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                                                      June 28, 2022
                                                                  
                                   Portland Price Trends
                 06-01-21    08-01-21    05-01-22    06-21-22   06-28-22
#1 SWW (bu)         8.20        9.25       11.10       10.90      10.30
White Club          8.20       10.75       11.60       11.15      10.55
DNS 14%             8.71       10.33       12.48       11.51      11.27
HRW 11.5%           7.52        8.33       12.08       11.98      10.92
#2 Corn (ton)     249.00      251.00      347.00      335.00     275.00
#2 Barley         180.00      200.00      275.00      275.00     275.00

   Wheat...West coast cash markets continued to mirror the recent drop
across the futures complex, with basis levels remaining mostly unchanged
from last week.  Trading activity remains very limited with most of the
focus on early-summer fieldwork and anticipation of a later than normal
wheat harvest.
   Crop Progress...PNW winter wheat conditions lost a little ground over
the past week, as the three-state weighted index slipped a point and now
sits at 105% of average.  Idaho saw good to excellent ratings drop 6% as
the poor to very poor category climbed to 10%.  Oregon shifted 3 points
into the fair category with good to excellent now at 77%, and Washington
gained 2 points to a 73% good to excellent rating.  Spring wheat ratings
stand at an exceptional 93% good to excellent rating for Washington, and
Much needed growing degree days are currently being seen with the return
of more seasonal hot and dry weather.
   Shipments...Weekly export inspections showed U.S. wheat loadings were
on par with the prior week at 12.9 mb, putting shipments 12% behind last
year at 49 mb.  Hard red winter moved 5.2 mb, hard red spring was at 3.7
mb and soft white 1.7 mb.  The Philippines was the top wheat destination
off the west coast with 2.4 mb and Japan took on 14.8 mb of corn.

                                     -Norm Ruhoff  Contributing Analyst

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