Portland Grain Review 01/11

January 11, 2022 Portland Price Trends 01-01-20 08-01-21 12-01-21 01-04-22 01-11-22 #1 SWW (bu) 6.65 9.25 10.65 10.70 10.50 White Club 6.65 10.75 12.65 12.45 12.25 DNS 14% 7.14 10.33 11.30 10.80 10.41 HRW 11.5% 7.38 8.33 9.83 10.04 9.90 #2 Corn (ton) 211.00 251.00 269.00 285.00 281.00 #2 Barley 145.00 200.00 240.00 240.00 240.00 Wheat..West coast white wheat values slipped off the track of a broken record, as exporter bids broke below the $10.70 mark for the first time in three weeks. The vessel line-up has slowed and the trade appears to have nearby needs covered after a small round of new year farmer selling. Most all of the PNW winter wheat area sets under good snow cover after recent heavy snowfall. HRW Basis...Nearby basis levels for hard red winter 11.5% protein have seen a notable strengthening, gaining more than 30 cents since the middle of December to offset a portion of the 75 cent decline in KC March futures over that same time period. At 200 over, spot basis is setting 90 cents above the 10-year early January average, holding cash bids within a dime of the $10 mark. A lack of protein premiums may be the bigger driver, as producers holding high protein HRW are not seeing any premium to 11.5%. Shipments...Inclement winter weather slowed an already subdued pace of export shipments off the west coast last week, as weekly inspections came in at only 8.6 mb. Year-to-date loadings stand 19% behind a year ago at 457 mb. Shipments by class showed hard red winter moving 3.2 mb, springs at 1.5 mb and soft white at just 1.2 mb. Top destinations off the PNW for wheat were Japan and Thailand, with China taking the lead on soybeans. -Norm Ruhoff Contributing Analyst Copyright 2022 DTN/Telvent. All Rights Reserved.