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November 12, 2024
Portland Price Trends
11-01-23 01-01-24 10-01-24 11-05-24 11-12-24
#1 SWW (bus) 6.85 6.65 6.00 6.00 5.90
White Club 7.35 7.15 6.15 6.15 6.05
DNS 14% 7.94 8.03 7.05 6.84 6.53
HRW 11.5% 6.74 6.97 6.53 6.31 6.21
#2 Corn (ton) 237.00 232.00 216.00 206.00 212.00
#2 Barley 280.00 180.00 150.00 150.00 150.00
Wheat...West coast cash wheat prices came under pressure from weakness
across the futures complex in early week trade, but white wheat saw spot
basis levels firm up a bit against declines in Chicago. Bid structures at
the export level showed all three wheat classes mostly flat at least into
the new calendar year.
Shipments...Weekly export inspections showed a marked improvement for
U.S. wheat movement last week, coming in at 12.7 mbus to put year-to-date
shipments at 371 mbus and 35% ahead of a year ago. Hard red spring wheat
was the top shipper with 4.3 mbus, followed by soft white with 3 mbus and
both classes benefitting from South Korean deliveries. A total 0f 8.8 mbus
of wheat moved off the west coast, along with nearly 32 mbus of soybeans
destined for China.
Crop Progress...The 3-state Pacific Northwest winter wheat condition saw
a modest week-to-week improvement, as recent moisture boosted ratings for
Washington and Oregon, while Idaho was mostly unchanged. Good to excellent
ratings for Oregon climbed 4 points to 67%, Washington was also up 4 points
to 54%, while Idaho slipped a point to 42%.
-Norm Ruhoff Contributing Analyst
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