October 3, 2023
                                                                  
                                   Portland Price Trends
                 10-01-22    01-01-23    09-01-23    09-26-23   10-03-23
#1 SWW (bu)        9.30        8.55        6.80        7.00       6.70
White Club         9.80        9.05        7.05        7.25       6.95
DNS 14%           10.06       10.19        8.10        8.39       7.91
HRW 11.5%         11.09       10.08        7.43        7.53       7.18
#2 Corn (ton)    303.00      302.00      246.00      247.00     254.00
#2 Barley        240.00      250.00      200.00      190.00     180.00
 
   Wheat...West coast white wheat markets regained some footing following
the post-report decline last week, adding back 20 cents in the early-week
trading. Nearby basis levels also remain firm, and exporters also boosted
both hard red winter 11.5% protein and dark northern spring 14% basis by
20 cents over the past week.  
   Crop Progress...Idaho saw nearly 20% of their winter wheat crop planted
last week, setting at 35% complete versus 52% on average. Washington put in
another 13% of the crop and shows planting progress nearly in line with the
average pace at 65% complete.  Oregon reports 23% planted, standing 7% off
the five-year average pace. Recent moisture with a forecast for a clearing
trend should improve progress over the next week. 
   Shipments...Weekly export inspections showed a relatively good week of
wheat movement off U.S. ports, coming in at 14.6 mb to put the year-to-date
total at 223 mb and 28% behind a year ago.  Hard red spring was top shipper
with 5.1 mb, follwed by hard red winter with 2.5 mb and white wheat at 1.7
mb. The Philippines was the top destination off the west coast with 2.9 mb,
followed by South Korea with 2.5 mb.
                          
                                    -Norm Ruhoff  Contributing Analyst

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