April 30, 2024
                                                                  
                                   Portland Price Trends
                 04-01-23    08-01-23    03-01-24    04-23-24   04-30-24
#1 SWW (bu)        7.65        7.05        5.80        6.00       5.95
White Club         7.65        7.30        6.05        6.00       5.95
DNS 14%            9.77        9.05        7.34        7.45       7.89
HRW 11.5%         10.08        8.24        6.34        6.72       7.01
#2 Corn (ton)    290.00      254.00      213.00      219.00     218.00
#2 Barley        240.00      210.00      180.00      155.00     155.00
 
   Wheat..A retreat across the wheat futures complex weighed on west coast
cash prices in early-week trade, with soft white wheat down 20 cents from
the recent highs. With an exporter shift to July futures, nearby basis for
white wheat slipped back into negative territory while basis on the protein
wheats held mostly steady on the roll.  
   Crop Progress...The Pacific Northwest winter wheat crop benefitted from
recent warmer weather and precipitation, with the three-state index moving
up 9 points from last week.  Within that number, good to excellent ratings
for Idaho slipped a point to 67% and Washington jumped 8% to 56%.  Oregon
dropped 2% from good to excellent to 63%, but saw the "excellent" category
jump 8 points to 12%. Spring wheat plantings are three-quarter complete in
the PNW, with Idaho's crop going in 15% ahead of the average pace.
   Shipments..Weekly export inspections showed another relatively good week
of wheat shipments, coming in at 17.6 mbus to put year-to-date loadings 7%
behind a year ago at 622 mbus. Top shipper was hard red spring at 7.7 mbus,
followed by soft red winter at 4.2 mb.  West coast loadings showed nearly 9
mbus shipped, mostly for Vietnam, Taiwan, and Chile. Corn shipments came in
at nearly 18 mbus, with the majority of that going to Japan.

                                       -Norm Ruhoff  Contributing Analyst

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