JO_GR115
Portland, OR Thu Jan 31, 2013 USDA Market News
Portland Weekly Grain Review Part 1
Pacific Northwest Weekly Grain Summary
Pacific Northwest Market Summary: Cash wheat bids for February delivery
ended the reporting week on Thursday, January 31, higher compared to week
ago bids for the same delivery period.
March wheat futures ended the reporting week on Thursday, January 31,
higher as follows compared to last Thursday's closes: Chicago 11 cents
higher at 7.7950, Kansas City 16.25 cents higher at 8.3775 and Minneapolis
9.50 cents higher at 8.65. Chicago March corn futures trended 16.25 cents
higher at 7.4050 while March soybean futures closed 33.25 cents higher at
14.6850. Wheat futures were supported throughout the week by a slightly
higher-than-expected inspected-for-export figure released on Friday coming
in at 572,500 metric tons; trade concerns over the drought conditions in the
western plains; short covering; a lower US dollar on Friday and Wednesday;
higher corn futures on Monday and Wednesday; and the continued decline in
crop conditions ratings, with Kansas dropping to 20 percent good/excellent
as compared to the end of December rating of 24 percent good/excellent.
Corn futures were higher for the week, with support coming from an increased
inspection-for-export figure released on Monday at 21.1 million bushels
(mb), higher outside markets and commercial support. Supportive factors to
the soybean futures this week were commercial buying; export inspections,
released on Monday at 40.7 mb, continuing to come in higher than needed each
week to meet the USDA export estimate; continued hot and dry weather in
Argentina; potential harvest delays in Brazil due to the wet weather and a
lower US dollar on Wednesday.
Bids for US 1 Soft White Wheat delivered to Portland in unit trains or
barges during February trended five to 19.50 cents per bushel higher than
week ago bids for February delivery. Some exporters were not issuing bids
for nearby delivery.
Bids for 11.5 percent protein US 1 Hard Red Winter Wheat for February
delivery advanced by 16.25 cents per bushel compared to last Thursday's noon
bids in lining up with the higher Kansas City March wheat futures. On
Thursday, bids were as follows: February 9.3675-9.4775, mostly 9.4475;
March 9.4275-9.4775, April 9.4425-9.5325, May 9.4925-9.5525 and August New
Crop 9.0750-9.1750.
Bids for non-guaranteed 14.0 percent protein US 1 Dark Northern Spring
Wheat for February Portland delivery trended 9.50 cents per bushel higher
compared with last week's noon bids supported by the higher Minneapolis
March wheat futures. Some exporters were not issuing bids for nearby
delivery. 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: February 9.60-9.70, mostly 9.65, March 9.65-9.70; April 9.7250-
9.7350, May 9.7450-9.7750 and August New Crop 9.6375-9.7875.
There were 18 grain vessels in Columbia River ports on Thursday, January
31 with six docked compared to 13 last Thursday with four docked. New
confirmed export sales of grain for Pacific Northwest loadout during the
week were limited to Taiwan. Taiwan purchased the following US wheat in
metric tons for March 8-22 shipment: 13,520 of western white wheat, 8,300
of hard red winter wheat, and 22,350 of dark northern spring wheat. Taiwan
also purchased the following wheat in metric tons for shipment between March
25 and April 8: 10,850 of hard red winter wheat and 23,650 of dark northern
spring wheat.
Source: USDA Market News, Portland, OR
Niki Davila 503-326-2237 Portland.LGMN@ams.usda.gov
24 hour price information 503-326-2022
http://www.ams.usda.gov/mnreports/jo_gr115.txt
www.ams.usda.gov/lpsmarketnewspage
1310p nd
Portland , OR Weekly Grain Review - Part 1 (Thu)
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