Portland Grain Review 05/23

May 23, 2017 Portland Price Trends 05-01-16 08-01-16 04-01-17 05-16-17 05-23-17 #1 SWW (bu) 5.33 4.95 4.82 4.85 4.90 White Club 5.53 4.95 4.97 5.00 5.05 DNS 14% 6.21 6.03 6.66 6.65 6.80 HRW 11.5% 5.31 5.10 4.94 4.93 5.01 #2 Corn (ton) 167.00 158.00 160.00 157.00 160.00 #2 Barley 145.00 135.00 120.00 125.00 125.00 Wheat..Firm basis levels continued to support white wheat bids in early week trade, as a move above the $4.90 level did trigger some farm selling. Exporter interest remains focused on nearby deliveries for all classes of wheat as they seek coverage for remaining old crop sales. Shipments...Weekly export inspections showed another strong late-season week of U.S. wheat shipments, coming in at 24.8 mb to put the year-to-date tally at 971 mb and 35% ahead of a year ago. Hard red winter registered a total of 13.4 mb, followed by hard red spring with 4.6 mb and white wheat 4 mb. Top destinations off the west coast were South Korea with 2.9 mb and Japan with 2.5 mb. Crop Progress...Modest declines in winter wheat ratings for Oregon and Idaho were offset by slightly better conditions in Washington, leaving the three-state weighted crop index unchanged at 105% of average. Idaho good to excellent ratings gained 2 points to 66%, while Oregon dropped 5 points to 88%. Washington good to excellent held at 81%. Spring wheat plantings showed the northern tier states ahead of average pace; Washington climbed to within 5% of average at 95% while Idaho remains 22% behind at 78% in. -Norm Ruhoff Contributing Analyst Copyright 2017 DTN/Telvent. All Rights Reserved.