Portland Grain Review 05/12
12 May 2020
May 12, 2020 Portland Price Trends 05-01-19 08-01-19 04-01-20 05-05-20 05-12-20 #1 SWW (bu) 5.67 5.90 6.10 6.10 6.18 White Club 5.67 5.90 7.60 7.60 7.68 DNS 14% 6.12 5.98 7.04 6.80 6.87 HRW 11.5% 5.70 5.36 6.30 6.34 6.17 #2 Corn (ton) 168.00 170.00 155.00 146.00 140.00 #2 Barley 140.00 140.00 130.00 130.00 148.00 Wheat...Limited farm selling interest continued to strengthen nearby basis levels to Chicago in early-week trade, pushing that spread to new marketing year highs today. Export bid structures for all wheats show old crop bids maintaining premiums to new crop months. Crop Progress..With the exception of Oregon, winter wheat conditions across the Pacific Northwest held relatively steady over the past week. Oregon saw poor to very poor ratings jump 9% from last week with 44% of the crop in the good to excellent category. Idaho held at 65% good to excellent while Washington gained one point to 78%. The overall three- state index held right at 100% of average. Spring wheat plantings for Idaho and Washington show progress running 10% ahead of average. Shipments..Weekly export inspections showed a slowed pace of export shipments for U.S. wheat over the past week, coming in 40% below a week ago at 12.4 mb. Entering the final month of the marketing year, overall loadings set at 861 mb and 3% above a year ago. Top shipper was hard red winter wheat with 6.7 mb, followed by soft white with 3 mb and hard spring with 1.9 mb. Japan was top destination off the west coast with 2.5 mb, followed by Yemen with 1.9 mb and the Philippines at 1.6 mb. -Norm Ruhoff Contributing Analyst Copyright 2020 DTN/Telvent. All Rights Reserved.