Portland Grain Review 07/18

July 18, 2017 Portland Price Trends 07-01-16 08-01-16 06-01-17 07-11-17 07-18-17 #1 SWW (bu) 5.05 4.95 4.90 5.76 5.50 White Club 5.05 4.95 5.05 5.86 5.60 DNS 14% 6.00 6.03 6.68 9.16 9.00 HRW 11.5% 4.82 5.10 4.97 6.47 5.92 #2 Corn (ton) 163.00 158.00 157.00 162.00 153.00 #2 Barley 140.00 135.00 127.00 120.00 120.00 Wheat...White wheat markets saw basis levels holding relatively firm in early-week trade, as nearby deliveries were posted at $5.50 coast or better. Recent demand and relatively good carries in new crop have the export trade beginning to push the front side of the market for movement into Portland. Early harvest cuttings are showing good quality. Shipments...Weekly export inspections showed a rebound in U.S. wheat shipments over the past week, coming in at 21.2 mb to put year-to-date loadings at 144 mb and 26% ahead of a year ago. Top shipper last week was hard red winter with 9.3 mb, followed by hard red spring with 7 mb. Soft white loadings off the west coast registered 2.6 mb. Japan was the top destination off the PNW, with 2.7 mb, followed closely by shipments of 2.5 mb each for South Korea and the Philippines. Crop Progress...Winter wheat harvest is getting underway across the Pacific Northwest about on track with the average pace. USDA reports Washingtion at 8% cut, Oregon 12% and Idaho 6%. Spring wheat ratings for Idaho and Washington are both currently tracking about 5% below the long-term average. By comparison, North Daktoa spring wheat rates at 75% of average, the lowest since 1988; South Dakota rates the lowest on record at 54% of the long-term average. -Norm Ruhoff Contributing Analyst Copyright 2017 DTN/Telvent. All Rights Reserved.