July 15, 2025
                                                                  
                                   Portland Price Trends
                 07-01-24    08-01-24    06-01-25    07-08-25   07-15-25
#1 SWW (bus)        6.10        5.65        6.25        6.15       6.15
White Club          6.10        5.65        6.40        6.30       6.30
DNS 14%             7.02        6.58        6.60        6.95       6.69
HRW 11.5%           6.39        6.04        5.62        5.78       5.87
#2 Corn (ton)     201.00      199.00      218.00      190.00     192.00
#2 Barley         160.00      150.00      170.00      170.00     170.00
 
   Wheat...Improved spring wheat ratings pulled Minneapolis futures below
recent support in early week trade, lending weakness to the complex and
pressuring cash bids.  USDA is projecting white wheat exports to decline
about 15% this marketing year, which would bump ending stocks up to 93
million bushels and raise the stocks-to-use ratio 6 points to 33%.
   Crop Progress...Record heat with dry conditions continue to nip at the
Pacific Northwest wheat crop, with the three-state index dropping another
point over the past week to 92% of average. Good to excellent ratings for
Washington slipped 4 points to 50%, with poor to very poor now setting at
15%. Spring wheat ratings showed the good to excellent for Washington off
7 points to 45%.  
   Shipments...Weekly export inspections showed a solid week of movement
for wheat off U.S. ports, coming in at 16.2 million bushels and 15% below
the prior week. Year-to-date shipments set at 84 million bushels, which 
is 2% behind a year ago. Hard red winter was the top mover for the week
with 6.5 million bushels, followed by soft white at 3.1 million and hard
red spring at 3 million bushels.  West coast exportors moved 5 million
bushels of wheat, mostly to The Philippines, and 18 million bushels of
corn primarily for Japan and South Korea.

                                  - Norm Ruhoff  Contributing Analyst

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