Portland, OR Thu Feb 14, 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, February 14, mixed compared to week
ago bids for the same delivery period. Soft white wheat bids moved higher,
while hard red winter wheat and dark northern spring wheat bids moved lower.
March wheat futures ended the reporting week on Thursday, February 7,
lower as follows compared to last Thursday's closes: Chicago 24 cents lower
at 7.32, Kansas City 26 cents lower at 7.75 and Minneapolis 20 cents lower
at 8.1925. Chicago March corn futures trended 16 cents lower at 6.9475
while March soybean futures closed 68.75 cents lower at 14.18. Soybean
futures were sharply lower for the week in reaction to the higher USDA
February 2012-13 world carryover figures estimated at 60.12 million metric
tons and beneficial rainfall in South America on Tuesday and Wednesday.
Wheat futures were pressured during the week by storms in the eastern Corn
Belt, a lower-than-expected inspected-for-export figure of 22.5 million
bushels for the week ending February 7 and spill-over pressure from corn and
soybean futures. On Wednesday, a good ethanol production report for the
week ending February 8 was supportive to the corn futures and spilled over
to the wheat futures. The lower soybean and wheat markets early in the
week, beneficial rainfall during the week in the eastern Corn-Belt and
profit taking on Wednesday, weighed on corn futures.
Bids for US 1 Soft White Wheat delivered to Portland in unit trains or
barges during February trended three to four 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 declined by 11 to 20 cents per bushel compared to last Thursday's
noon bids. Lower Kansas City March wheat futures pressured bids while a
higher basis bid by some exporters tempered declines somewhat. On Thursday,
bids were as follows: February 8.80-9.05, mostly 8.91; March 8.80-9.05,
April 8.9675-9.0475, May 8.9675-9.0675 and August New Crop 8.5375-8.7375.
Bids for non-guaranteed 14.0 percent protein US 1 Dark Northern Spring
Wheat for February Portland delivery trended five to 15 cents per bushel
lower compared with last week's noon bids. Lower Minneapolis March wheat
futures weighed on bids, although a higher basis bid by some exporters
tempered the declines. 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 9.2925-9.3925, mostly 9.3425, March 9.3425-9.4125; April
9.35-9.48, May 9.35-9.50 and August New Crop 9.2775-9.3775.
There were 16 grain vessels in Columbia River ports on Thursday, February
14, with five docked compared to 15 last Thursday with five docked. New
confirmed export sales of grain for Pacific Northwest loadout during the
week were to South Korea. Late last week South Korea purchased a total of
46,800 metric tons (MT) of U.S. wheat for May shipment. Included in this
purchase were 8.5 and 9.5 percent protein western white wheat, 11.5 percent
protein hard red winter wheat and 14.0 percent protein dark northern spring
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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