Portland Grain Review 05/23

May 23, 2023 Portland Price Trends 05-01-22 08-01-22 04-01-23 05-16-23 05-23-23 #1 SWW (bu) 11.10 9.00 7.65 7.30 7.05 White Club 11.60 9.00 7.65 7.30 7.05 DNS 14% 12.08 10.08 9.77 9.64 9.05 HRW 11.5% 12.48 10.00 10.05 9.80 9.06 #2 Corn (ton) 347.00 279.00 289.00 264.00 264.00 #2 Barley 275.00 235.00 240.00 220.00 220.00 Wheat...West coast cash white wheat bids respected the $7 mark through the precipitous drop in Chicago futures, and protein wheat bids moved back above the $9 mark with higher futures on Tuesday. Bid structures for white wheat remain flat into January, while hard red winter is showing an inverse to new crop and dark northern spring is reflecting a carry into new crop. Crop Progress...A week of record-breaking high temperatures accompanied by intermittment rain showers proved beneficial to the winter wheat crop in the Pacific Northwest, as the three-state index jumped 3 points to 96% of average. Good to excellent ratings in Idaho climbed 15% to 60%, Washington was up 3% to 67% and Oregon reported a 6 point gain to 40%. Spring wheat emergence for Idaho and Washington also improved by nearly 20% and is now above average for Washington. Shipments...Weekly export inspections revealed a late-season surge for U.S. wheat shipments, coming in at nearly 15 mb to put year-to-date totals at 703 mb and 2.6% behind a year ago. White wheat was the big mover with nearly 6 mb loaded off PNW ports. China and the Philippines took on nearly 2.5 mb each, with vessels for Japan, South Korea, Taiwan and Vietnam also under the spout last week. -Norm Ruhoff Contributing Analyst Copyright 2023 DTN/Telvent. All Rights Reserved.