Portland Grain Review 05/12

May 12, 2022 Portland Price Trends 05-01-21 08-01-21 04-01-22 05-05-22 05-12-22 #1 SWW (bu) 7.85 9.25 10.75 11.15 11.30 White Club 7.85 10.75 11.75 11.65 11.80 DNS 14% 8.59 10.33 11.45 12.90 13.96 HRW 11.5% 8.03 8.33 11.14 12.87 13.80 #2 Corn (ton) 299.00 251.00 347.00 380.00 387.00 #2 Barley 180.00 200.00 270.00 275.00 275.00 Wheat...Tightening global and U.S. wheat balance sheets triggered an explosive rally in wheat futures on Thursday, propelling PNW cash prices to new heights for the protein wheats. White wheat prices countered the rally in Chicago futures with basis weakening nearly 60 cents on the day. In the process, old and new crop spreads for white wheat narrowed to 10 cents, while hard red winter 11.5% protein shows about a dime inverse and the dark northern spring 14% protein inverse is within a nickel. Crop Report...Based on May 1 conditions, the three-state PNW region is projected to see an increase of 56% from last year's drought-impacted crop. While all three states are expected to see an increase, Washington's crop is projected to be down 4% from the 2018-2020 average, Idaho is expected to be up 6% from that average and Oregon down 7%. Winter wheat plantings for the three states are up 7% from 2021. Crop Progress...Recent moisture was reflected in improved winter wheat ratings for the PNW, as the three-state index climbed four points to 98% of the 20-year average. Idaho saw the good to excellent category improve 9% to 61% and Oregon also registered a 9 point improvement to 66%. Washington posted a 2% improvement to 56% good to excellent. As a whole, the 3 states saw poor to very poor drop from 24% to 15%. -Norm Ruhoff Contributing Analyst Copyright 2022 DTN/Telvent. All Rights Reserved.