April 7, 2020
Portland Price Trends
04-01-19 08-01-19 03-01-20 03-31-20 04-07-20
#1 SWW (bu) 5.95 5.90 5.95 6.20 6.12
White Club 5.95 5.90 7.45 7.70 7.62
DNS 14% 6.68 5.98 6.93 7.19 7.10
HRW 11.5% 6.14 5.36 6.08 6.48 6.38
#2 Corn (ton) 172.00 170.00 173.00 157.00 153.00
#2 Barley 140.00 140.00 140.00 130.00 130.00
Wheat..West coast white wheat and dark northern spring wheat basis were
both somewhat defensive in early-week trade, while hard red winter saw the
spot basis strengthen a nickel. Exporter bid structures show cash markets
remain mostly flat for delivery over the next 60 days.
Crop Progress...The first assessment of winter wheat conditions for the
PNW shows the crop off to a good start, coming in at 107% of average and
well above a year ago. The three-state weighted index of 396 (100 to 500)
is 30 points better than a year ago with Idaho and Washington both showing
a good to excellent above 80%.
Shipments...Weekly export inspections showed another week of generally
slow export movement for U.S. wheat, coming in at 11.7 mb to put the total
shipments 7% ahead of a year ago at 764 mb. Hard red winter was the top
shipper for the week with 6.8 mb, followed by hard red spring with 2.7 mb
and soft white at 1.8 mb. Guatemala and Japan were the top destinations
off the west coast with 1.8 mb each.
-Norm Ruhoff Contributing Analyst
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