Portland, OR Thu May 16, 2013 USDA Market News
Portland Weekly Grain Review Part 1
Pacific Northwest Weekly Grain Summary
Pacific Northwest Market Summary: Cash wheat bids for May delivery ended
the reporting week on Thursday, May 16, lower compared to week ago bids for
the same delivery period.
July wheat futures ended the reporting week on Thursday, May 16, lower,
as follows compared to last Thursday's closes: Chicago 35.75 cents lower at
6.8775, Kansas City 35.75 cents lower at 7.4350 and Minneapolis wheat
futures trended 21.50 cents lower at 8.04. Chicago July corn futures
trended 7.25 cents lower at 6.4150 while July soybean futures closed 18.75
cents higher at 14.2750. Wheat markets moved lower on Friday and Wednesday
in reaction to the USDA reports released last Friday with estimates of wheat
increased to 186.4 million metric tons for the crop year 2013-2014. Higher
row crops lent support to the wheat futures on Monday and Tuesday. Soybean
futures moved higher with tight old crop supplies of US Soybeans and good
export demand. On Wednesday, a higher US Dollar and lower outside markets
weighed on soybean futures somewhat. Friday's USDA report supported Corn
futures on Monday. Lower outside markets on Friday and Wednesday, profit
taking on Tuesday, and beneficial weather to allow for corn planting to
progress on Thursday were some factors that pressured the corn futures
during the week.
Bids for US 1 Soft White Wheat delivered to Portland in unit trains or
barges during May were 15.75 to 20 cents per bushel lower compared to last
Thursday's noon bids for May delivery. Some exporters were not issuing bids
for nearby delivery.
Bids for 11.5 percent protein US 1 Hard Red Winter Wheat for May delivery
declined by 25.75 to 30.75 cents per bushel compared to last Thursday's noon
bids. Moderately lower Kansas City July wheat futures pressured bids,
although some exporters raised their basis to temper the declines. On
Thursday, bids were as follows: May 8.7850-8.8850, mostly 8.8150; June
8.5850-8.8350; first half July 8.4350-8.7350, last half July 8.2350-8.7350;
August New Crop 8.2650-8.4150 and September 8.3150-8.5150.
Bids for non-guaranteed 14.0 percent protein US 1 Dark Northern Spring
Wheat for May Portland delivery trended 16.50 to 21.50 cents per bushel
lower compared with last week's noon bids for May delivery. Lower
Minneapolis July wheat futures pressured bids, while some exporters raised
their basis to tempered the declines. 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: May 9.19-9.24, mostly 9.19, June 9.14-
9.24, July 9.04-9.19, August New Crop 8.9150-9.0150 and September 8.8650-
There were three grain vessels in Columbia River ports on Thursday, May
16, with three docked compared to two last Thursday with zero 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
Portland , OR Weekly Grain Review - Part 1 (Thu)
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