February 20, 2026
                                                                  
                                   Portland Price Trends
                 01-01-25    08-01-25    01-01-26    02-13-26   02-20-26
#1 SWW (bus)        5.90        6.15        5.90        6.00       6.00
White Club          6.05        6.30        6.25        6.35       6.35
DNS 14%             6.71        6.41        6.51        6.59       6.79
HRW 11.5%           6.33        5.88        5.85        6.13       6.46
#2 Corn (ton)     224.00      190.00      200.00      205.00     206.00
#2 Barley         170.00      170.00      170.00      160.00     160.00
 
   Wheat...The surge across the wheat futures complex was reflected in the
cash bids for hard red winter and dark northern spring this week, while
white wheat prices were anchored at the $6 mark. As a result, white wheat
basis to Chicago was cut nearly in half from last week. Exporters continue
to work on keeping U.S. white wheat competitive. Pacific Northwest weather
returned to more winterlike conditions this week, with most wheat regions
receiving snow cover.
   Weekly Sales...USDA reported a setback in export demand for U.S. wheat
over the past week, with sales coming in at 10.6 million bushels and less
than 60% of the four-week average. Year-to-date commitments of 830 million
bushels sets 15% ahead of a year ago and 19% ahead of the five-year average
pace. Hard red spring accounted for the majority of total sales, coming in
with 6.3 million bushels. This puts commitments at 216 million bushels and
7% behind a year ago but 2% above average. Soft white wheat booked 1 million 
bushels and hard red winter sales were less than a million bushels.
   Top Buyers...Mexico was the top U.S. wheat buyer last week at 2.2 million
bushels, followed closely by The Philippines at 2 million, Dominion Republic
at 1.7 million, Egypt with 1.3 million of spring wheat, and Haiti bought 1.1
million bushels.

                                     - Norm Ruhoff  Contributing Analyst

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