Portland Grain Review 05/21

May 21, 2019 Portland Price Trends 05-01-18 08-01-18 04-01-19 05-14-19 05-21-19 #1 SWW (bu) 6.05 6.05 5.95 5.90 6.05 White Club 6.05 6.05 5.95 5.90 6.05 DNS 14% 7.68 7.08 6.68 6.15 6.43 HRW 11.5% 6.93 6.89 6.14 5.78 6.09 #2 Corn (ton) 184.00 160.00 172.00 168.00 175.00 #2 Barley 155.00 140.00 140.00 140.00 140.00 Wheat...West coast wheat prices continued to recover ground in early week trade, following the recovery across the futures complex. Nearby soft white bids hit the $6 mark, signaling a gain of 40 cents over the past two weeks. Basis levels have been defensive for both white wheat and hard red winter. Crop Progress...Warm and wet conditions over the past 10 days boosted winter wheat conditions across the Pacific Northwest, as the three-state weighted index climbed 3% to 102% of average. Most notable improvement was for Idaho, which saw good to excellent ratings climb 14% to 70% and Washington gained 7% to 72%. Oregon winter wheat conditions saw the good to excellent drop 5% to 62% and poor to very poor gained 3% to 18%. Shipments...Weekly export inspections showed another relatively solid week for U.S. wheat shipments, coming in at 28 mb to put the year-to-date total at 866 mb and 2% ahead of a year ago. Hard red winter was the top shipper with 10.6 mb, followed by soft red winter with 8.1 mb. Hard red spring wheat moved 4.5 mb and soft white shipped 3.3 mb. Top destinations off the west coast were the Philippines with 4.3 mb and Japan at 3.2 mb. -Norm Ruhoff Contributing Analyst Copyright 2019 DTN/Telvent. All Rights Reserved.