November 18, 2025
                                                                  
                                   Portland Price Trends
                 11-01-24    01-01-25    10-01-25    11-11-25   11-18-25
#1 SWW (bus)        6.00        5.90        5.80        5.90       6.00
White Club          6.15        6.05        6.15        6.25       6.35
DNS 14%             6.75        6.71        6.27        6.52       6.58
HRW 11.5%           6.42        6.33        5.65        5.97       6.05
#2 Corn (ton)     209.00      224.00      196.00      201.00     206.00
#2 Barley         150.00      170.00      160.00      160.00     160.00
 
   Wheat...West coast cash wheat bids trended higher in early-week trade,
following the rebound across the futures complex. Exporters shifted basis
bids to March futures, which trimmed a dime or more off the nearby basis. 
Cash bid structures showed all markets were flat into January, with only 
modest carries posted beyond January into March.
   Crop Progress...Updated winter wheat conditions show the PNW crop is
generally ranked slightly below a year ago at this time. Good to excellent
ratings for Washington are at 49% compared to 53% a year ago, Oregon is at
53% compared to 60%, while Idaho is rated 6% higher than a year ago at 55%.
   Shipments...Weekly export inspections showed another relatively light
week of export movement for wheat as the traditional shift toward corn and
soybeans is underway. Total wheat shipments of 9 million bushels puts the
year-to-date loadings at 454 million bushels, which is 19% ahead of a year
ago. West coast activity showed 5.7 million bushels of wheat shipped that
went mostly to Japan and Indonesia. Corn loadings off PNW ports registered 
41 million bushels, going mostly to South Korea and Japan.
      
                                  - Norm Ruhoff  Contributing Analyst

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