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July 17, 2018
Portland Price Trends
07-01-17 08-01-17 06-01-18 07-10-18 07-17-18
#1 SWW (bu) 5.55 5.20 6.05 5.95 5.95
White Club 5.65 5.30 6.05 5.95 5.95
DNS 14% 9.31 8.38 7.49 6.63 6.38
HRW 11.5% 6.34 5.65 6.71 6.25 6.14
#2 Corn (ton) 157.00 148.00 178.00 157.00 156.00
#2 Barley 127.00 125.00 155.00 150.00 150.00
Wheat...White wheat remains the stalwart of the west coast wheat markets,
with firm basis levels holding bids within a dime of the $6 mark. Continued
demand with a CCC donation working this week is supporting the market.
Crop Progress...USDA crop ratings continue to reflect the potential for
one of the better spring wheat crops of the past thirty years, with overall
crop conditions at 108% of average. Modest declines were noted in the good
to excellent rating for Idaho, Minnesota and Montana, North Dakota remained
steady at 83% with South Dakota and Washington each gaining a point. Scores
for Minnesota show that crop at a record high 118% of average. Winter wheat
harvest is progressing at an average pace across the Pacific Northwest.
Shipments...Weekly export inspections showed a solid rebound in exports
of U.S. wheat last week, coming in at 17.2 mb compared to 9.8 mb the prior
week. Total shipments now stand 43% behind a year ago at 81 mb. Hard red
winter was the top shipper with 6.1 mb, followed by hard red spring with 5
mb and soft white at 3.2 mb. Top destination off the west coast ports was
the Philippines, which registered 4.5 mb, followed by Japan with 4.3 mb.
-Norm Ruhoff Contributing Analyst
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