Portland Grain Review 11/07

November 7, 2023 Portland Price Trends 11-01-22 01-01-23 10-01-23 10-31-23 11-07-23 #1 SWW (bu) 9.10 8.55 6.60 6.85 6.90 White Club 9.60 9.05 6.95 7.25 7.40 DNS 14% 10.70 10.19 7.89 7.94 8.18 HRW 11.5% 11.10 10.08 7.17 6.74 6.88 #2 Corn (ton) 311.00 302.00 254.00 239.00 237.00 #2 Barley 250.00 250.00 180.00 180.00 180.00 Wheat...West coast white wheat bids remained steadfast in early-week trade, holding the top end of a 10 cent range that has been in place for nearly a month. In the process, white wheat basis has strengthened up to to levels not seen in over a year. At the current basis of 115 over the Chicago December futures, white wheat basis has climbed by more than a dollar per bushel since late July and stands at the best level in over a year and a half. Crop Progress...A break from unseasonably cool weather to warmer and wetter conditions help improve the Pacific Northwest winter wheat crop over the past week. Most notable was an 8 point improvement in the good to excellent category for Idaho. Oregon also gained 3% in that category while Washington was unchanged. Emergence remains on average and should improve with heavy bands of moisture moving through this week. Shipments...Weekly export inspections showed U.S. wheat loadings came in at an all time record low of less than 3 mb off all ports. Year-to-date shipments now stand 27% behind a year ago at 264 mb. West coast activity focused primarily on soybeans, with China taking on 25 mb. -Norm Ruhoff Contributing Analyst Copyright 2023 DTN/Telvent. All Rights Reserved.