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October 29, 2024
Portland Price Trends
10-01-23 01-01-24 09-01-24 10-22-24 10-29-24
#1 SWW (bus) 6.60 6.65 5.65 6.00 6.00
White Club 6.95 7.15 5.80 6.15 6.15
DNS 14% 7.89 8.03 6.60 6.87 6.84
HRW 11.5% 7.17 6.97 6.10 6.42 6.31
#2 Corn (ton) 254.00 232.00 197.00 205.00 206.00
#2 Barley 280.00 180.00 150.00 150.00 150.00
Wheat...West coast white wheat prices continued on a mostly sideways trek
as the week got underway, with nearby bids holding to within a nickel of the
$6 mark. Trade remains extremely light, but basis levels to Chicago futures
have firmed and are at the top end of a two-month range.
Shipments...Weekly export inspections showed the fall push for soybeans
is on, with another big week of loadings off the west coast. Overall wheat
shipments came in at 9.1 mbus, with 3.6 mbus moved off the west coast mostly
to The Philippines. Year-to-date wheat loadings now stand at 349 mbus which
is holding 34% ahead of a year ago. Soybean shipments totaled nearly 35 mbus
off west coast ports, all destined for China.
Crop Progress...The first assessment of the 2024/25 winter wheat crop was
released Monday, and while the three-state index for the Pacific Northwest is
close to a year ago, a much larger share of the crop is categorized as "fair".
Good to excellent ratings for Idaho are at 46% compared to 65% a year ago and
Washington shows 49% compared to 56%. Oregon is countering the other 2 states
with a good to excellent rating of 60% versus just 34% a year ago.
-Norm Ruhoff Contributing Analyst
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