November 21, 2023
                                                                  
                                   Portland Price Trends
                 11-01-22    01-01-23    10-01-23    11-14-23   11-21-23
#1 SWW (bu)        9.10        8.55        6.60        6.85       6.80
White Club         9.60        9.05        6.95        7.35       7.30
DNS 14%           10.70       10.19        7.89        8.27       8.03
HRW 11.5%         11.10       10.08        7.17        6.98       6.72
#2 Corn (ton)    311.00      302.00      254.00      231.00     230.00
#2 Barley        250.00      250.00      180.00      180.00     180.00
 
   Wheat...The holiday-shortened week showed west coast wheat markets off
to a weaker start, following initial declines across the futures complex.
White wheat bids showed exporters switching to Chicago March futures but
basis generally remains firm, with modest carries posted in all classes
of wheat.
   Shipments...Weekly export inspections showed a modest uptick in export
loadings of U.S. wheat last week, coming in at 13.1 mb to put the current
year total at 287 mb and 24% behind a year ago.  Hard red spring was the
top shipper with 6.7 mb, followed by white wheat with nearly 5 mb.  West
coast shipments showed Taiwan taking on 3.9 mb, the Phillipines took 3.5 
mb and Yemen took 2.8 mb.  More than 17 mb of soybeans were also shipped
off PNW ports for China last week. 
   Crop Progress...Heavy rainfall through early November finally made an
impact in crop ratings, as USDA reported the PNW winter wheat crop in the
best condition of the fall.  The three-state weighted index climbed by 9
points, with good to excellent for Idaho up 7% to 80%, Oregon up 4 points
to 39% and Washington gaining a point to 52%.
                          
                                    -Norm Ruhoff  Contributing Analyst

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