June 21, 2016
Portland Price Trends
06-01-15 08-01-15 05-01-16 06-14-16 06-21-16
#1 SWW (bu) 6.03 5.67 5.33 5.40 5.22
White Club 7.53 6.42 5.53 5.40 5.22
DNS 14% 7.35 6.19 7.35 6.33 6.29
HRW 11.5% 6.31 5.60 6.31 5.33 5.22
#2 Corn (ton) 158.00 160.00 158.00 187.00 173.00
#2 Barley 150.00 159.00 150.00 140.00 140.00
Wheat...It was a tough start to the week for west coast wheat markets,
tailing lower with the sharp down-draft across the futures complex. Basis
was slightly stronger for white wheat against Chicago, with both winters
and spring red wheat basis levels holding steady. Bid structures show the
nearby positions flat through August for all wheats, with carries of 20
cents per month posted into January.
Shipments...Weekly export inspections showed a solid week of loadings
for U.S. wheat, coming in at nearly 21 mb to put total shipments for the
new year at 44 mb and 37% ahead of a year ago. Top shipper for the week
was hard red winter with 9.3 mb, followed by soft white wheat with 6 mb
and hard red spring at 5.2 mb. West coast loading activity showed that
vessels were destined primarily for the Pacific Rim; topped by shipments
to the Philippines, Japan and Indonesia.
Crop Progress...Weekly crop ratings showed winter wheat ratings across
the Pacific Northwest taking a slight decline over the past week; mainly
from a decline in Idaho. Recent hot temperatures pulled good to excellent
ratings for Idaho down 6 points to 80%. Oregon was up 1 point to 61% and
Washington unchanged from last week at 78%. Montana winter wheat was also
unchanged at 64%.
-Norm Ruhoff Extension Economist
University of Idaho CALS-AERS
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