Portland Grain Review 08/25

August 25, 2015 Portland Price Trends 08-01-14 01-01-15 07-01-15 08-18-15 08-11-15 #1 SWW (bu) 6.92 6.97 6.60 5.70 5.70 White Club 8.17 9.47 7.35 6.45 6.45 HRS 14% 8.31 8.27 7.63 6.13 6.19 HRW 11.5% 7.63 7.31 6.67 5.71 5.81 #2 Corn (ton) 178.00 195.00 180.00 159.00 162.00 #2 Barley 175.00 170.00 150.00 160.00 160.00 Wheat....West coast wheat markets continue to hover in a fairly narrow trading range, with firming basis levels helping to offset declines across the futures complex. Spot soft white wheat basis for ordinary proteins is holding at 70 cents or better over Chicago September, with premiums being posted for protein levels below 10.5%; hard red winter 11.5% protein shows spot basis at 105 over Kansas City September, 40 cents above recent lows; and hard red spring 14% protein has climbed to 120 over Minneapolis with protein scales softening against higher harvest protein levels. Shipments...Weekly export inspections showed only 10 mb loaded off all US ports last week, well under the pace needed to meet USDA projections. Hard red spring moved 2 mb, hard red winter was at 2.5 mb, soft red winter shipped less than 2 mb and soft white loaded less than 1 mb. Crop Progress...USDA reported 75% of the US spring wheat crop is in the bin, tracking nearly 30% ahead of the 5-year average. Washington's spring wheat harvest is virtually complete; Montana is more than double average at 69% complete, and Idaho is posted at 84% complete. Persistent hot and dry weather continues to plague the Pacific Northwest, with many areas fighting wildfires, and raising concerns about winter wheat seeding conditions. -Norm Ruhoff Contributing Analyst Copyright 2015 DTN/Telvent. All Rights Reserved.