Portland Grain Review 06/07

June 7, 2022 Portland Price Trends 06-01-21 08-01-21 05-01-22 05-31-22 06-07-22 #1 SWW (bu) 8.20 9.25 11.10 11.35 11.50 White Club 8.20 10.75 11.60 11.85 11.75 DNS 14% 8.71 10.33 12.48 13.27 13.08 HRW 11.5% 7.52 8.33 12.08 12.75 12.61 #2 Corn (ton) 249.00 251.00 347.00 330.00 331.00 #2 Barley 180.00 200.00 275.00 275.00 275.00 Wheat...White wheat markets found some footing in early week trade, as USDA announced a CCC donation tender for Yemen. Offers will go out on 2.8 mb of U.S. white wheat which will ship in mid-July. As a result, spot basis to Chicago futures strengthened 30 cents from last week and put a dime premium back on old crop bids relative to new crop. Crop Progress...Recent heavy moisture across the Pacific Northwest continues to improve winter wheat conditions, as the three-state index climbed another 2 points over the past week to 102% of average. Good to excellent ratings for Idaho were up 7% to 68% and Washington gained 9% to 71%, while Oregon dropped 9% to 58%. Ratings have improved from a 92% ranking in early April. Spring wheat emergence for Washington and Idaho is also within 5% of average. Shipments...Shipments of U.S. wheat for the new marketing year came in at 13 mb last week, setting 15% above the starting point a year ago. Hard red winter was top shipper and white wheat saw 2.6 mb moved. South Korea was top destination for wheat off the west coast ports and China was the top taker of corn and sorghum. -Norm Ruhoff Contributing Analyst Copyright 2022 DTN/Telvent. All Rights Reserved.