Portland Grain Review 07/02

July 2, 2024 Portland Price Trends 07-01-23 08-01-23 06-01-24 06-25-24 07-02-24 #1 SWW (bus) 7.00 7.05 6.70 6.10 6.05 White Club 7.15 7.30 6.70 6.10 6.05 DNS 14% 8.79 9.05 8.04 6.76 7.00 HRW 11.5% 8.41 8.24 7.40 6.22 6.30 #2 Corn (ton) 261.00 254.00 220.00 217.00 208.00 #2 Barley 220.00 210.00 155.00 160.00 160.00 Wheat...Sagging basis levels against a modest recovery in the Chicago futures market moved west coast white wheat prices to the lowest levels in over two months as the holiday-shortened week got underway. Exporters have flattened white wheat bids over the next 90 days, posting a modest carry beyond September into January. Crop Progress...USDA reported a modest decline in winter wheat ratings for the Pacific Northwest over the past week, coming mostly from a drop in Washington conditions. Good to excellent ratings showed Idaho gained a point to 81%, Oregon jumped 8 points to 67%, while Washington slipped 3 points to 48%. Overall conditions for the three-state region dropped a point, with the weighted index at 95% of average. Shipments...Weekly export inspections showed 11.3 mbus of wheat moved off U.S. ports last week, putting year-to-date shipments at 50 mbus and 25% ahead of a year ago. Hard red spring wheat was the top mover with 4.5 mbus, followed by soft white with 3.9 mbus and hard red winter with only 1.7 mbus. West coast exporters loaded 6.4 mbus of wheat, going mostly to Indonesia, along with 13.7 mbus of corn for Japan and Taiwan. -Norm Ruhoff Contributing Analyst Copyright 2024 DTN/Telvent. All Rights Reserved.