Portland Grain Review 08/13

August 13, 2019 Portland Price Trends 08-01-18 01-01-19 07-01-19 08-06-19 08-13-19 #1 SWW (bu) 6.05 6.15 6.00 5.90 5.80 White Club 6.05 6.15 6.00 5.90 5.80 DNS 14% 7.08 6.59 6.24 6.03 5.87 HRW 11.5% 6.89 6.39 5.59 5.37 5.08 #2 Corn (ton) 160.00 168.00 182.00 172.00 167.00 #2 Barley 140.00 140.00 140.00 140.00 140.00 Wheat...The post-report retreat in futures market was apparent across west coast wheat markets in early week trade, as cash prices drifted to fresh marketing-year lows. Export bid structures show white wheat flat into December, nearby hard red winter at a premium to deferred and hard red spring posting a modest carry. Crop Report...USDA bumped-up total production nearly 60 mb from last month, but increased domestic and export use resulted in a 14 mb addition to ending stocks. Year-to-year stocks changes show hard red spring up 57 mb, while hard red winter is expected to be down 54 mb and soft white off 21 mb. White wheat stocks-to-use is currently forecast at 23%; the tightest since the 2013/14 marketing year. Shipments...Weekly export inspections showed a big week for shipments of U.S. wheat last week, coming in above 25 mb to put total movement for this year at 181 mb and 27% above a year ago. Top shipper was hard red winter with 7.5 mb, followed closely by hard red spring at 7.5 mb. Soft white saw a solid week at 5.9 mb and soft red winter was at 4.1 mb. Top destinations off the west coast were Japan with 5.1 mb, Thailand took 2 mb and both the Philippines and Yemen were near the 1.8 mb mark. Crop Progress...The Pacific Northwest winter wheat harvest advanced 20% over the past week, but remains well behind average. Idaho stands at about half the five-year pace at 36% cut, Washington lags 20% behind at 56% in and Oregon is 14% under average with 73% harvested. -Norm Ruhoff Contributing Analyst Copyright 2019 DTN/Telvent. All Rights Reserved.