March 19, 2026
                                                                  
                                   Portland Price Trends
                 03-01-25    08-01-25    02-01-26    03-12-26   03-19-26
#1 SWW (bus)        6.15        6.15        5.95        6.25       6.25
White Club          6.30        6.30        6.30        6.60       6.60
DNS 14%             6.56        6.41        6.56        7.18       7.09
HRW 11.5%           6.02        5.88        6.05        6.79       6.75         
      
#2 Corn (ton)     212.00      190.00      192.00      212.00     215.00
#2 Barley         170.00      170.00      160.00      160.00     160.00
 
   Wheat...The separation between market fundamentals and the buying spree
in U.S. wheat futures became apparent on Thursday, as U.S. wheat sales were
down to just 7 million bushels for last week, explaining the weaker basis
levels across all classes of wheat.
   Weekly Sales...USDA underscored the impact of the rally across the U.S.
wheat futures last week, with export sales coming in at less than half of
the prior week at just 7 million bushels. Year-to-date commitments set at
870 million bushels, which is 14% ahead of a year ago and 18% above the 5-
year average pace. Hard red spring accounted for half the total sales with
3.6 million bushels, putting commitments at 229 million and 5% below a year
ago but 2% above average. Soft red winter booked 2.8 million bushels to put
commitments at 119 million bushels, which is 5% ahead of a year ago and 9%
above average. Hard red winter sold less than a million bushels and white
wheat only saw a switch from unknown to The Philippines, which resulted in 
no new sales being recorded for the week.
   Top Buyers...Mexico was again the primary U.S. wheat buyer over the past
week with 5.6 million bushels of soft red winter and hard red spring wheat.
The Philippines also bought 1.7 million bushels of old crop along with 3.6
million bushels of new crop white wheat.

                                  - Norm Ruhoff  Contributing Analyst

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