Portland Grain Review 06/21

June 21, 2022 Portland Price Trends 06-01-21 08-01-21 05-01-22 06-14-22 06-21-22 #1 SWW (bu) 8.20 9.25 11.10 11.40 10.90 White Club 8.20 10.75 11.60 11.65 11.15 DNS 14% 8.71 10.33 12.48 12.92 11.51 HRW 11.5% 7.52 8.33 12.08 12.57 11.98 #2 Corn (ton) 249.00 251.00 347.00 335.00 330.00 #2 Barley 180.00 200.00 275.00 275.00 275.00 Wheat...The precipitous drop across the futures complex reverberated on the west coast, as cash wheat prices took a hit after coming out of a long weekend. White wheat slipped below $11 for the first time since late March and hard red winter 11.5% protein went under $12 as nearby basis remained unchanged. Protein wheats show a modest carry into the first of January while wheat wheat bid structures remain flat. Crop Progress...As expected, PNW winter wheat ratings improved again as persistent cool, wet weather benefits the crop. The overall 3-state index gained another 2 points and now stands at 106% of average. Idaho good to excellent ratings climbed 3% to 77%, while Oregon saw a jump of 13 points to 80%. Washington saw an increase in the fair category which pulled good to excellent back 5% to 71%. Spring wheat ratings for Idaho stand at 73% good to excellent and Washington improved to 89%. Shipments...Weekly export inspections showed another relatively good week wheat movement off U.S. ports, coming in at 14.3 mb to put the total at 23 mb and 11% behind a year ago. Hard red winter was the big mover, mostly out of the Gulf, with 6.5 mb. Hard red spring registered 4 mb for the week and soft white loadings were just 1.4 mb. Japan took 2.1 mb of wheat off the west coast, South Korea was the top destination for corn at 5 mb and China took 5.2 mb of sorghum. -Norm Ruhoff Contributing Analyst Copyright 2022 DTN/Telvent. All Rights Reserved.