Portland, OR Thu Apr 25, 2013 USDA Market News
Portland Weekly Grain Review Part 1
Pacific Northwest Weekly Grain Summary
Pacific Northwest Market Summary: Cash wheat bids for April delivery
ended the reporting week on Thursday, April 25, higher compared to week ago
bids for the same delivery period. Hard red winter wheat and dark northern
spring wheat bids moved higher and soft white wheat bids were not available.
July wheat futures ended the reporting week on Thursday, April 25, mixed,
as follows compared to last Thursday's closes: Chicago three cents lower at
7.0375, Kansas City 12.50 cents higher at 7.6150 and Minneapolis wheat
futures trended six cents higher at 8.0825. Chicago July corn futures
trended 5.25 cents lower at 6.2450 while May soybean futures closed seven
cents higher at 14.2350. Wheat futures were supported on Friday and
Wednesday by strong export demand, and potentially crop damaging
temperatures and weather conditions in the US wheat growing areas. On
Monday and Tuesday, wheat futures were pressured by technical selling, new
trade concerns over slowing demand and spillover pressure from the lower
corn futures on Tuesday. Corn futures were lower for the week with pressure
on Monday and Tuesday from forecasted crop-friendly weather and soil
conditions. Buying support, and expectations of flooding due to snow melt
in the northern plains were supporting factors to the corn futures on Friday
and Wednesday. Soybean futures fell during the week due to ongoing concerns
over the bird flu epidemic in Asia, profit taking, a lower-than-expected
inspected-for-export figure of 4.8 million bushels (mb), a stronger US
dollar on Tuesday, and trade concerns that more acreage will switch from
corn to soybeans.
Bids for US 1 Soft White Wheat delivered to Portland in unit trains or
barges during April were not available as most exporters were not issuing
bids for nearby delivery.
Bids for 11.5 percent protein US 1 Hard Red Winter Wheat for April
delivery advanced by 14.75 to 17.75 cents per bushel compared to last
Thursday's noon bids for the same time period supported by the higher Kansas
City July wheat futures, and a higher basis bid by some exporters. All
exporters have switched their nearby basis to over the July Kansas City
wheat futures. On Thursday, bids were as follows: April 8.9650-9.0650,
mostly 9.0150; May 8.8650-9.0150; June 8.7650-8.9650; first half July
8.5150-8.8150, last half July 8.4150-8.6650 and August New Crop 8.3675-
Bids for non-guaranteed 14.0 percent protein US 1 Dark Northern Spring
Wheat for April Portland delivery trended one to 11 cents per bushel higher
compared with last week's noon bids for April delivery. Higher Minneapolis
July wheat futures were supportive to the cash bids. All exporters have
switched their nearby basis to over the July Minneapolis wheat futures.
Protein scales for non-guaranteed 14.0 percent protein were plus zero cents
each 1/4 of a percent of protein up to 16 percent protein and minus four to
five cents each 1/4 of a percent of protein down to 13 percent protein. On
Thursday, bids for non-guaranteed 14 percent protein were as follows: April
9.3825; May 9.3325-9.3825; June 9.2325-9.3825; July 9.0825-9.2825 and August
New Crop 8.9550-9.1550.
There were six grain vessels in Columbia River ports on Thursday, April
25, with two docked compared to six last Thursday with three docked. New
confirmed export sales this week were limited to Japan. Japan purchased the
following wheat in metric tons: 22,359 of maximum 10.5 percent protein
western white wheat for May 21 to June 20 shipment and 23,520 of minimum
11.7 percent protein hard red winter wheat and 19,942 of minimum 14 percent
protein dark northern spring wheat for arrival by July 31.
Source: USDA Market News, Portland, OR
Niki Davila 503-326-2237 Portland.LGMN@ams.usda.gov
24 hour price information 503-326-2022
Portland , OR Weekly Grain Review - Part 1 (Thu)
- “Ag-gag” laws in the news
- Conventional agriculture winning some, losing some in culture war
- Can genomics, OPU and IVF take the industry to the 'next level?'
- Monsanto opens search for 2014 "Farm Mom of the Year"
- School breakfasts celebrated from coast to coast
- California February 4a/4b prices new record highs
H.J. Baker & Bro., Inc.