January 8, 2026
                                                                  
                                   Portland Price Trends
                 01-01-25    08-01-25    12-01-25    01-01-26   01-08-26
#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        6.51       6.54
HRW 11.5%           6.33        5.88        5.87        5.85       6.04
#2 Corn (ton)     224.00      190.00      200.00      202.00     204.00
#2 Barley         170.00      170.00      160.00      160.00     160.00
 
   Wheat...Relative strength was apparent in the Kansas City futures as
cash hard red winter wheat bids gained some ground this week and closed
above the $6 mark on Thursday. White wheat bids held steady throughout
the week, with basis drifting a bit lower against gains in Chicago.
   Weekly Sales...Updated export sales from the USDA showed yet another
week of relatively weak export demand for U.S. wheat, coming in at just
4.4 million bushels. Commitments stand at 739 million bushels, which is
18% ahead of a year ago and 20% above the five-year average pace. Sales
by class showed hard red spring securing 1.7 million bushels, which puts
commitments at 188 million bushels and 8% below a year ago but 1% above
average. White wheat booked 1.5 million bushels and with 167 million in
sales, sets on par with a year ago and 16% above average. Hard red winter
saw net cancellations of 700,000 bushels, which left commitments at 268
million bushels; 82% ahead of a year ago and 50% above average.
   White Wheat Buyers...While white wheat sales are nearly even with a
year ago, there have been some notable shifts between buyers. Increases
for Bangladesh, The Philippines and China account for 20 million bushels,
while decreases for South Korea, Thailand and Yemen account for nearly
24 million bushels. Sales to "unknown" are up 9.1 million bushels, while
sales to Japan and Taiwan are right in-line with a year ago.

                                 - Norm Ruhoff  Contributing Analyst

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