October 15, 2024
                                                                  
                                   Portland Price Trends
                 10-01-23    01-01-24    09-01-24    10-08-24   10-15-24
#1 SWW (bus)        6.60        6.65        5.65        6.00       6.05
White Club          6.95        7.15        5.80        6.15       6.20
DNS 14%             7.89        8.03        6.60        7.14       6.86
HRW 11.5%           7.17        6.97        6.10        6.57       6.38
#2 Corn (ton)     254.00      232.00      197.00      214.00     205.00
#2 Barley         280.00      180.00      150.00      150.00     150.00
 
   Wheat...West coast white wheat bids are displaying some independent
strength for the first time in nearly two months, as nearby basis levels
continue to firm up. Spot basis to Chicago futures is up nearly 20 cents
from last week, pulling new crop basis out of negative territory and now
at even money to Chicago September 2025 futures.
   Shipments...Weekly export inspections showed wheat movement off U.S.
ports at about the same level as the prior week, coming in at 13.6 mbus
to put shipments at 330 mbus and 33% ahead of a year ago.  Top shipper
was hard red winter with 6.6 mbus, followed by hard red spring with 3.2
mbus and white wheat at 2.4 mbus.  The traditional shift toward loading
soybeans off the west coast has begun, with exporters moving nearly 25
mbus of soybeans and only 6.5 mbus of wheat, mostly to Japan and Taiwan.
   Crop Progress...Winter wheat plantings moved along in good fashion
over the past week, with Oregon putting in 20% of that crop to stand at
64% complete, Washington is 93% in and Idaho at 77% sown.  Emergence is
at or above average for all three states.  

                                   -Norm Ruhoff  Contributing Analyst

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