Portland Grain Review 04/19

April 19, 2022 Portland Price Trends 04-01-21 08-01-21 03-01-22 04-12-22 04-19-22 #1 SWW (bu) 6.70 9.25 11.25 11.25 11.50 White Club 6.70 10.75 12.75 11.75 12.00 DNS 14% 6.99 10.33 11.59 12.36 12.57 HRW 11.5% 6.85 8.33 11.83 12.71 12.82 #2 Corn (ton) 241.00 251.00 339.00 362.00 384.00 #2 Barley 180.00 200.00 260.00 270.00 275.00 Wheat...West coast wheat markets continued to stair-step higher as the week got underway, reflecting further gains across the futures complex on Monday. Spot basis levels held steady on the protein wheats while white wheat basis weakened. Old crop to new crop spreads also showed soft white maintaining a 70 cent premium on old crop, with hard red winter 11.5 pro at a 5 cent premium and dark northern 14 pro showing a 15 cent premium. Crop Progress...Cooler and wetter weather helped improve winter wheat conditions across the PNW over the past week, as the three-state index was up 2 points to 94% of average. State-by-state ratings showed the good to excellent rating for Idaho was actually down 3% to 47%, but Oregon was up 6% to 57%. Washington saw the good to excellent category hold unchanged, but the poor to very poor dropped 4 points to 9%. Shipments...Weekly export inspections showed a relatively good week of movement of wheat off U.S. ports, coming in at just under 16 mb to put the year-to-date total 18% behind a year ago at 664 mb. Hard red winter moved 6.1 mb, hard red spring lifted 4.8 mb, soft red winter registered 3.2 mb, and soft white loaded 1.7 mb. Japan and South Korea were the top takers of wheat off PNW ports, but the big mover there was corn with China, Japan, South Korea and Indonesia taking nearly 13 mb. -Norm Ruhoff Contributing Analyst Copyright 2022 DTN/Telvent. All Rights Reserved.