June 22, 2021
Portland Price Trends
06-01-20 08-01-20 05-01-21 06-15-21 06-22-21
#1 SWW (bu) 6.08 5.60 7.85 8.40 8.50
White Club 7.33 6.00 7.85 8.40 8.50
DNS 14% 6.81 6.21 8.59 8.41 8.86
HRW 11.5% 6.12 5.71 8.03 7.23 7.15
#2 Corn (ton) 154.00 151.00 299.00 280.00 268.00
#2 Barley 130.00 130.00 180.00 180.00 180.00
Wheat...West coast white wheat basis remains unusually strong at 190
over Chicago futures, holding cash bids near the $8.50 mark through the
end of September. Protein wheats are showing old crop bids at a slight
premium to new crop.
Crop Progress...While still at historically low levels, the PNW wheat
condition index managed to hold steady from the prior week as an improved
rating out of Idaho offset a further decline in Washington. Idaho saw a
6% jump to 44% good to excellent category, while Washington slipped 4% to
a 15% good to excellent rating. Oregon conditions held mostly steady but
show 70% of the crop rated poor to very poor. Near record high temps for
late June are forecast for the region into next week.
Shipments...Weekly export inspections showed a solid week of shipments
for U.S. wheat, coming in at 20.1 mb to put the year-to-date total at 46
mb and 16% below a year ago. To shipper was hard red winter with 8.4 mb,
followed by hard red spring with 6.5 mb and 4.6 mb for white wheat. Top
destinations off the west coast were the Philippines and Thailand.
-Norm Ruhoff Contributing Analyst
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