September 17, 2024
                                                                  
                                   Portland Price Trends
                 09-01-23    01-01-24    08-01-24    09-10-24   09-17-24
#1 SWW (bus)        6.80        6.65        5.65        5.85       5.85
White Club          7.05        7.15        5.65        6.00       6.00
DNS 14%             8.10        8.03        6.58        6.75       6.86
HRW 11.5%           7.43        6.97        6.04        6.39       6.33
#2 Corn (ton)     246.00      232.00      199.00      199.00     203.00
#2 Barley         200.00      180.00      150.00      150.00     150.00
 
   Wheat...West coast exporters are jockeying for tomorrow's donation for
nearly 5 mbus of white wheat to be shipped to Yemen over the next couple
of months.  The brief run to the $6 level did generate some farm selling
last week and nearby basis levels have weakened against Chicago.  Protein
wheat prices are also holding near last week's levels.
   Shipments...Weekly export inspections showed another relatively strong
week of wheat movement off U.S. ports, coming in at 20.4 mbus.  This puts
year-to-date shipments at 255 mbus, which is 34% ahead of a year ago. Top
shipper was hard red winter with 7 mbus, followed by hard red spring with
6.4 mbus and white wheat with nearly 5 mbus.  West coast activity showed
nearly 12 mbus of wheat shipped, with Thailand and The Philippines taking
the majority of that total.
   Crop Progress...Winter wheat planting is progressing across the Pacific
Northwest, right on track with the average pace.  Oregon reports 12% of the
crop planted, Idaho is at 11% and Washington shows 43% of the crop is in.
Recent rainfall has been welcomed, but all three states show soil moisture
conditions mostly in the short to very short status. 

                                      -Norm Ruhoff  Contributing Analyst

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