July 9, 2026
                                                                  
                                   Portland Price Trends
                 07-01-25    08-01-25    06-01-26    07-02-26   07-09-26
#1 SWW (bus)        6.15        6.15        6.40        6.40       6.45
White Club          6.30        6.30        6.75        6.75       6.80
DNS 14%             6.93        6.41        7.12        6.65       6.85
HRW 11.5%           5.86        5.88        6.87        6.70       6.88         
    
#2 Corn (ton)     193.00      190.00      198.00      198.00     202.00
#2 Barley         170.00      170.00      160.00      165.00     165.00
 
   Wheat...Wheat futures returned to the top end of a one-month trading
range with week, and west coast cash prices were reflective of the 20
cent rally. White wheat saw basis remain defensive against the gains in
Chicago futures, with that spread down 15 cents week-on-week. Protein
wheat prices showed hard red winter holding a slight premium to dark
northern spring wheat. 
   Weekly Sales...USDA reported export demand was on par with the prior
week, coming in at 11.5 million bushels to put commitments at 224 million,
which is 21% below a year ago and 5% below the five-year average pace.
Hard red spring booked 4.6 million bushels and with 66 million bushels
in commitments, sets 21% behind a year ago and 11% below average. Hard 
red winter sold 3.8 million bushels and with 56 million in commitments,
sets 48% below a year ago and 20% below average. White wheat secured
2.6 million bushels in sales and with 63 million bushels in commitments,
sets 48% ahead of a year ago and 38% above average.
   Top Buyers...South Korea was the top U.S. wheat buyer last week with
3.7 million bushels, followed by Nigeria with 3.6 million, Mexico with
2.5 million, Japan with 1.7 million and Ecuador having 1.3 million that
was switched from the unknown category.

                                 - Norm Ruhoff  Contributing Analyst

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