March 20, 2025
                                                                  
                                   Portland Price Trends
                 02-01-24    08-01-24    02-01-25    03-13-25   03-20-25
#1 SWW (bus)        6.40        5.65        6.05        6.30       6.25
White Club          6.90        5.65        6.20        6.45       6.40
DNS 14%             7.81        6.58        6.91        6.71       6.73
HRW 11.5%           6.81        6.04        6.51        6.28       6.28
#2 Corn (ton)     225.00      199.00      228.00      235.00     236.00
#2 Barley         150.00      150.00      150.00      170.00     170.00
 
   Wheat...West coast wheat markets put in a mostly sideways week of price
action, against a futures market complex that saw trading ranges of about
20 cents.  A shuffling of export commitments between marketing years, and
some cancellations, weighed on markets in Thursday's trade. Relative values
saw Indonesia purchase hard red winter over white wheat last week.
   Weekly Sales...USDA revealed some large-scale cancellations of old crop
wheat export commitments over the past week, with some of those sales rolled
into new crop positions.  Old crop sales saw net cancellations of 9 million
bushels, lowering year-to-date commitments to 765 million bushels, which is
13% ahead of a year ago and 1% above the five-year average pace. This loss
was offset with 18 million bushels in new crop commitments. Topping the list 
of cancellations was Panama, with a net loss of 8.4 million bushels between
old and new crop transactions. Old crop sales included a rare purchase of
2.3 million bushels of hard red winter from Indonesia. Commitments for the
2025/26 now stand at 35 million bushels compared to 29 million a year ago.
   
                                      - Norm Ruhoff  Contributing Analyst

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