Portland Grain Review 06/20

June 20, 2023 Portland Price Trends 06-01-22 08-01-22 05-01-23 06-13-23 06-20-23 #1 SWW (bu) 11.00 9.00 7.15 7.35 7.50 White Club 11.50 9.00 7.15 7.35 7.50 DNS 14% 12.77 10.08 8.76 9.03 9.22 HRW 11.5% 12.38 10.00 8.77 8.49 8.79 #2 Corn (ton) 322.00 279.00 271.00 272.00 302.00 #2 Barley 275.00 235.00 220.00 220.00 220.00 Wheat...West coast white wheat prices hit their highest level in two months late last week before backing off a dime coming out of the long weekend. All three classes of wheat saw basis levels turn defensive as the new week got underway, with soft white wheat basis to Chicago down 16 cents from Friday, dark northern spring wheat basis weakening by 10 cents and hard red winter basis down a nickel. Crop Progress...A week of cool weather with scattered precipitation proved beneficial to the Pacific Northwest winter wheat crop, notably in Washington. The three-state wieghted index climbed 2 points to 92% of average. Good to excellent ratings for Washington climbed 7 points to 62%, while Idaho saw a 3 point decline to 49% and Oregon maintained a 30 point rating in that category. Spring wheat ratings showed Idaho held steady at 60% good to excellent and Washington picked up 3 points to 42%. Nationwide ratings slipped 9% to 51% good to excellent. Shipments..Weekly export inspections showed another relatively light week of movement for U.S. wheat, coming in at 8.7 mb to put the current year total 44% behind a year ago at 20 mb. West coast activity showed Yemen as top destination, taking on 1.1 mb of white wheat. -Norm Ruhoff Contributing Analyst Copyright 2023 DTN/Telvent. All Rights Reserved.