Portland Grain Review 08/25

August 25, 2020 Portland Price Trends 08-01-19 01-01-20 07-01-20 08-18-20 08-25-20 #1 SWW (bu) 5.90 6.15 5.80 5.45 5.25 White Club 5.90 7.65 6.30 5.85 5.55 DNS 14% 5.98 7.21 6.57 6.19 6.33 HRW 11.5% 5.36 6.26 5.83 5.68 5.88 #2 Corn (ton) 170.00 172.00 162.00 154.00 156.00 #2 Barley 140.00 140.00 130.00 130.00 130.00 Wheat...A big white wheat harvest continues to weigh on the west coast basis levels relative to Chicago, as the nearby spread has now slipped to below even money. This is down more than 60 cents over the past two weeks and marks the lowest level in more than three years. Bid structures are also showing minimal carries into deferred months for soft white and hard red winter, with red spring paying nearly 20 cents more for deliveries in December and January. Crop Progress...Harvest progress is proceeding unabated across the PNW, with winter wheat on the final stretch and spring wheat harvest picking-up the pace. Idaho and Washington winter wheat harvest are above 80% complete, slightly behind average, while Oregon sets 96% cut. Spring wheat harvest is also near the halfway point for Idaho and Washington. Shipments...Weekly export inspections showed U.S. wheat shipments were up slightly from the prior week at 21 mb, putting year-to-date loadings at 229 mb and 3% ahead of a year ago. West coast ports had a big week with Yemen, China, the Philippines and Taiwan being top destinations. Shipment totals showed nearly 7 mb of hard red winter moved with white wheat at 5 mb and hard red psring at 4.7 mb. -Norm Ruhoff Contributing Analyst Copyright 2020 DTN/Telvent. All Rights Reserved.