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                                                      June 8, 2021
                                                                  
                                   Portland Price Trends
                 06-01-20    08-01-20    05-01-21    06-01-21   06-08-21
#1 SWW (bu)         6.08        5.60        7.85        8.20       8.30
White Club          7.33        6.00        7.85        8.20       8.30
DNS 14%             6.81        6.21        8.59        8.71       8.73
HRW 11.5%           6.12        5.71        8.03        7.52       7.48
#2 Corn (ton)     154.00      151.00      299.00      290.00     295.00
#2 Barley         130.00      130.00      180.00      180.00     180.00

   Wheat...Impacts of the western drought are becoming more apparent on
west coast white wheat markets, as basis levels remain strong and buyers
are implementing high-protein discounts. USDA will update balance sheets
this week and given current crop conditions, will likely tighten supplies
of U.S. white wheat even further for the coming year.
   Crop Progress...Weekly crop ratings showed further deterioration in
the PNW winter wheat crop, as the three-state winter wheat index dropped
another 3 points to 76% of normal; the worst condition since the drought
of 1977.  Ratings by state show the poor to very poor for Washington was
up 10% to 34% with 25% good to excellent, while the Oregon crop shows a
63% poor to very poor with 9% good to excellent.  Idaho held relatively
well, with good to excellent down only 4% to 36% and poor to very poor
down a point at 19%. 
   Shipments..Weekly export inspections showed U.S. wheat shipments were
up from the prior week at 15.3 mb, to put loadings for the new marketing
year at 4.7 mb versus 8.7 mb a year ago. White wheat was the big shipper
with 5.8 mb, going mostly to the Philippines and China off PNW ports.

                                   -Norm Ruhoff  Contributing Analyst

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