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                                                      June 21, 2022
                                                                  
                                   Portland Price Trends
                 06-01-21    08-01-21    05-01-22    06-14-22   06-21-22
#1 SWW (bu)         8.20        9.25       11.10       11.40      10.90
White Club          8.20       10.75       11.60       11.65      11.15
DNS 14%             8.71       10.33       12.48       12.92      11.51
HRW 11.5%           7.52        8.33       12.08       12.57      11.98
#2 Corn (ton)     249.00      251.00      347.00      335.00     330.00
#2 Barley         180.00      200.00      275.00      275.00     275.00

   Wheat...The precipitous drop across the futures complex reverberated
on the west coast, as cash wheat prices took a hit after coming out of
a long weekend.  White wheat slipped below $11 for the first time since
late March and hard red winter 11.5% protein went under $12 as nearby
basis remained unchanged.  Protein wheats show a modest carry into the
first of January while wheat wheat bid structures remain flat. 
   Crop Progress...As expected, PNW winter wheat ratings improved again
as persistent cool, wet weather benefits the crop.  The overall 3-state
index gained another 2 points and now stands at 106% of average.  Idaho 
good to excellent ratings climbed 3% to 77%, while Oregon saw a jump of
13 points to 80%.  Washington saw an increase in the fair category which
pulled good to excellent back 5% to 71%.  Spring wheat ratings for Idaho
stand at 73% good to excellent and Washington improved to 89%.
   Shipments...Weekly export inspections showed another relatively good
week wheat movement off U.S. ports, coming in at 14.3 mb to put the total
at 23 mb and 11% behind a year ago.  Hard red winter was the big mover,
mostly out of the Gulf, with 6.5 mb.  Hard red spring registered 4 mb for
the week and soft white loadings were just 1.4 mb.  Japan took 2.1 mb of
wheat off the west coast, South Korea was the top destination for corn at
5 mb and China took 5.2 mb of sorghum.

                                     -Norm Ruhoff  Contributing Analyst

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