January 23, 2026
                                                                  
                                   Portland Price Trends
                 01-01-25    08-01-25    12-01-25    01-16-26   01-23-26
#1 SWW (bus)        5.90        6.15        6.10        5.90       5.90
White Club          6.05        6.30        6.45        6.25       6.25
DNS 14%             6.71        6.41        6.51        6.45       6.52
HRW 11.5%           6.33        5.88        5.87        5.93       6.07
#2 Corn (ton)     224.00      190.00      200.00      202.00     210.00
#2 Barley         170.00      170.00      160.00      160.00     160.00
 
   Wheat...Strong export sales and weather threats through the wheat belt
helped provide a late week bump for west coast wheat prices, especially
hard red winter. White wheat cash markets were the exception, as nearby
basis weakened against higher Chicago futures.
   Weekly Sales...USDA revealed a dramatic jump in export demand for U.S.
wheat last week, coming in at the best level in two months at 23 million
bushels. This places year-to-date commitments at 768 million bushels, up
18% from a year ago and 20% above the five-year average pace. White wheat
was the top seller with 9 million bushels, which puts commitments at 179
million bushels, up 1% from a year ago and 19% above average. Hard red
winter registered 8.2 million bushels in new demand and with 276 million
in commitments, sets 81% ahead of a year ago and 51% above average. Hard
red spring booked 2.8 million bushels and with 194 million in commitments,
sets 9% below a year ago but in-line with average.
   Top Buyers...Unknown was the top U.S. wheat buyer last week with 4.8
million bushels, followed by Mexico with 4.3 million, South Korea with 3.5
million, Thailand at 2.5 million and Japan with 2.2 million. Indonesia was
also a buyer of 1.9 million bushels of white wheat.

                                 - Norm Ruhoff  Contributing Analyst

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