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September 3, 2024
Portland Price Trends
09-01-23 01-01-24 08-01-24 08-27-24 09-03-24
#1 SWW (bus) 6.80 6.65 5.65 5.65 5.75
White Club 7.05 7.15 5.65 5.65 5.90
DNS 14% 8.10 8.03 6.58 6.39 6.66
HRW 11.5% 7.43 6.97 6.04 5.94 6.21
#2 Corn (ton) 246.00 232.00 199.00 192.00 197.00
#2 Barley 200.00 180.00 150.00 150.00 150.00
Wheat...The continued rebound in the futures complex on Tuesday helped
firm up cash prices, primarily for the protein wheats, as the nearby basis
for white wheat remained defensive against gains in Chicago. White wheat
basis has weakened nearly 50 cents from last week, while hard red winter
basis has pared back 15 cents. Recent white wheat sales included a fair
amount of western white wheat, and exporters have put a premium back on
club wheat to attract some selling interest.
Shipments...Weekly export inspections showed yet another solid week of
export movement for U.S. wheat, coming in at 21.2 mbus to place shipments
at 211 mbus, which is 32% ahead of a year ago. Hard red spring was the top
shipper with 6.5 mbus, followed by hard red winter with 5.8 mbus and white
wheat with 4.7 mbus. West coast activity showed 12.6 mbus of wheat loaded
out to a long list of takers with The Philippines, Malaysia and Guatemala
being the primary destinations.
Crop Progress...Despite extreme heat and dry conditions, winter wheat
plantings continue to progress across the Pacific Northwest, while harvest
of the spring wheat crop approaches the finish line. Washington reports 22%
of the winter wheat planted and Idaho at 4%, both slightly ahead of average.
-Norm Ruhoff Contributing Analyst
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