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                                                      October 4, 2022
                                                                  
                                   Portland Price Trends
                 10-01-21    01-01-22    09-01-22    09-27-22   10-04-22
#1 SWW (bu)         9.75       10.70        8.90        9.30       9.30
White Club         11.75       12.45        9.40        9.80       9.80
DNS 14%            10.69       10.78        9.66       10.30      10.57
HRW 11.5%           9.19        9.81        9.88       10.73      11.09
#2 Corn (ton)     245.00      274.00      296.00      300.00     305.00
#2 Barley         240.00      240.00      235.00      240.00     240.00

   Wheat...A big week of export movement for white wheat helped explain
the recent push in white wheat bids, as exporters completed an unusually
large week of loading activity. Vessels destined for the Philippines and
China were under the spout, with each taking more than 4 million bushels.
Since that push, white wheat bids have backed off considerably and nearby
basis has weakened 80 cents from the September high. Countering that has
been a move back above the $11 level for 11.5% protein hard red winter;
the best price level since late June.
   Crop Progress...Winter wheat planting is generally back on track with
the average pace across the Pacific Northwest, and recent moisture helped
improve emergence.  Idaho shows 49% planted, about 10% behind average and
Oregon is right on track with 33% in the ground. Washington is nearly two-
thirds complete, and shows the crop off to a decent start with emergence
reported at 34% versus 39%.
   Shipments...Weekly export inspections showed another big week for U.S.
wheat shipments, coming in at 24.5 mb to put the year-to-date total within
2% of a year ago at 313 mb. White white registered a huge week of loadings
with 10.3 mb, followed by hard red spring at 6.9 mb and hard red winter at
4.7 mb.  Top destinations off the west coast were the Philippines with 4.4
mb and China with 4.1 mb, followed by Indonesia with 2.8 mb.

                                     -Norm Ruhoff  Contributing Analyst

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