October 21, 2014
Portland Price Trends
10-01-13 01-01-14 09-01-14 10-14-14 10-21-14
#1 SWW (bu) 7.25 7.03 7.00 6.70 6.87
White Club 7.25 7.63 9.30 9.65 9.82
HRS 14% 8.28 8.10 8.72 9.14 9.19
HRW 11.5% 8.45 7.62 7.57 7.65 7.77
#2 Corn (ton) 195.00 186.00 178.00 184.00 184.00
#2 Barley 155.00 155.00 165.00 150.00 150.00
Wheat...West coast wheat markets ratcheted higher in early-week trade,
supported by the rebound in futures and solid basis levels. White wheat
moved closer to the $7 mark, with basis near 170 over Chicago and stands
40 cents above the late September lows; hard red spring basis has held at
350 over, closing near $9.20 today and 50 cents above recent lows; while
hard red winter remains bid at 175 over, for a flat price today of $7.77
that is nearly 65 cents better since the first of the month.
Shipments...US wheat shipments came in slightly ahead of last week with
17.7 mb, 10% off the 4-week average, placing the year-to-date tally at 374
mb and 31% behind a year ago. Soft white wheat was the only class of wheat
to beat the 4-week average, registering 3.7 mb on loadings for Taiwan and
the Philippines, and now stands 4% behind last year. Hard red spring wheat
shipments continue to tail-off from a strong early season pace but remain
30% ahead of last year, while hard red winter posted a respectable 5.7 mb
for the week but continues to lag 44% behind last year.
Crop Progress...PNW winter wheat plantings made good progress in Oregon
last week, with another 20% of the crop going in to place the state at 85%
complete. Idaho sowed another 11% to stand at 92% planted and Washington
is 93% in. Montana winter wheat is going in nearly 10% ahead of the 5-year
average, standing 97% complete with soil moisture remaining well above the
average profile for this time of year. Montana also rates 79% in the good
to excellent category, 18% ahead of last year, while Washington reports in
at 24% good to excellent and 16% poor to very poor.
-Norm Ruhoff Contributing Analyst
Copyright 2014 DTN/Telvent. All Rights Reserved.
For more free DTN information sent right to your email each morning - click here
to sign up for DTN Snapshot.