Portland Grain Review 04/05

April 5, 2022 Portland Price Trends 04-01-21 08-01-21 03-01-22 03-29-22 04-05-22 #1 SWW (bu) 6.70 9.25 11.25 10.75 11.00 White Club 6.70 10.75 12.75 11.75 11.50 DNS 14% 6.99 10.33 11.59 11.38 11.84 HRW 11.5% 6.85 8.33 11.83 11.37 11.76 #2 Corn (ton) 241.00 251.00 339.00 340.00 355.00 #2 Barley 180.00 200.00 260.00 270.00 270.00 Wheat...West coast cash wheat prices reflected stronger futures as the week got underway, with all markets advancing. Hard red spring also saw basis strengthen 30 cents over the past week, while club wheat premiums continue to fade as buyers steer interest toward new crop months. Crop Progress...The first official assessment of the year for the PNW winter wheat crop reflects the lingering impact of drought conditions for last fall. The three-state weighted index shows the crop rated at 93% of average, the lowest initial ranking since 2015. Washington is faring the best with a 65% good to excellent, Oregon is at 32% and Idaho is showing an uncharacteristly low 45% with 8% in the poor to very poor category. Shipments...Weekly export inspections showed wheat movement off U.S. ports holding at baseline levels, coming in near the 11 mb mark over the past week. Year-to-date shipments of 631 mb stand 18% behind this time last year. Hard red spring was the big mover with 4.5 mb, followed by red winter at 1.8 mb and soft white at 1.2 mb. The Philippines was top wheat destination off the west coast last week, with South Korea being the top taker of corn and China taking soybeans. -Norm Ruhoff Contributing Analyst Copyright 2022 DTN/Telvent. All Rights Reserved.