Portland Grain Review 05/25

May 25, 2021 Portland Price Trends 05-01-20 08-01-20 04-01-21 05-18-21 05-25-21 #1 SWW (bu) 6.06 5.60 6.70 8.30 8.05 White Club 7.56 6.00 6.70 8.30 8.05 DNS 14% 6.77 6.21 6.99 8.14 7.79 HRW 11.5% 6.33 5.71 6.85 7.63 7.16 #2 Corn (ton) 144.00 151.00 240.00 290.00 285.00 #2 Barley 130.00 130.00 180.00 180.00 180.00 Wheat...West coast protein wheat markets were reflective of continued declines across the wheat futures complex, while white wheat has held up relatively well on sharply higher basis levels. A tightened balance sheet from the strong export demand this year and diminished crop prospects for this year remain supportive to white wheat prices. Crop Progress...Pacific Northwest winter wheat conditions saw further deteoration over the past week, as a combination of frost damage and dry weather impacts the crop. The three-state weighted index slipped another 5 points to 82% of normal and marked the lowest rating for late May for the past 35 years. Oregon is now showing 60% of the crop rated poor to very poor. Idaho also saw the poor to very poor increase 4% to 11% and good to excellent slip 7% to 44%. Washington good to excellent slipped 14% to 43% with poor to very poor at 18%. Shipments...Weekly export inspections showed another solid week for U.S. wheat loadings, coming in a 21.1 mb to put the year-to-date total at 917 mb and 2% ahead of a year ago. Top shipper was hard red winter with 7.5 mb, following by soft white with 6.9 mb and hard red spring at 4.7 mb. West coast exporters accommodated a long list of destinations, which included Indonesia, the Philippines, Japan and China. -Norm Ruhoff Contributing Analyst Copyright 2021 DTN/Telvent. All Rights Reserved.