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                                                      May 17, 2022
                                                                  
                                   Portland Price Trends
                 05-01-21    08-01-21    04-01-22    05-10-22   05-17-22
#1 SWW (bu)         7.85        9.25       10.75       11.15      12.00
White Club          7.85       10.75       11.75       11.65      12.50
DNS 14%             8.59       10.33       11.45       12.85      14.64
HRW 11.5%           8.03        8.33       11.14       12.93      14.61
#2 Corn (ton)     299.00      251.00      347.00      374.00     390.00
#2 Barley         180.00      200.00      270.00      275.00     275.00

   Wheat...Limit-up moves across the wheat futures complex propelled west
coast wheat prices higher in early week trade, as all three wheat classes
marked their highest levels since 2008. Basis levels saw a modest retreat
but bid structures now show white wheat bids flat into January 2023 and
both hard red winter 11.5% protein and red spring 14% protein with a dime 
or less inverse to new crop months.  
   Crop Progress...Wet and unusually cool weather has gradually improved
PNW winter wheat conditions since early spring, but the three-state crop
index held at 98% of the 20-year average last week. The good to excellent
ratings for Idaho improved 3% to 64% and Washington was up 5% to to 61%,
but Oregon slipped 10% to 56%, with most of that shift going into fair to
good.  Spring wheat plantings for Idaho and Washington are tracking right
on the 5-year average pace, with good emergence for Idaho but Washington
is reported at 13% below average.
   Shipments...USDA reported an improved pace of wheat movement off U.S.
ports over the past week, coming in at 12.8 mb to put year-to-date totals
at 712 mb and 20% below a year ago.  Top shipper was hard red winter with
7.2 mb.  Top destinations for wheat off the west coast were Thailand and
Taiwan, while South Korea was the big taker for corn. 

                                  -Norm Ruhoff  Contributing Analyst

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