October 25, 2016
Portland Price Trends
10-01-15 01-01-16 09-01-16 10-18-16 10-25-16
#1 SWW (bu) 5.80 5.35 4.68 4.74 4.75
White Club 7.60 6.60 4.78 4.99 5.05
DNS 14% 6.71 6.17 5.96 6.43 6.39
HRW 11.5% 6.27 5.60 4.96 5.17 5.03
#2 Corn (ton) 168.00 154.00 153.00 150.00 146.00
#2 Barley 155.00 150.00 125.00 115.00 115.00
Wheat...West coast wheat markets continue to hold within a very tight
trading range, with a modest improvement in white wheat basis to Chicago
holding that market mostly steady. Club wheat premiums were also a nickel
higher from last week. Hard red winter basis weakened a nickel early week
while hard red spring basis held steady. Overall trading activity remains
relatively light at current price levels.
Shipments...Weekly export inspections showed a marked slow-down in the
pace of U.S. wheat shipments last week, as inclement weather hampered any
significant movement off the west coast. Total U.S. wheat shipments were
down about 50% from the prior week at 8.9 mb, putting year-to-date totals
at 415 mb and 27% ahead of last year. Hard red winter was the top mover,
with 3.9 mb loading mostly out of the Gulf. Hard red spring loaded-out a
total of 3 mb and white wheat shipped less than half a million bushels.
Crop Progress.The first official assessment of winter wheat conditions
across the Pacific Northwest shows the crop is off to a tremendous start.
Recent moisture has put good to excellent ratings for Idaho and Oregon at
71%, versus respective ratings of 55% and 8% a year ago. Washington rates
at 88%; up 32% from a year ago.
-Norm Ruhoff Extension Economist
University of Idaho CALS-AERS
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