Portland Grain Review 08/28

August 28, 2018 Portland Price Trends 08-01-17 01-01-18 07-01-18 08-21-18 08-28-18 #1 SWW (bu) 5.20 5.32 6.00 6.20 5.95 White Club 5.30 5.32 6.00 6.22 5.95 DNS 14% 8.38 7.52 6.52 6.79 6.13 HRW 11.5% 5.65 5.60 5.86 6.49 6.45 #2 Corn (ton) 148.00 157.00 157.00 156.00 156.00 #2 Barley 125.00 128.00 150.00 145.00 140.00 Wheat...West coast white wheat markets showed prices drifting below the $6 mark in early week trade, even with stronger basis levels. Nearby basis levels on white wheat to Chicago have more than doubled since early August and are approaching 100 over. Hard red spring wheat basis at 90 over sets well below average while hard red winter at 110 over is above average. Crop Progress..Widespread rains halted spring wheat harvest across the Pacific Northwest, with progress for Idaho reported right on pace with the average of 67% complete. Washington stands 71% cut which lags the 5-year pace by 10%. Nationwide progress is running well ahead of average at 77%. Shipments...Weekly export inspections showed overall export loadings of US wheat held on part with the prior week, coming in at 17.9 mb to put the year-to-date total at 178 mb and 35% below a year ago. Top shipper for the week was hard red spring, registering a total of 8.1 mb. Soft white posted nearly 5 mb on the week while hard red winter was reflective of the slowed pace of export demand with only 2.5 mb. Top destination off the west coast was the Philippines with 6.8 mb, followed by South Korea and Japan taking right at 2.2 mb each. -Norm Ruhoff Contributing Analyst Copyright 2018 DTN/Telvent. All Rights Reserved.