Portland Grain Review 08/15

August 15, 2023 Portland Price Trends 08-01-22 08-01-22 07-01-23 08-08-23 08-15-23 #1 SWW (bu) 9.00 9.00 7.00 7.10 6.80 White Club 9.00 9.00 7.15 7.35 7.05 DNS 14% 9.77 10.08 8.79 8.80 8.45 HRW 11.5% 9.76 10.00 8.41 7.91 7.63 #2 Corn (ton) 276.00 279.00 261.00 250.00 249.00 #2 Barley 235.00 235.00 210.00 210.00 210.00 Wheat...A move to fresh contract lows in Chicago futures pulled white wheat bids lower in early week trade. Exporter bids were setting at the low end of recent trading ranges but firmer basis levels helped to offset some of the declines. Crop Report...Revised USDA August estimates look for Pacific Northwest winter wheat production to be down 19% from last year at 191 mb, which is 10% below the ten-year average. A three-state weighted yield of 63.5 bpa would be down 15% from last year due to dry conditions. The spring wheat crop for Idaho and Washington is expected to be up 2%, with larger acres and steady yields from the irrigated regions of southern Idaho holding up the expected yield. Crop Progress...Wheat harvest continued to advance across the Pacific Northwest over the past week, with all three states near or ahead of the average pace. Idaho winter wheat harvest is approaching the halfway point, Oregon is virtually complete and Washington reported 70% of the crop was in the bin. Spring wheat harvest for Idaho was setting at 6% complete, 23% behind the average pace, while Washington was right on track with the average pace at 30% complete. Shipments...Weekly export inspections showed a subdued pace of wheat movement off U.S. ports last week, coming in at only 6.7 mb. Year-to-date shipments of 118 mb stand 17% behind a year ago. Hard red spring was the top shipper with 3.1 mb, follwed by hard red winter at 1.5 mb and white wheat with 1.3 mb going mostly to Japan and South Korea off the PNW. -Norm Ruhoff Contributing Analyst Copyright 2023 DTN/Telvent. All Rights Reserved.