May 30, 2023
                                                                  
                                   Portland Price Trends
                 05-01-22    08-01-22    04-01-23    05-23-23   05-30-23
#1 SWW (bu)        11.10        9.00        7.65        7.05       6.95
White Club         11.60        9.00        7.65        7.05       6.95
DNS 14%            12.08       10.08        9.77        9.05       8.73
HRW 11.5%          12.48       10.00       10.05        9.06       8.50
#2 Corn (ton)     347.00      279.00      289.00      264.00     260.00
#2 Barley         275.00      235.00      240.00      220.00     220.00
 
   Wheat...A tough start to the week coming out of the long weekend as
futures hit new contract lows and west coast cash markets followed suit.
White wheat bids slipped below the $7 mark for the first time in over
two years.  Exporter bid structures has also flattened out for all the
classes of wheat, with only hard red spring showing a modest carry into
the late fall months.
   Crop Progress...A week of more seasonable late May weather held the
PNW winter wheat index unchanged at 96% of average, but there were some
shifts in the state by state conditions.  Idaho saw good to excellent
ratings slip 5% to 55%, with all of that shifting to fair.  Washington
good to excellent gained 2 points to 69% and Oregon dropped a point to
39%, with more than 25% of that state's crop rated poor to very poor.
Spring wheat emergence is right on track with average for both Idaho
and Washington.
   Shipments...Weekly inspections showed another relatively good week
of wheat movement off U.S ports, coming in at 14 mb to put the current
year total 2% behind a year ago at 720 mb.  Both hard red winteer and
spring wheat shipped more than 5 mb, with soft white wheat at 2.3 mb.
Thailand was the top destination off the west coast, taking 4.4 mb. 

                                  -Norm Ruhoff  Contributing Analyst

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