Portland Grain Review 06/18

June 18, 2018 Portland Price Trends 06-01-17 08-01-17 05-01-18 06-11-18 06-18-18 #1 SWW (bu) 4.90 5.20 6.05 6.10 6.05 White Club 5.05 5.30 6.05 6.10 6.05 DNS 14% 7.03 8.38 7.68 7.34 7.08 HRW 11.5% 5.10 5.65 6.93 6.67 6.29 #2 Corn (ton) 158.00 148.00 184.00 167.00 166.00 #2 Barley 127.00 125.00 158.00 155.00 155.00 Wheat...The retreat across the wheat futures complex has weighed heavily on west coast protein wheat markets, while a strengthening soft white basis against Chicago has held cash prices relatively intact. White wheat prices stand within a dime of recent highs, thanks to a 50 cent basis improvement, while hard red winter 11.5% protein is 65 cents below recent highs and dark northern spring 14% protein is 80 cents below the highs from late May. Crop Progress...Pacific Northwest wheat conditions remain well-above average as "June rains" and warmer weather have proven beneficial to both winter and spring wheat. Washington winter wheat ratings climbed 4% over the past week to 88% good to excellent, partially offsetting a 3% drop in Idaho which is now at 77% and a 13% drop in Oregon; which now stands at 61% good to excellent with 16% poor to very poor. The three-state index sets at 108% of average. The U.S. spring wheat crop ratings jumped 13% from a week ago to 105% of average with good to excellent ratings for North Dakota up 9 points to 80% and Washington up 6 points to 82%. Shipments...Weekly export inspections showed 13.7 mb of US wheat shipped off all ports last week, putting year-to-date loadings 50% behind last year at 29 mb. Top shipper was soft white wheat with 5.7 mb as the traditional Pacific Rim buyers all secured relatively large amounts of west coast wheat. -Norm Ruhoff Contributing Analyst Copyright 2018 DTN/Telvent. All Rights Reserved.