Portland Grain Review 07/31

July 31, 2018 Portland Price Trends 07-01-17 08-01-17 06-01-18 07-24-18 07-31-18 #1 SWW (bu) 5.55 5.20 6.05 5.95 6.05 White Club 5.65 5.30 6.05 5.95 6.05 DNS 14% 9.31 8.38 7.49 6.63 7.04 HRW 11.5% 6.34 5.65 6.71 6.40 6.75 #2 Corn (ton) 157.00 148.00 178.00 157.00 161.00 #2 Barley 127.00 125.00 155.00 150.00 140.00 Wheat...West coast wheat markets posted solid rebounds as the week got underway but basis levels remained somewhat defensive, especially for soft white and dark northern spring wheat. Markets also saw exporters posting modest carries in white wheat and protein discounts increased on hard red winter wheat; indicative of lower protein harvest deliveries. Crop Progress..Overall spring wheat ratings held mostly unchanged over the past week, at 108% of average. While modest declines were posted for most of the northern tier states, ratings showed week-to-week improvemnts for both Washington and Idaho. Weighted-indexes show the Washington crop at 117% of average and the Idaho crop has recovered the past two weeks to what is now an "average" crop. Winter wheat harvest progress shows Oregon over the halfway point and Idaho nearly 25% complete, while Washington is 15% behind the average pace at 28% complete. Shipments...Weekly export inspections showed a slightly lower pace of wheat movement off U.S. ports last week, coming in at 13.9 mb. The total shipped year-to-date now stands 40% behind a year ago at 111 mb. Leading the way last week were both hard red spring and soft white wheat with 4.5 mb each. Hard red winter registered 3.8 mb. Top destinations off the west coast were the Philippines with 3.3 mb, Thailand with 2.1 mb and Taiwan at 1.9 mb for the week. -Norm Ruhoff Contributing Analyst Copyright 2018 DTN/Telvent. All Rights Reserved.