Portland Grain Review 07/25

July 25, 2017 Portland Price Trends 07-01-16 08-01-16 06-01-17 07-18-17 07-25-17 #1 SWW (bu) 5.05 4.95 4.90 5.50 5.25 White Club 5.05 4.95 5.05 5.60 5.35 DNS 14% 6.00 6.03 6.68 9.00 8.42 HRW 11.5% 4.82 5.10 4.97 5.92 5.72 #2 Corn (ton) 163.00 158.00 157.00 153.00 150.00 #2 Barley 140.00 135.00 127.00 120.00 125.00 Wheat...Firming basis levels were apparent for nearby white wheat bids, as exporters continued to prop up cash markets relative to the decline in Chicago. Spot basis was generally bid at 55 over Chicago September. Hard red winter basis also firmed-up in early week trade, along with softening discount scales, while hard red spring basis held steady. Shipments...Weekly export inspections showed 16.5 mb of U.S. wheat was shipped off all ports last week, putting year-to-date loadings at 162 mb; up 19% over a year ago. Top shipper was hard red winter with 6.8 mb, hard red spring loaded 4.8 mb and soft white 2.9 mb. Top destinations off the west coast was Japan with 3.2 mb, followed by Guatemala and Chile each at about 1.8 mb. Crop Progress..Winter wheat is progressing on an average pace for both Idaho and Oregon, at 11% and 31% complete, respectively. Washington trails the averrage by 6% at 18% harvested. Spring wheat ratings showed declines for both Idaho and Washington, with both losing more than 5 points off the weighted index. Excessive heat over the past week has cut into prospective yield potential. The U.S. spring wheat crop condition index stands second lowest only to the 1988 crop for this time of year since 1986. -Norm Ruhoff Contributing Analyst Copyright 2017 DTN/Telvent. All Rights Reserved.