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May 7, 2024
Portland Price Trends
05-01-23 08-01-23 04-01-24 04-30-24 05-07-24
#1 SWW (bus) 7.15 7.05 5.65 5.95 6.30
White Club 7.15 7.30 5.65 5.95 6.30
DNS 14% 8.76 9.05 7.30 7.89 8.05
HRW 11.5% 8.78 8.24 6.50 7.00 7.34
#2 Corn (ton) 271.00 254.00 220.00 221.00 220.00
#2 Barley 220.00 210.00 155.00 155.00 155.00
Wheat...The early week surge across the futures complex moved west
coast cash prices to the best levels in three months, with white wheat
briefly hitting the $6.40 mark. Recent export demand, while technically
classified as new crop, will likely need to ship prior to white wheat
harvest and has been supportive to exporter bids.
Crop Progress...USDA reported a modest decline in the 3-state winter
wheat conditions over the past week, with the weighted-index slipping a
point. Most of that was attributed to declines in Washington, which saw
the good to excellent rating drop 5 points to 51%. Oregon also dropped
2 points out of that category to 61%, while Idaho increased 4 points to
70% good to excellent. Spring wheat planting progress showed Washington
at 90% complete and Idaho at 92% sown, both ahead of the average pace.
Shipments...Weekly export inspections showed a marked decline from a
week ago, with nearly 12 mbus of wheat moving off U.S. ports. Topping the
list was soft red winter with 4.3 mbus, followed by hard red spring with
3.6 mbus. West coast loading activity showed 4.7 mbus of wheat shipped,
all for The Philippines, and nearly 15 mb of corn moved mostly to Japan.
-Norm Ruhoff Contributing Analyst
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