Portland Grain Review 06/23

June 23, 2020 Portland Price Trends 06-01-19 08-01-19 05-01-20 06-16-20 06-23-20 #1 SWW (bu) 6.20 5.90 6.06 5.90 5.80 White Club 6.20 5.90 7.56 6.90 6.80 DNS 14% 6.43 5.98 6.77 6.62 6.63 HRW 11.5% 6.22 5.36 6.33 5.86 5.83 #2 Corn (ton) 182.00 170.00 144.00 156.00 156.00 #2 Barley 140.00 140.00 130.00 130.00 130.00 Wheat...West coast wheat markets started the week on the defensive from a basis standpoint, as all three wheat classes saw weaker basis on advancing futures. Hard red winter and springs continue to show sharp premiums for nearby versus new crop deliveries while soft white prices are flat into August. Crop Progress..Near-ideal weather continues to foster improved crop conditions across the Pacific Northwest. Good to excellent ratings for winter wheat showed Washington up 1% to 86%, Oregon up 3 points to 53%, while Idaho slipped 2% to 72%. The three-state weighted index jumped a point to 107% of normal. Spring wheat ratings also continue to improve with Idaho at 72% good to excellent and Washington at 84%. Shipments...Weekly export inspections showed another solid week for U.S. wheat loadings, coming in at 22.5 mb to put the year-to-date total 9% ahead of a year ago at 52 mb. Top shipper was hard red winter with 9.8 mb, followed by hard red spring with 6.1 mb and white wheat at 4.8 mb. Top destinations off the west coast ports were Japan with 3.4 mb, Yemen with 2.6 mb and South Korea with 2.2 mb. -Norm Ruhoff Contributing Analyst Copyright 2020 DTN/Telvent. All Rights Reserved.