Portland Grain Review 07/02
2 Jul 2018
July 2, 2018 Portland Price Trends 07-01-17 08-01-17 06-01-18 06-25-18 07-02-18 #1 SWW (bu) 5.55 5.20 6.05 6.05 6.00 White Club 5.65 5.30 6.05 6.05 6.00 DNS 14% 9.31 8.38 7.49 6.81 6.67 HRW 11.5% 6.34 5.65 6.71 5.97 6.12 #2 Corn (ton) 157.00 148.00 178.00 163.00 167.00 #2 Barley 127.00 125.00 155.00 155.00 150.00 Wheat...West coast white wheat markets continue to see a strengthening of spot basis levels, holding cash bids within a nickel of the $6 mark as exporters work to cover recent export demand. Spot bids for both hard red spring and winter wheat also remain at a premium to August new crop. Warm weather is expected to return to the Pacific Northwest; providing a near ideal condition for what is thus far an above-average winter wheat crop. Crop Progress...Winter wheat conditions in the Pacific Northwest held in line with last week, as a resurgence in ratings for Idaho and Oregon helped offset a decline in Washington. The three-state weighted index is finishing out the month of June at 109% of average, the best level since 2012 and at the top end of ratings going back twenty years. Shipments...Weekly export inspections showed total wheat shipments at 11.9 mb, putting year-to-date loadings at 54 mb compared to 103 mb a year ago. Top shipper for the week was hard red spring with 4.8 mb, followed by soft white with 3.9 mb. Top destination off the west coast was South Korea with 2.3 mb, followed by the Philippines and Thailand with 1.8 mb each and Taiwan with 1.5 mb. -Norm Ruhoff Contributing Analyst Copyright 2018 DTN/Telvent. All Rights Reserved.