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                                                      May 24, 2022
                                   Portland Price Trends
                 05-01-21    08-01-21    04-01-22    05-17-22   05-24-22
#1 SWW (bu)         7.85        9.25       10.75       12.00      11.70
White Club          7.85       10.75       11.75       12.50      12.20
DNS 14%             8.59       10.33       11.45       14.64      13.42
HRW 11.5%           8.03        8.33       11.14       14.61      13.40
#2 Corn (ton)     299.00      251.00      320.00      343.00     335.00
#2 Barley         180.00      200.00      270.00      275.00     275.00

   Wheat...The continued retreat across the wheat futures complex weighed
on west coast cash markets over the past week, with protein wheats seeing
bids down nearly $1 from the new highs posted last week. Soft white wheat 
basis levels have strengthened more than 60 cents from last week, muting
some of the impact from lower Chicago futures.
   Crop Progress...PNW winter wheat conditions showed further improvement
over the past week, with the three-state index climbing 2 points to reach
100% of average. Unseasonably cool but wet weather has helped bring wheat
ratings up from 92% of average since early April. Idaho showed their crop
holding in-line with last week at 63% good to excellent, Oregon gained 9%
to 65% and Washington also held steady at 61%.  Poor to very poor totals
for the three-states dropped another 2 points to 15%.
   Shipments...The pace of U.S. wheat exports held on par with last week,
coming in at 11.3 mb to put year-to-date shipments at 723 mb which stands
21% below a year ago.  Top shipper was hard red winter wheat with 4.1 mb. 
Japan was the top wheat destination off the west coast, taking 4 mb, and
China took on 11.6 mb of corn with only 2.5 mb of soybeans.

                                   -Norm Ruhoff  Contributing Analyst

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