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June 6, 2023
Portland Price Trends
06-01-22 08-01-22 05-01-23 05-30-23 06-06-23
#1 SWW (bu) 11.00 9.00 7.15 6.95 7.25
White Club 11.50 9.00 7.15 6.95 7.25
DNS 14% 12.77 10.08 8.76 8.73 8.86
HRW 11.5% 12.38 10.00 8.77 8.50 8.75
#2 Corn (ton) 322.00 279.00 271.00 268.00 275.00
#2 Barley 275.00 235.00 220.00 220.00 220.00
Wheat...West coast white wheat markets continued to firm in early-
week trade, despite facing headwinds from lower Chicago futures. Calls
for extreme heat in the PNW and lower Australian production forecasts
are providing support, and bid structures remain flat into January.
Crop Progress...A relatively dry week of weather took a bite out of
PNW winter wheat conditions, as the three-state index dropped 2 points
to 94% of average. Washington saw a 6 point drop in good to excellent
which now sets at 63%. Idaho held unchanged at 55%, while Oregon good
to excellent increased 3 points to 42%, but poor to very poor jumped 6
points to 33%. The first assessment of spring wheat conditions shows
Idaho 12% behind a year ago at 67% good to excellent, while Washington
sets 16% below a year ago at 55% good to excellent.
Shipments...Weekly export inspections showed 10.6 mb of wheat moved
off U.S. ports last week, putting shipments for the new marketing year
at 2.1 mb versus 8.3 mb a year ago. The Philippines was the big taker
off the west coast, with South Korea and Sri Lanka also taking wheat.
-Norm Ruhoff Contributing Analyst
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