Portland, OR Wed Jul 3, 2013 USDA Market News
Portland Weekly Grain Review Part 1
Pacific Northwest Weekly Grain Summary
Pacific Northwest Market Summary: Cash wheat bids for June delivery
ended the holiday shortened reporting week on Wednesday, July 3, mixed
compared to week ago bids. Bids for soft white wheat and hard red
winter wheat trended mixed, while dark northern spring wheat bids moved
September wheat futures ended the holiday shortened reporting week
on Wednesday, July 3, lower, as follows compared to last Thursday's
closes: Chicago 8.75 cents lower at 6.65, Kansas City 7.50 cents lower
at 6.9450 and Minneapolis wheat futures trended 12.75 cents lower at
7.7025. Chicago September corn futures trended 40 cents lower at
5.3225 while July soybean futures closed 35 cents higher at 15.8350.
Wheat and corn futures were lower, while soybean futures moved higher.
On Friday, the USDA released the June 1st Quarterly Stocks, factors
pressuring the futures were higher-than-expected corn planted acreage
estimate at 97.4 million acres and a higher-than-expected all wheat
planted acreage estimated at 56.53 million acres. Soybean planted
acreage estimate of 77.1 million acres and lower-than-expected wheat
stock figure for 2013/2014 crop year estimated at 718 million bushels
(mb) were supportive to futures. Wheat futures were also pressured
during the week by beneficial weather to allow for wheat harvest.
Follow-through selling, warm dry weather in the corn producing areas
also weighed on corn futures. Soybean futures moved higher for the
week in reaction to spill-over support from higher outside markets,
good USDA reports on Friday and tight old crop soybean supplies.
Bids for US 1 Soft White Wheat delivered to Portland in unit trains
or barges during July were mixed, from 8.50 lower to 11.25 cents per
bushel higher than last Thursday's noon bids for July delivery.
Bids for 11.5 percent protein US 1 Hard Red Winter Wheat for first
half July delivery trended 2.50 to 7.50 cents per bushel lower and last
half July delivery trended mixed, from 7.50 lower to 2.50 cents per
bushel higher compared to last Thursday's noon bids for the same time
periods. Lower Kansas City September wheat futures pressured the cash
bids. On Wednesday, bids were as follows: first half July 7.9450-
8.3950, mostly 8.1150; last half July 7.8950-8.0450, mostly 7.9750;
August New Crop 7.7950-7.9450; September 7.8450-7.9450; October 8.0125-
8.1125 and November 8.0625-8.1625.
Bids for non-guaranteed 14.0 percent protein US 1 Dark Northern
Spring Wheat for July Portland delivery trended 2.75 to 27.75 cents per
bushel lower compared with last week's noon bids for July delivery.
Lower Minneapolis September wheat futures and a lower basis bid by some
exporters pressured bids. 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 Wednesday, bids for
non-guaranteed 14 percent protein were as follows: July 8.7025-8.8025,
mostly 8.8025; August New Crop 8.6525-8.8025; September 8.6025-8.8025;
October 8.6475-8.8475 and November 8.6975-8.8775.
There were six grain vessels in Columbia River ports on Wednesday,
July 3, with two docked compared to eight last Thursday with two
docked. There were no new confirmed export sales this week.
Source: USDA Market News, Portland, OR
Tiffany Smit 503-326-2237 Portland.LGMN@ams.usda.gov
24 hour price information 503-326-2022