December 9, 2025
                                                                  
                                   Portland Price Trends
                 12-01-24    01-01-25    11-01-25    12-02-25   12-09-25
#1 SWW (bus)        5.95        5.90        5.95        6.15       6.15
White Club          6.10        6.05        6.30        6.50       6.50
DNS 14%             6.67        6.71        6.43        6.55       6.50
HRW 11.5%           6.16        6.33        6.07        5.98       5.91
#2 Corn (ton)     212.00      224.00      200.00      206.00     208.00
#2 Barley         150.00      170.00      160.00      160.00     160.00
 
   Wheat...West coast cash wheat prices reflected weaker futures markets
following the post-USDA report reactions. White wheat set back a nickel 
from recent highs, but nearby basis remained firm at 80 over Chicago.
   Crop Report...USDA did some by-class shuffling but left overall ending
stocks for U.S. wheat unchanged from last month. White wheat adjustments
included a 5 million bushel reduction in domestic use, but improved export
demand was acknowledged with a 10 million bushel increase from last month.
White wheat stocks-to-use is still projected to increase 3% from last year
to 31%, which would also be up 3% from the 5-year average ratio.
   Shipments...Weekly export inspections showed wheat shipments on-track
with the prior week at 14.4 million bushels, placing year-to-date loadings
at 501 million bushels and 21% ahead of a year ago. White wheat was the
top shipper with 4.6 million bushels, followed by hard red spring at 3.4
million and hard red winter at 3.3 million. West coast exporters shipped
9.6 million bushels of wheat, topped by 2.7 million destined for Indonesia.
PNW port activity also showed nearly 10 million bushels of corn shipped,
going mostly to Japan. Soybean shipments remained relatively light.
  
                                 - Norm Ruhoff  Contributing Analyst

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