Portland Grain Review 04/09

April 9, 2024 Portland Price Trends 04-01-23 08-01-23 03-01-24 04-02-24 04-02-24 #1 SWW (bu) 7.65 7.05 5.80 5.65 5.85 White Club 7.65 7.30 6.05 5.65 5.85 DNS 14% 9.77 9.05 7.34 7.19 7.35 HRW 11.5% 10.08 8.24 6.34 6.34 6.47 #2 Corn (ton) 290.00 254.00 213.00 219.00 218.00 #2 Barley 240.00 210.00 180.00 155.00 155.00 Wheat...Early-week gains across the futures complex and stronger basis levels moved white wheat bids to the $5.90 level before backing off with weaker futures on Tuesday. Spot white wheat basis was at 25 over Chicago futures today, up nearly 20 cents from last week, while nearby basis on both hard red winter and red spring held steady. Crop Progress...USDA reported a decline in winter wheat conditons over the past week for the Pacific Northwest, with the 3-state index slipping 11 points. Good to excellent ratings for Idaho were off 3% to 63%, while Oregon was up 2% to 73% and Washington dropped 12% to 44%. Open planting conditions bumped Idaho spring wheat sowings to 25% complete, 10% ahead of average, and Washington sets slightly behind average at 21% planted. Shipments...Weekly export inspections came in above trade expectations last week, showing more than 18 mb of wheat moved off U.S. ports. Current year shipments of 563 mb now stands 11% behind a year ago. Hard red spring was the top mover with 8.5 mb, followed by soft red winter at 5 mb and soft white with 2.4 mb. West coast loading activity showed that 9.2 mb of wheat was shipped, going mostly to the Philippines. PNW exporters also loaded 22 mb of corn, going mostly to Japan. -Norm Ruhoff Contributing Analyst Copyright 2024 DTN/Telvent. All Rights Reserved.