October 21, 2025
                                                                  
                                   Portland Price Trends
                 10-01-24    01-01-25    09-01-25    10-14-25   10-21-25
#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        6.22       6.17
HRW 11.5%           6.53        6.33        5.85        5.56       5.56
#2 Corn (ton)     216.00      224.00      203.00      199.00     197.00
#2 Barley         150.00      170.00      170.00      160.00     160.00
 
   Wheat...West coast white wheat bids remained steadfast as the week
got underway, holding near the $5.90 mark with basis strengthening to
near 90 over Chicago wheat futures. Bid structures remain flat through
November. Protein wheat bids show a nickel per month carry to January. 
   Shutdown Price Ranges...In nearly three weeks since the shutdown of
the U.S. Government and USDA data, west coast wheat prices have held 
to very narrow trading ranges. White wheat has ranged from $5.80 to
$5.90, hard red winter 11.5% protein has ranged from $5.51 to $5.69,
while dark northern spring 14% protein bids have ranged from $6.18 to
a high of $6.30 per bushel. 
   Shipments...Weekly export inspections showed another solid week of
wheat movement off U.S. ports, registering 17.7 million bushels to put
shipments at 411 million bushels, which is running 20% ahead of a year 
ago. Hard red winter was the big mover with 7.7 million bushels, hard
red spring loaded 3.5 million and white wheat shipped just under one
million bushels. West coast export activity showed 7.3 million bushels 
of wheat shipped, mostly to Thailand and South Korea, along with 9.3
million bushels of corn.
      
                                  - Norm Ruhoff  Contributing Analyst

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