Portland Grain Review 06/11

June 11, 2024 Portland Price Trends 06-01-23 08-01-23 05-01-24 06-04-24 06-11-24 #1 SWW (bus) 7.15 7.05 6.00 6.70 6.55 White Club 7.15 7.30 6.00 6.70 6.55 DNS 14% 8.69 9.05 7.87 7.98 7.53 HRW 11.5% 8.67 8.24 6.95 7.33 6.96 #2 Corn (ton) 269.00 254.00 223.00 229.00 222.00 #2 Barley 220.00 210.00 155.00 160.00 160.00 Wheat...After declining nine consecutive days and dropping more than a dollar per bushel, Chicago wheat futures finally bounced on Tuesday. Through that period, west coast white wheat bids swooned nearly 50 cents from recent highs but recovered 20 cents from the lows yesterday. Nearby white wheat basis has remained supportive and holding more than 50 cents above the lows posted in late May. Crop Progress...USDA showed only modest improvement for winter wheat ratings in the Pacific Northwest, despite good gains being reported for Idaho and Oregon. Good to excellent ratings for Idaho jumped 5% to 73% and Oregon gained 9 points to 63%. Washington good to excellent slipped 2 points to 46%, with poor to very poor increasing 4 points to 23%. Shipments...USDA rolled export inspections to the new marketing year, showing nearly 13 mbus of U.S. wheat shipped last week compared to 15.7 mbus the prior week. Export loadings stand at 10.8 mbus compared to 11.7 mbus a year ago. Hard red spring and soft white were the top movers with each reporting 4 mbus loaded. West coast shipments showed 7.5 mbus of wheat was shipped, going mostly to The Philippines and Indonesia. Corn posted more than 21 mbus were moved out, going mostly to Japan. -Norm Ruhoff Contributing Analyst Copyright 2024 DTN/Telvent. All Rights Reserved.