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MFA Agri Services - Tipton - California - Versailles
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May 21, 2024
Portland Price Trends
05-01-23 08-01-23 04-01-24 05-14-24 05-21-24
#1 SWW (bus) 7.15 7.05 5.65 6.60 6.75
White Club 7.15 7.30 5.65 6.60 6.75
DNS 14% 8.76 9.05 7.30 8.08 8.07
HRW 11.5% 8.78 8.24 6.50 7.23 7.48
#2 Corn (ton) 271.00 254.00 220.00 229.00 228.00
#2 Barley 220.00 210.00 155.00 155.00 185.00
Wheat...West coast white wheat markets hit the best price levels since
last December as the week got underway, with basis levels firming slightly
against Chicago futures. With relatively weak basis levels, producers are
taking advantage of the rally across the futures complex to establish new
crop hedge to arrive contracts.
Crop Progress...Pacific Northwest winter wheat conditions declined for
the second straight, as unseasonably warm and dry weather lowered the 3-
state winter wheat index another 6 points. Good to excellent ratings for
Idaho dropped 1% to 67%, Oregon slipped 8% to 59% and Washington reported
a 3% drop to 43%. Spring wheat plantings are virtually complete for Idaho
and Washington.
Shipments...Wheat movement off U.S. ports saw a marked decline over the
past week, coming in at just 7.5 mbus to put year-to-date loadings 7% below
a year ago. Hard red winter accounted for about half the total. Activity
on the west coast showed a total of 5.4 mbus shipped, going mostly to The
Philippines and Thailand. Exporters also moved 15 mbus of corn, that went
mostly to China and Japan.
-Norm Ruhoff Contributing Analyst
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