Portland Grain Review 04/16

April 16, 2024

Portland Price Trends
04-01-23 08-01-23 03-01-24 04-09-24 04-16-24
#1 SWW (bu) 7.65 7.05 5.80 5.85 5.75
White Club 7.65 7.30 6.05 5.85 5.75
DNS 14% 9.77 9.05 7.34 7.35 7.25
HRW 11.5% 10.08 8.24 6.34 6.47 6.57
#2 Corn (ton) 290.00 254.00 213.00 218.00 222.00
#2 Barley 240.00 210.00 180.00 155.00 155.00

Wheat...West coast white wheat markets continued to hover at the $5.75
level in early-week trade, with exporters seeing very limited trading. The
protein wheat markets reflected the relative movement in the underlying
futures markets, with hard red winter up from last week and dark northern
spring wheat bids down about a dime.
Crop Progress...USDA's weekly assessment of crop conditions showed the
Pacific Northwest winter wheat crop index unchanged from last week. Within
that number, Idaho good to excellent ratings gained 6% to 69%, Washington
was also up a point to 45% while Orgeon dropped 4% to 73%. The plantings
pace showed Idaho putting in another 14% of the spring wheat crop to show
39% planted, which is 11% ahead of average. Washington sowed another 21%
of the crop and stands 2% ahead of average at 42% complete.
Shipments...Weekly export inspections showed a solid week of movement
for wheat off U.S. ports last week, coming in above 20 mb to put the year-
to-date total at 585 mb and 9% below a year ago. White wheat was the big
mover with 6.8 mb, followed by hard red spring with 5.3 mb and hard red
winter with 4.9 mb. West coast exporters loaded 13.7 mb of wheat, going
mostly to China and the Philippines, and nearly 20 mb of corn going mostly
to Japan and South Korea.

-Norm Ruhoff Contributing Analyst

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