Portland Grain Review 09/12

September 12, 2023 Portland Price Trends 09-01-22 01-01-23 08-01-23 09-05-23 09-12-23 #1 SWW (bu) 8.90 8.55 7.05 6.80 6.80 White Club 9.40 9.05 7.30 7.05 7.05 DNS 14% 9.66 10.19 9.05 8.12 8.12 HRW 11.5% 9.88 10.08 8.24 7.44 7.44 #2 Corn (ton) 296.00 302.00 254.00 245.00 245.00 #2 Barley 235.00 250.00 210.00 200.00 200.00 Wheat...USDA made little change in the montly balance sheet for U.S. wheat, aside from lowering hard red winter exports and increasing hard red spring exports. West coast white wheat bids drifted lower in early week trade, but nearby basis held firm on limited farm offerings. Crop Report...USDA left the U.S. wheat balance sheet mostly unchanged from last month, with only a minor by-class revision to exports. The slow pace of exports for hard red winter was acknowledged with a 10 mb drop in that class, while hard red spring exports were raised 10 mb. Carryout of 615 mb would be up 6% from last year but 30% below the 10-year average. Crop Progress...Spring wheat harvest is above the 75% completion mark for Idaho, while Washington is virtually complete. Winter wheat plantings are also progressing at or above the average pace with Idaho 10% planted, Oregon ahead of average at 17% and Washington just off the average pace at 33% sown. Shipments...Weekly export inspections showed a relatively good week of export movement for U.S. wheat, coming in at nearly 15 mb to put the year- to-date total at 175 mb and 25% behind a year ago. Hard red spring was the big mover with 6.6 mb, follwed by hard red winter with 3.2 mb and white at 2.1 mb. Japan was top destination off the west coast with 3.2 mb, Malaysia took on 2.3 mb and 2.1 mb was loaded for the Philippines. -Norm Ruhoff Contributing Analyst Copyright 2023 DTN/Telvent. All Rights Reserved.