October 30, 2025
                                                                  
                                   Portland Price Trends
                 10-01-24    01-01-25    09-01-25    10-23-25   10-30-25
#1 SWW (bus)        6.00        5.90        6.05        5.90       5.90
White Club          6.15        6.05        6.40        6.25       6.25
DNS 14%             7.05        6.71        6.45        6.28       6.32
HRW 11.5%           6.53        6.33        5.85        5.70       5.85
#2 Corn (ton)     216.00      224.00      203.00      201.00     202.00
#2 Barley         150.00      170.00      170.00      160.00     160.00
 
   Wheat...It was yet another week of rangebound trade for the west coast
cash wheat markets, but white wheat did briefly hit the $6 mark and basis
levels firmed for both hard red winter and dark northern spring. The spot
basis for white wheat slipped a dime from last week. Recent moisture for
the Pacific Northwest has boosted winter wheat conditions.
   White Wheat Supply & Demand...The most recent supply and demand report
from USDA pegged 2025/26 white wheat production up 10% from the five-year
average at 282 million bushels, with total supply up 8% from the average
and the highest since 2020. The last export sales report showed demand at
the export level 13% above the five-year average against the current USDA
projection of being 3% below average. Ending stocks were projected to be
18% above average, with the stocks-to-use ratio expected to climb 3% to
31%, which would also be 3% above the five-year average. 
      
                                  - Norm Ruhoff  Contributing Analyst

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