Portland Grain Review 07/28

July 28, 2020 Portland Price Trends 07-01-19 08-01-19 06-01-20 07-21-20 07-28-20 #1 SWW (bu) 6.00 5.90 6.08 5.75 5.80 White Club 6.00 5.90 7.33 6.25 6.30 DNS 14% 6.24 5.98 6.81 6.26 6.23 HRW 11.5% 5.59 5.36 6.12 5.78 5.72 #2 Corn (ton) 182.00 170.00 154.00 153.00 130.00 #2 Barley 140.00 140.00 130.00 130.00 151.00 Wheat...Basis levels for west coast white wheat continue to put on a roller-coast performance relative to Chicago futures, trading a 20 cent range the past two weeks. Hard red spring basis remains defensive and hard red winter basis putting that class of wheat at a rare discount to soft white wheat. Crop Progress...Hot and dry conditions across the Pacific Northwest continue to advance winter wheat harvest, with progress lagging slightly behind the average pace. Idaho reports 13% cut, Oregon is at 37% with Washington approaching 20% complete. Weather has been ideal for spring wheat development, with Washington good to excellent near a record high at 88% and Idaho improving to 81%. Shipments...Weekly export inspections showed another relatively good week for U.S. wheat shipments, coming in at 19.4 mb to put year-to-date shipments 8% ahead of a year ago at 152 mb. Top shipper was red spring wheat with 8 mb, followed by hard red winter with 6.8 mb and soft white with 2.1 mb. Top destinations off the west coast were the Philippines with 2.8 mb, South Korea with 1.5 mb and Thailand with 2 mb. -Norm Ruhoff Contributing Analyst Copyright 2020 DTN/Telvent. All Rights Reserved.