Portland Grain Review 05/19

May 19, 2020 Portland Price Trends 05-01-19 08-01-19 04-01-20 05-12-20 05-19-20 #1 SWW (bu) 5.67 5.90 6.10 6.18 6.10 White Club 5.67 5.90 7.60 7.68 7.60 DNS 14% 6.12 5.98 7.04 6.87 6.80 HRW 11.5% 5.70 5.36 6.30 6.17 5.93 #2 Corn (ton) 168.00 170.00 155.00 140.00 140.00 #2 Barley 140.00 140.00 130.00 148.00 155.00 Wheat...West coast wheat markets showed white wheat basis continuing to strengthen in early week trade, while respective protein wheat basis levels held mostly steady. As a result, white wheat held near the top end of the marketing year range while hard red winter slipped below $6 for the first time in two months. New crop white wheat basis was also approaching 100 over Chicago September futures, triggering some lifting of grower hedge-to-arrive contracts. Crop Progress...Cooler weather and moisture provided a boost to winter wheat conditions across the Pacific Northwest over the past week, as the three-state index climbed 2 points to 102% of normal. Good to excellent ratings for Idaho jumped 6% to 71%, Oregon saw a 9% improvement to 53%, and Washington added 5% to 83%. Early-planted spring wheat crops in both Idaho and Washington also benefited from good moisture. Shipments...Weekly export inspections revealed a rebound in U.S. wheat loadings over the past week, especially off west coast ports. Shipments of 16.2 mb put the overall year-to-date total at 877 mb, which now stands 1% above a year ago. Top shipper was hard red winter with 5.7 mb, white wheat registered 5.2 mb and hard red spring moved 4.6 mb. USDA reported five primary destinations off the west coast which included Japan, Yemen and the Philippines. -Norm Ruhoff Contributing Analyst Copyright 2020 DTN/Telvent. All Rights Reserved.