August 23, 2016
Portland Price Trends
08-01-15 01-01-16 07-01-16 08-16-16 08-23-16
#1 SWW (bu) 5.70 5.35 5.05 5.12 4.95
White Club 6.45 6.60 5.05 5.22 5.05
DNS 14% 6.22 6.17 6.00 6.31 6.26
HRW 11.5% 5.64 5.60 4.82 5.11 5.23
#2 Corn (ton) 160.00 154.00 163.00 160.00 159.00
#2 Barley 159.00 150.00 140.00 130.00 130.00
Wheat...A roll from September to December futures against big carries
between those contracts pulled spot basis levels lower today, especially
for white wheat which saw basis drop 20-plus cents. Harvest pressure has
weighed on all markets with logistics being complicated by lower falling
number issues in white wheat and lower protein red wheats hitting export
channels in Portland.
Shipments...Weekly export inspections showed another relatively good
week of export loadings for U.S. wheat, coming in near 20 mb to put the
year-to-date total 33% ahead of last year at 219 mb. Hard red winter in
particular was a solid mover, topping all classes of wheat for the week
with 8.3 mb. Hard red spring followed that with 6.3 mb shipped. White
wheat saw 2 mb loaded off the PNW, going primarily to Taiwan. Other top
destinations for the week included Vietnam, the Philippines, Indonsia,
Crop Progress...Open weather has allowed for steady harvest progress
across the Pacific Northwest. The majority of winter wheat crops have
been cut, and USDA shows spring wheat harvest advancing slightly ahead
of average for Idaho and Washingtion, both at 60% or better harvested
and Montana 14% ahead of average at 53% cut.
-Norm Ruhoff Extension Economist
University of Idaho CALS-AERS
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