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                                                      June 18, 2024
                                                                  
                                   Portland Price Trends
                 06-01-23    08-01-23    05-01-24    06-11-24   06-18-24
#1 SWW (bus)        7.15        7.05        6.00        6.55       6.25
White Club          7.15        7.30        6.00        6.55       6.25
DNS 14%             8.69        9.05        7.87        7.53       7.04
HRW 11.5%           8.67        8.24        6.95        6.96       6.43
#2 Corn (ton)     269.00      254.00      223.00      222.00     220.00
#2 Barley         220.00      210.00      155.00      160.00     160.00
 
   Wheat...Another break to the downside across the futures complex put
further pressure on west coast cash wheat bids in early-week trade. Soft
white wheat has now drifted nearly 50 cents lower from the first of the
month, even with basis strengthening by 40 cents.  Export demand remains
light and good rains are improving crop conditions this week.
   Crop Progress...Pacific Northwest winter wheat conditions recorded a
decline in Oregon and modest improvement for Idaho and Washington, which
dropped the 3-state weighted index 1 point to 93% of average. Washington
good to excellent gained 3 points to 49%, with poor to very poor also up
2 points to 25%.  Idaho saw good to excellent climb 2 points to 75% but
Oregon dropped 6 points in that category to 57%. Spring wheat ratings in
Idaho stand at 77% while Washington is posting a 52% good to excellent.
   Shipments...Weekly export inspections showed 13.7 mbus of U.S. wheat
moved off all ports last week, putting shipments for the new marketing
year at 24.6 mbus which is 21% ahead of a year ago.  Hard red spring was
the top shipper with nearly 5 mbus.  West coast loading activity showed
9.3 mbus of wheat were shipped, going mostly to South Korea and Thailand, 
and 8.7 mbus of corn lifted mostly for Japan.
 
                                   -Norm Ruhoff  Contributing Analyst

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