September 2, 2014
Portland Price Trends
09-02-13 01-01-14 08-01-14 08-26-14 09-02-14
#1 SWW (bu) 7.40 7.03 6.92 7.02 7.00
White Club 7.60 7.63 8.17 9.27 9.30
HRS 14% 8.24 8.10 8.31 8.50 8.72
HRW 11.5% 8.75 7.62 7.62 7.51 7.57
#2 Corn (ton) 280.00 186.00 185.00 179.00 178.00
#2 Barley 180.00 155.00 175.00 165.00 165.00
Wheat...West coast wheat markets came out of the extended weekend on a
weaker note, following declines across the futures complex. White wheat
maintained $7 today, 15 cents off the high from last week. Red spring is
well supported near $8.75 and challenging price levels from last year and
5-year average, while hard red winter slipped about a dime off of a solid
showing the past two weeks.
Shipments...US wheat shipments improved for the fourth straight week,
registering the best week of loadings for the marketing year at just over
28 mb. Year-to-date shipments stand 29% behind last year and 7% off the
projected USDA pace. Soft white wheat posted a solid performance, coming
in above 6 mb on shipments for South Korea, the Philippines, and Taiwan.
Hard red winter also posted a much-needed improvement, nearly double last
week with 8.8 mb, while red spring posted the second best week this year
with 6.4 mb shipped.
Crop Progress...While the majority of the US spring wheat crop harvest
remains behind average pace, USDA did report some progress made over the
past week. North Dakota cut another 10% of their crop but at 21% complete
stands nearly 40% behind the 5-year average. Washington is virtually done,
while Idaho binned another 16% of the crop and stands 57% complete, which
is 6% behind the 5-year average. Idaho crop ratings also slipped again as
the state index dropped another 16 points to 306/500; the worst on record
and reflective of recent heavy rains.
-Norm Ruhoff Contributing Analyst
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