Hoffman Ag Services Wednesday, May 22, 2019  
 
 
 
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                                                       May 21, 2019
                                                                  
                                   Portland Price Trends
                 05-01-18    08-01-18    04-01-19    05-14-19   05-21-19
#1 SWW (bu)         6.05        6.05        5.95        5.90       6.05
White Club          6.05        6.05        5.95        5.90       6.05
DNS 14%             7.68        7.08        6.68        6.15       6.43
HRW 11.5%           6.93        6.89        6.14        5.78       6.09
#2 Corn (ton)     184.00      160.00      172.00      168.00     175.00
#2 Barley         155.00      140.00      140.00      140.00     140.00

   Wheat...West coast wheat prices continued to recover ground in early
week trade, following the recovery across the futures complex.  Nearby
soft white bids hit the $6 mark, signaling a gain of 40 cents over the
past two weeks.  Basis levels have been defensive for both white wheat
and hard red winter.
   Crop Progress...Warm and wet conditions over the past 10 days boosted
winter wheat conditions across the Pacific Northwest, as the three-state
weighted index climbed 3% to 102% of average.  Most notable improvement
was for Idaho, which saw good to excellent ratings climb 14% to 70% and
Washington gained 7% to 72%. Oregon winter wheat conditions saw the good
to excellent drop 5% to 62% and poor to very poor gained 3% to 18%.
   Shipments...Weekly export inspections showed another relatively solid
week for U.S. wheat shipments, coming in at 28 mb to put the year-to-date
total at 866 mb and 2% ahead of a year ago.  Hard red winter was the top
shipper with 10.6 mb, followed by soft red winter with 8.1 mb.  Hard red
spring wheat moved 4.5 mb and soft white shipped 3.3 mb. Top destinations
off the west coast were the Philippines with 4.3 mb and Japan at 3.2 mb.

                                      -Norm Ruhoff  Contributing Analyst

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