April 23, 2026
                                                                  
                                   Portland Price Trends
                 04-01-25    08-01-25    03-01-26    04-16-26   04-23-26
#1 SWW (bus)        6.15        6.15        6.05        6.25       6.25
White Club          6.30        6.30        6.40        6.60       6.60
DNS 14%             6.56        6.41        6.90        7.19       7.49
HRW 11.5%           6.02        5.88        6.35        6.97       7.10         
      
#2 Corn (ton)     212.00      190.00      208.00      206.00     208.00
#2 Barley         170.00      170.00      160.00      160.00     160.00
 
   Wheat...West coast cash wheat bids reflected gains across the futures
complex on Thursday, with dark northern spring and hard red winter being
the primary beneficiaries. White wheat bids remain defensive against a
recent softening of export demand and stellar new crop potential given
current winter wheat conditions. Nearby white wheat basis slipped to just
3 cents over Chicago July futures with new crop August bid at a dime under
Chicago September futures.
   Weekly Sales...USDA revealed yet another week of soft export demand for
U.S. wheat, showing 4.7 million bushels in old crop sales and less than a
million bushels for new crop. Current marketing year commitments stand at
900 million bushels, which is 15% ahead of a year ago and 19% ahead of the
five-year average pace. Hard red winter accounted for the majority of old
crop sales and with 319 million bushels in commitments, sets 61% ahead of
a year ago and 44% above average. New crop wheat sales stand at 49 million
bushels compared to 67 million at this time last year.
   Top Buyers...Japan was the top U.S. wheat buyer over the past week with
2.2 million bushels, with 1.7 million bushels switched from unknown over to
Nigeria, and Mexico booked 2 million bushels of hard red winter wheat.  

                                  - Norm Ruhoff  Contributing Analyst

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