March 13, 2025
                                                                  
                                   Portland Price Trends
                 02-01-24    08-01-24    02-01-25    03-06-25   03-13-25
#1 SWW (bus)        6.40        5.65        6.05        6.15       6.30
White Club          6.90        5.65        6.20        6.30       6.45
DNS 14%             7.81        6.58        6.91        6.61       6.71
HRW 11.5%           6.81        6.04        6.51        6.09       6.28
#2 Corn (ton)     225.00      199.00      228.00      226.00     235.00
#2 Barley         150.00      150.00      150.00      170.00     170.00
 
   Wheat...Weekly export demand uncovered the reason for the resiliency in
west coast white wheat markets over the past week, as export sales registered
a marketing year high.  While protein wheat prices swooned against declines
in the respective futures markets, white wheat saw basis levels double in a
week's time. Hard red winter wheat appears to have found a competitive price
level too, recording the second best weekly sales total for the marketing
year, as the spread between Russian and U.S. offers has narrowed.
   Weekly Sales...USDA revealed a big surge in export demand for U.S. wheat,
coming in near a marketing-year high at 28.8 million bushels. Commitments of
775 million bushels stand 14% ahead of a year ago and 3% above the five-year
average pace.  Hard red winter took top seller honors with 8 million bushels
and with 190 million bushels in sales, sets 51% better than a year ago but
22% below average.  White wheat recorded the best sales of the year at 12.1
million bushels, putting commitments at 212 million bushels which is running
52% ahead of a year ago and 28% above average.  Hard red spring also had a
strong week with 7.6 million bushels, placing sales at 247 million bushels,
which is 8% ahead of last year and 10% above average.
   Top Buyers...Panama took a rare top buyer position last week, securing a
total of 8.7 million bushels, followed by South Korea with 6.6 million and
unknown with 4.1 million.  Mexico and Indonesia rounded-out the top five for
the week with each booking 1.9 million bushels.

                                      - Norm Ruhoff  Contributing Analyst

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