Portland Grain Review 10/31

October 31, 2017 Portland Price Trends 10-01-16 01-01-17 09-01-17 10-24-17 10-31-17 #1 SWW (bu) 4.65 4.50 5.26 5.40 5.23 White Club 4.85 4.65 5.36 5.45 5.28 DNS 14% 6.36 6.57 7.52 7.49 7.43 HRW 11.5% 5.05 4.99 5.49 5.79 5.60 #2 Corn (ton) 160.00 160.00 151.00 142.00 139.00 #2 Barley 120.00 115.00 120.00 125.00 125.00 Wheat...West coast wheat markets opened the week under pressure from further weakness across the futures complex. White wheat basis continued to hold firm, with front month bids flat and signaling exporter interest in nearby deliveries. Protein wheat basis levels also held steady, with hard red winter bids mostly flat and red spring posting carries. Japan is is in the market this week covering a portion of their late December and January requirements. Shipments...Weekly export inspections showed a modest rebound in U.S. wheat shipments, coming in at 11.6 mb to put year-to-date movement at 408 and 4% below a year ago. Top shipper for the week was hard red winter at 5.3 mb, followed by hard red spring and soft red winter with 2 mb each. Crop Progress...The first assessement of winter wheat conditions across the Pacific Northwest shows mixed results. At 60% good to excellent, Idaho rates second worst of the past five years to the 55% rating in 2015. With a 77% good-excellent, Oregon winter wheat rates the best of the past five years. Washingtion ratings are also at the upper end of the recent range, with an 85% ranking second to only last year's 89% good to excellent. -Norm Ruhoff Contributing Analyst Copyright 2017 DTN/Telvent. All Rights Reserved.