Portland Grain Review 06/04

June 4, 2024 Portland Price Trends 06-01-23 08-01-23 05-01-24 05-28-24 06-04-24 #1 SWW (bus) 7.15 7.05 6.00 6.80 6.70 White Club 7.15 7.30 6.00 6.80 6.70 DNS 14% 8.69 9.05 7.87 8.32 7.98 HRW 11.5% 8.67 8.24 6.95 7.71 7.33 #2 Corn (ton) 269.00 254.00 223.00 229.00 229.00 #2 Barley 220.00 210.00 155.00 155.00 160.00 Wheat...West coast wheat prices generally stair-stepped lower against declines across respective futures markets in early week trade. However, nearby white wheat basis to Chicago has strengthened in recent weeks and is now at a positive spread and up about 25 cents from recent lows. Crop Progress...USDA reported Pacific Northwest winter wheat ratings held in line with the prior week, with subtle shifts noted between the three states. Idaho good to excellent ratings were up 1 point to 68%, Oregon dropped 5 points to 54% and Washington was unchanged at 48%. The Pacific Northwest received heavy early-week rainfall which should bolster conditions ahead of warmer weather this weekend. Spring wheat conditions show the Idaho crop off to a good start, with Washington near normal. Shipments...Weekly export inspections showed another relatively good week for wheat movement off U.S. ports, coming in at 15.2 mbus. This puts shipments at 687 mbus and 5% below a year ago. Hard red winter was the top shipper with 4.6 mbus, followed by 4.5 mbus for soft white wheat and 4.3 mbus for hard red spring. West coast exporters moved a total of 9.7 mbus of wheat, going mostly to The Philippines and South Korea. Nearly 15 mbus of corn was also shipped off the PNW, going to China and Japan. -Norm Ruhoff Contributing Analyst Copyright 2024 DTN/Telvent. All Rights Reserved.