December 3, 2013
Portland Price Trends
12-01-12 01-01-13 11-01-13 11-26-13 12-03-13
#1 SWW (bu) 8.80 8.35 7.25 7.25 7.40
White Club 8.80 8.35 7.65 7.75 7.80
HRS 14% 10.12 9.32 8.44 8.36 8.44
HRW 11.5% 9.83 8.98 8.37 7.94 8.11
#2 Corn (ton) 310.00 286.00 187.00 183.00 185.00
#2 Barley 248.00 235.00 155.00 155.00 155.00
Wheat...Firm basis levels and a modest bounce in Chicago combined with
limited farm offers in early-week trade to move cash white wheat bids back
toward recent highs. Basis is holding at 70 cents plus over Chicago March,
posting modest carries into the new year. Relatively tight carryout stocks
for soft white are also holding new crop basis firm at 50 over September,
placing flat price August '14 bids at $7.25 today. Exporters also continue
to push spring wheat basis to entice some spot movement, bid at 140 March
Minneapolis for both December and January.
Shipments...Weekly export inspections revealed another relatively light
week of wheat movement off all ports last week, with the holiday limiting
some loading activity. Soft white registered only 1.2 mb off the Columbia
River District and 4.2 mb of red spring shipped off all ports.
Crop Progress...Pacific Northwest winter wheat is expected to be hit by
an arctic blast into the weekend, with overnight low temps forecast to be
near zero in some areas. Modest snow last night and heavy moisture heading
into the cold front are a welcome cushion against possible damage.
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