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                                                      May 28, 2024
                                                                  
                                   Portland Price Trends
                 05-01-23    08-01-23    04-01-24    05-21-24   05-28-24
#1 SWW (bus)        7.15        7.05        5.65        6.75       6.80
White Club          7.15        7.30        5.65        6.75       6.80
DNS 14%             8.76        9.05        7.30        8.07       8.32
HRW 11.5%           8.78        8.24        6.50        7.48       7.71
#2 Corn (ton)     271.00      254.00      220.00      228.00     229.00
#2 Barley         220.00      210.00      155.00      155.00     155.00
 
   Wheat...West coast wheat prices held recent gains coming out of the
extended weekend, with the protein wheats moving in tandem with gains on
the respective futures.  White wheat bids head steady to last week, with
basis remaining defensive against gains in Chicago.
   Crop Progress...Pacific Northwest winter wheat conditions posted some
improvement over the past week, mainly on the shoulders of better ratings
out of Washington. The three-state index was up 2 points, with conditions
in Idaho and Oregon holding steady at respective good to excellent scores
of 67% and 59%.  Washington posted a 5 point gain in that category and is
now at 48% but still well below an average rating for late May.
   Shipments...Late marketing year shipments saw a marked increase over
the past week, coming in at 14.6 mbus to place the current year total at
672 mbus, which is 6.5% behind a year ago.  Hard red spring was the top
mover with 6.2 mbus, followed by hard red winter with 3.3 mbus and white
wheat at 1.9 mbus.  West coast exporters loaded a total of 8.8 mbus of
wheat, going mostly to The Philippines and Japan.  More than 15 mbus of
corn were also shipped, with Japan being the primary destination.
 
                                   -Norm Ruhoff  Contributing Analyst

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