Portland Grain Review 09/19



September 19, 2017

Portland Price Trends
09-01-16 01-01-17 08-01-17 09-12-17 09-19-17
#1 SWW (bu) 4.68 4.50 5.20 5.25 5.32
White Club 4.78 4.65 5.30 5.35 5.37
DNS 14% 5.96 6.57 8.36 7.71 7.47
HRW 11.5% 4.87 4.99 5.65 5.56 5.57
#2 Corn (ton) 156.00 160.00 148.00 145.00 142.00
#2 Barley 125.00 115.00 125.00 125.00 125.00

Wheat....West coast white wheat basis continues to strengthen as spot
bids hit 90 cents over Chicago December today. Club wheat premiums have
been posted at 10 cents over soft white but did see bids soften a nickel
today. Basis levels also remain firm on hard red winter and springs and
modest carries are being paid into 2018 delivery positions.
Shipments...Weekly export inspections came in about on par with a week
ago at 17 mb, putting total U.S. wheat shipments to date at 320 mb which
is 2% ahead of a year ago. Top shipper for the week was hard red winter,
registering 7.2 mb of which 4.4 mb moved out of the Gulf. Hard red spring
saw a total of 5.5 mb loaded, with 3.6 mb off the west coast. White wheat
shipments were at 3.5 mb for the week. Top destination off the west coast
was the Philippines with 5.1 mb; one of three primary destination for the
week that also saw Guatemala and Yemen each take 1.7 mb.
Crop Progress...Many parts of the Pacific Northwest received measurable
precipitation as the week got underway, the first in more than two months.
This should advance fall fieldwork and seedings which currently show Idaho
22% planted for winter wheat; 3% ahead of average. Oregon lags the average
pace by 2% at 8% sowed, while Washington is 7% behind at 43% planted.

-Norm Ruhoff Contributing Analyst

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