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                                                      June 25, 2024
                                                                  
                                   Portland Price Trends
                 06-01-23    08-01-23    05-01-24    06-18-24   06-25-24
#1 SWW (bus)        7.15        7.05        6.00        6.25       6.10
White Club          7.15        7.30        6.00        6.25       6.10
DNS 14%             8.69        9.05        7.87        7.04       6.76
HRW 11.5%           8.67        8.24        6.95        6.43       6.22
#2 Corn (ton)     269.00      254.00      223.00      220.00     217.00
#2 Barley         220.00      210.00      155.00      160.00     160.00
 
   Wheat...The continued retreat across the futures complex weighed yet
again on west coast wheat prices in early-week trade.  Even with further
basis strengthening, white wheat prices moved back toward the lower end
of recent trading ranges, with declines more apparent in the red wheats.
   Crop Progress...Recent cool weather and precipation provided a nice
boost to Pacific Northwest winter wheat conditions, as the 3-state index
jumped 9 points last week.  Idaho saw good to excellent ratings climb 5
points to 80%, Oregon was up 2 points to 59% and Washington gained back
2 points to 51%, with poor to very poor declining 6 points.  
   Shipments...Weekly export inspections showed a decent week of wheat
movement off U.S. ports, coming in at 12.5 mbus.  This puts year-to-date
shipments at 38.5 mbus compared to 27.8 mbus a year ago.  Hard red winter
was the top mover with 6.9 mbus, followed by soft white with 2.8 mbus and
1.9 mbus for hard red spring.  West coast loading activity saw 5.6 mbus
of wheat shipped, going mostly to Japan and Chile, and nearly 15 mbus of
corn loaded mostly for Japan.
 
                                   -Norm Ruhoff  Contributing Analyst

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