September 16, 2014
Portland Price Trends
09-02-13 01-01-14 08-01-14 09-09-14 09-16-14
#1 SWW (bu) 7.40 7.03 6.92 6.90 6.70
White Club 7.60 7.63 8.17 9.40 9.20
HRS 14% 8.24 8.10 8.31 9.30 8.95
HRW 11.5% 8.75 7.62 7.62 7.53 7.23
#2 Corn (ton) 280.00 186.00 185.00 174.00 178.00
#2 Barley 180.00 155.00 175.00 150.00 155.00
Wheat...Early-week trade on the west coast showed fresh contract lows
on the futures exchanges pulling cash bids lower, but firmer basis levels
helped soften some of the blow. Soft white wheat basis to Chicago gained
a dime from last week to 175 over; hard red winter was also up a dime to
140 over. Hard red spring closed today at 330 over, which was off a dime
from the high last week but still the strongest basis number since March
of 2008 when it was coming off a move near the 450 level.
Shipments...Total US wheat shipments came in on par with a week ago at
20 mb, right in line with the 4-week average but at 268 mb is holding 34%
behind last year. Hard red spring was the only class of wheat to beat the
4-week average with 6.3 mb and stands 42% ahead of last year. White wheat
came in right on track with the 4-week average with 3.7 mb to stay at 3%
ahead of last year. Hard red winter also hit the 4-week average with 6.5
mb, but remains 48% behind last year and 28% off the 10-year average.
Crop Progress...PNW winter wheat plantings made good progress over the
past week, with all 3 states tracking the 5-year average but seeding into
dry conditions. Idaho shows 19% planted, Oregon is 11% and Washington is
approaching the halfway mark with 43% in the ground. Harvest progress on
the US spring wheat shows 74% cut, with Idaho, Minnesota and North Dakota
all reporting another 20% of the crop put in the bin last week.
-Norm Ruhoff Contributing Analyst
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