Portland Grain Review 05/17

May 17, 2022 Portland Price Trends 05-01-21 08-01-21 04-01-22 05-10-22 05-17-22 #1 SWW (bu) 7.85 9.25 10.75 11.15 12.00 White Club 7.85 10.75 11.75 11.65 12.50 DNS 14% 8.59 10.33 11.45 12.85 14.64 HRW 11.5% 8.03 8.33 11.14 12.93 14.61 #2 Corn (ton) 299.00 251.00 347.00 374.00 390.00 #2 Barley 180.00 200.00 270.00 275.00 275.00 Wheat...Limit-up moves across the wheat futures complex propelled west coast wheat prices higher in early week trade, as all three wheat classes marked their highest levels since 2008. Basis levels saw a modest retreat but bid structures now show white wheat bids flat into January 2023 and both hard red winter 11.5% protein and red spring 14% protein with a dime or less inverse to new crop months. Crop Progress...Wet and unusually cool weather has gradually improved PNW winter wheat conditions since early spring, but the three-state crop index held at 98% of the 20-year average last week. The good to excellent ratings for Idaho improved 3% to 64% and Washington was up 5% to to 61%, but Oregon slipped 10% to 56%, with most of that shift going into fair to good. Spring wheat plantings for Idaho and Washington are tracking right on the 5-year average pace, with good emergence for Idaho but Washington is reported at 13% below average. Shipments...USDA reported an improved pace of wheat movement off U.S. ports over the past week, coming in at 12.8 mb to put year-to-date totals at 712 mb and 20% below a year ago. Top shipper was hard red winter with 7.2 mb. Top destinations for wheat off the west coast were Thailand and Taiwan, while South Korea was the big taker for corn. -Norm Ruhoff Contributing Analyst Copyright 2022 DTN/Telvent. All Rights Reserved.