Portland Grain Review 05/09

May 9, 2017 Portland Price Trends 05-01-16 08-01-16 04-01-17 05-02-17 05-09-17 #1 SWW (bu) 5.33 4.95 4.82 4.90 4.80 White Club 5.53 4.95 4.97 5.05 4.95 DNS 14% 6.21 6.03 6.66 6.82 6.66 HRW 11.5% 5.31 5.10 4.94 5.38 5.09 #2 Corn (ton) 167.00 158.00 160.00 159.00 157.00 #2 Barley 145.00 135.00 120.00 125.00 125.00 Wheat...West coast wheat markets continued to retreat against the wash across the futures complex, with soft white being the only class of wheat showing a stronger basis. Basis levels for white wheat to Chicago went on a roller coaster run the past week, weakening 20-plus cents and bouncing back to about 50 over July futures. Warmer and drier weather is providing an early-week opportunity for producers to complete some field work. Shipments...Weekly export inspections showed another solid late-season week of loading activity for U.S. wheat, coming in at 22.6 mb to put total shipments at 919 mb and 32% ahead of a year ago. Top shipper for the week was hard red winter with 7.6 mb. White wheat posted the largest movement of the year at 6.9 mb, and hard red spring shipped 6.2 mb. Top destination off the west coast was Indonesia with 4.5 mb, followed by China taking 2.3 mb of mostly spring wheat and South Korea loaded 1 mb. Crop Progress...Improved winter wheat ratings for Idaho and Oregon were enough to offset a decline in Washington, raising the three-state weighted index a point to 105% of average. Good to excellent ratings for Idaho were up 5% to 66%, Oregon gained 1% to 86%, while Washington slipped 3% to 80%. Even with another 22% of the spring wheat planted last week, Washington is 19% behind average, while Idaho only saw another 9% of the crop put in and stands 33% below the five-year average pace at 58% complete. -Norm Ruhoff Contributing Analyst Copyright 2017 DTN/Telvent. All Rights Reserved.