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August 16, 2022
Portland Price Trends
08-01-21 01-01-22 07-01-22 08-09-22 08-16-22
#1 SWW (bu) 9.25 10.70 9.50 8.85 8.70
White Club 10.75 12.45 9.50 8.85 9.20
DNS 14% 10.33 10.78 10.28 9.69 9.83
HRW 11.5% 8.37 9.81 10.23 9.61 9.87
#2 Corn (ton) 245.00 274.00 278.00 279.00 281.00
#2 Barley 200.00 240.00 245.00 235.00 235.00
Wheat...Seasonal harvest pressure kept nearby wheat markets somewhat
subdued in early week trade, but exporters did put a premium back on club
wheat to entice some farmer movement on late-harvested spring crop. Bid
structures are showing only modest carries in white and hard red winter
markets, with red spring posting a dime carry into October.
Crop Progress..Intermittment showers late last week slowed PNW harvest
progress a bit last week, with some inland areas seeing some hail damage.
Oregon winter wheat harvest sets at 82% complete with spring wheat at 40%.
Idaho is running 40% behind the average pace at 28% complete on the winter
wheat harvest with spring wheat 14% cut. Washington is showing 45% of the
winter wheat cut, about 30% behind the average pace, with the spring crop
reported at 14% cut. Yield reports show exceptional quanity and quality.
Shipments...Weekly export inspections showed total U.S. wheat loadings
of 13.7 mb last week, down from 23.4 mb the prior week. The year-to-date
total of 142 mb sets 23% behind a year ago. Hard red winter, springs and
soft red winter moved just over 3.5 mb each while soft white registered a
total of 2.8 mb. The Philippines was the top destination for wheat off of
the west coast, taking 3.2 mb, and China took on 7.5 mb of soybeans.
-Norm Ruhoff Contributing Analyst
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