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                                                      July 16, 2024
                                                                  
                                   Portland Price Trends
                 07-01-23    08-01-23    06-01-24    07-09-24   07-16-24
#1 SWW (bus)        7.00        7.05        6.70        6.00       5.70
White Club          7.15        7.30        6.70        6.00       5.70
DNS 14%             8.79        9.05        8.04        6.90       6.46
HRW 11.5%           8.41        8.24        7.40        6.23       5.86
#2 Corn (ton)     261.00      254.00      220.00      198.00     197.00
#2 Barley         220.00      210.00      155.00      160.00     160.00
 
   Wheat...West coast white wheat markets drifted toward fresh lows in
early-week trade, as all cash prices came under pressure from continued
weakness across the futures complex. Record-setting hot and dry weather
is advancing harvest and nipping into conditions for regions with late 
maturing wheat.
   Crop Progress...Extreme heat bit into Pacific Northwest winter wheat
conditions last week, with the three-state index dropping 5 points. The
big shift occurred in Oregon, where good to excellent ratings slipped 14
points to 50% and poor to very poor jumped 5% to 15%.  Ratings for Idaho
and Washington held steady at respective good to excellent percentages 
of 77% and 52%.  Winter wheat harvest is progressing across the 3 states
right in-line with the average pace. 
   Shipments...Weekly export inspections showed a marked improvement in
U.S. wheat shipments over the past week, coming in at nearly 20 mbus to
put year-to-date loadings 26% ahead of a year ago at 83 mbus.  Hard red
spring was the top shipper with 7.9 mbus, followed by hard red winter at
2.9 mbus. White wheat registered only 1 mbus. West coast export activity
showed 8.8 mbus shipped, mostly to Taiwan and China, and Taiwan was also
the primary taker on 7.7 mbus of corn.
 
                                   -Norm Ruhoff  Contributing Analyst

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