line with a week ago at 105% of average. Idaho saw a modest shift with poor up a point and excellent dropping a point to post good-excellent at 67%. Oregon held at an unusually strong 87% good to exellent while the Washington crop also held at 84%. An unusually wet spring has spring wheat plantings well behind the average pace for Idaho and Washington. -Norm Ruhoff Contributing Analyst Copyright 2017 DTN/Telvent. All Rights Reserved.