Portland Grain Review 05/24

May 24, 2022 Portland Price Trends 05-01-21 08-01-21 04-01-22 05-17-22 05-24-22 #1 SWW (bu) 7.85 9.25 10.75 12.00 11.70 White Club 7.85 10.75 11.75 12.50 12.20 DNS 14% 8.59 10.33 11.45 14.64 13.42 HRW 11.5% 8.03 8.33 11.14 14.61 13.40 #2 Corn (ton) 299.00 251.00 320.00 343.00 335.00 #2 Barley 180.00 200.00 270.00 275.00 275.00 Wheat...The continued retreat across the wheat futures complex weighed on west coast cash markets over the past week, with protein wheats seeing bids down nearly $1 from the new highs posted last week. Soft white wheat basis levels have strengthened more than 60 cents from last week, muting some of the impact from lower Chicago futures. Crop Progress...PNW winter wheat conditions showed further improvement over the past week, with the three-state index climbing 2 points to reach 100% of average. Unseasonably cool but wet weather has helped bring wheat ratings up from 92% of average since early April. Idaho showed their crop holding in-line with last week at 63% good to excellent, Oregon gained 9% to 65% and Washington also held steady at 61%. Poor to very poor totals for the three-states dropped another 2 points to 15%. Shipments...The pace of U.S. wheat exports held on par with last week, coming in at 11.3 mb to put year-to-date shipments at 723 mb which stands 21% below a year ago. Top shipper was hard red winter wheat with 4.1 mb. Japan was the top wheat destination off the west coast, taking 4 mb, and China took on 11.6 mb of corn with only 2.5 mb of soybeans. -Norm Ruhoff Contributing Analyst Copyright 2022 DTN/Telvent. All Rights Reserved.