June 20, 2025
                                                                  
                                   Portland Price Trends
                 06-01-24    08-01-24    05-01-25    06-13-25   06-20-25
#1 SWW (bus)        6.70        5.65        6.25        6.20       6.35
White Club          6.70        5.65        6.40        6.35       6.50
DNS 14%             8.04        6.58        6.60        7.05       7.18
HRW 11.5%           7.40        6.04        5.62        5.83       6.14
#2 Corn (ton)     220.00      199.00      218.00      210.00     202.00
#2 Barley         155.00      150.00      170.00      170.00     170.00
 
   Wheat...The surge across the futures complex moved west coast white
wheat prices to the highest level in nearly two years, even with basis
to Chicago being somewhat defensive. Nearby basis held firm on protein
wheats, with hard red winter prices gaining 30 cents from last week.
   Weekly Sales...USDA reported another relatively good week of export
demand for U.S. wheat, coming in at 15.7 million bushels to place year-
to-date commitments at 233 million bushels. Sales now stand 17% better
that a year ago and 20% above the five-year average pace. Red spring
was the top seller with 7.7 million bushels and with 65 million on the
books, sets 5% behind a year ago but 8% above average. Hard red winter
garnered 4.7 million bushels to put commitments at 90 million bushels,
which is 97% ahead of a year ago, 63% above average and the best start
since 2019/20. White wheat sold 2.1 million bushels to put commitments
at 33 million bushels, which is 30% below a year ago and 16% below the
five-year average pace.
   Top Buyers...Taiwan topped the list of buyers last week, booking 3.5
million bushels of wheat. The Philippines booked 3.3 million, Venezuela
bought 2.2 million, Thailand secured 2 million and Vietnam rounded-out
the top five with 1.4 million bushels.
   
                                   - Norm Ruhoff  Contributing Analyst

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