Portland Grain Review 07/12

July 12, 2022 Portland Price Trends 07-01-21 08-01-21 06-01-22 07-05-22 07-12-22 #1 SWW (bu) 8.60 9.25 11.00 9.00 9.25 White Club 8.60 10.75 11.50 9.25 9.50 DNS 14% 9.37 10.33 12.77 9.70 10.06 HRW 11.5% 7.53 8.33 12.38 9.72 9.90 #2 Corn (ton) 252.00 251.00 322.00 264.00 274.00 #2 Barley 180.00 200.00 275.00 235.00 235.00 Wheat...USDA report day on Tuesday, and projections for larger wheat production weighed on futures and pulled west coast wheat prices lower. White wheat bids tempered the declines in Chicago with a 20 cent bump in the nearby basis. The U.S. white wheat crop is forecast to increase 42% from last year's drought impacted crop, increasing the stocks-to-use by 8% to 31%, rebounding from two straight years of declines. Crop Progress...Warmer weather put some pressure on PNW winter wheat conditions last week, as the three-state index slipped 1% to 104%. This came mainly on the shoulders of a decline in Oregon, which saw the good to excellent rating slip 17% from last week to 63%. Idaho held steady at 64% and Washington was also unchanged at 70% good to excellent. Crop progress also showed winter wheat harvest starting in Oregon, with all crops generally at least a week behind average. Shipments...The holiday-shortened week cut into export activity last week as total wheat shipments were only 11.3 mb, which put year-to-date shpments 18% behind a year ago at 70 mb. Hard red winter moved 4.1 mb, red spring 3.1 mb and soft white 1.1 mb. West coast ports loaded 2.9 mb for South Korea, and China took 5 mb of corn and 2.5 mb of soybeans. -Norm Ruhoff Contributing Analyst Copyright 2022 DTN/Telvent. All Rights Reserved.