October 1, 2024
                                                                  
                                   Portland Price Trends
                 10-01-23    01-01-24    09-01-24    09-24-24   10-01-24
#1 SWW (bus)        6.60        6.65        5.65        5.90       6.00
White Club          6.95        7.15        5.80        6.05       6.15
DNS 14%             7.89        8.03        6.60        6.77       7.05
HRW 11.5%           7.17        6.97        6.10        6.26       6.53
#2 Corn (ton)     254.00      232.00      197.00      207.00     215.00
#2 Barley         280.00      180.00      150.00      150.00     150.00
 
   Wheat...The bounce across the wheat futures complex on Tuesday helped 
west coast white wheat bids hit the $6 mark for only the second time since
early July, with dark northern spring following the same pattern to attain
the $7 level.  In the process though, white wheat basis remained defensive
and weakened to near even-money with Chicago, as export demand continues 
to be limited.
   Shipments...Weekly export inspections showed another relatively solid
week of export movement for U.S. wheat, coming in at 19.7 mbus to place
year-to-date shipments 35% ahead of a year ago at 302 mbus. Top mover was
hard red spring with 8.3 mbus, followed by soft white wheat with 5.2 mbus
and hard red winter at 2 mbus. West coast exporters registered a total of
16 mbus for wheat shipments last week, going mostly to The Philippines and
South Korea.
   Production Update...Pacific Northwest all wheat production was up 9.3%
from 2023, as larger acreage and higher yields contributed to the increase.
Winter wheat yields in Oregon and Washington were up more than 25% versus
the drought reduced numbers of 2023, while Idaho spring wheat yield saw a
7 bushel per acre improvement to 89 bushels.

                                      -Norm Ruhoff  Contributing Analyst

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