JO_GR115
Portland, OR Thu Feb 28, 2013 USDA Market News
Portland Weekly Grain Review Part 1
Pacific Northwest Weekly Grain Summary
Pacific Northwest Market Summary: Cash wheat bids for March delivery
ended the reporting week on Thursday, February 28, mixed compared to week
ago bids for the same delivery period.
May wheat futures ended the reporting week on Thursday, February 28,
lower as follows compared to last Thursday's closes: Chicago 9.50 cents
lower at 7.5275, Kansas City 14.50 cents lower at 7.5275 and Minneapolis 16
cents lower at 8.0175. Chicago March corn futures trended 28.75 cents
higher at 7.1950 while March soybean futures closed 13.50 cents lower at
14.7425. Corn futures moved higher for the week with support from new
confirmed export sales, tight old crop corn supplies, a good ethanol
production report for the week ending February 22 of 5.7 million barrels and
spill-over support from higher outside markets on Wednesday. Soybean
futures were moderately lower due to better weather conditions for South
America's crops, a lower-than-expected export sales figure for the week
ending February 14, and a disappointing inspection-for-export figure for the
week ending February 21 of 27.3 million bushels. On Wednesday, new
confirmed export sales for US soybeans and the vessel loading delays in
Brazil lent some support to the soybean futures. Early in the week, storms
across the US Midwest and Southern Plains, a higher US Dollar and a lower-
than-expected inspected-for-export figure of 21.2 million bushels were facts
that weighed on wheat futures. Later in the week wheat futures saw some
support from new export sales as US wheat prices were some of the lowest in
the world, higher outside markets and commercial buying. The possibility of
a US sequestration pressured the grain futures during the week.
Bids for US 1 Soft White Wheat delivered to Portland in unit trains or
barges during March trended 3.25 to 5.75 cents per bushel higher than week
ago bids for March delivery. Some exporters were not issuing bids for
nearby delivery.
Bids for 11.5 percent protein US 1 Hard Red Winter Wheat for March
delivery declined by 4.50 to 11.50 cents per bushel compared to last
Thursday's noon bids for March delivery. Lower Kansas City March wheat
futures pressured bids. On Thursday, bids were as follows: March 8.6775-
8.8275, mostly 8.7475; April and May 8.7275-8.8275; June 8.6950-8.7950 and
August New Crop 8.23-8.38.
Bids for non-guaranteed 14.0 percent protein US 1 Dark Northern Spring
Wheat for March Portland delivery trended 10.25 to 25.25 cents per bushel
higher compared with last week's noon bids for March delivery. Higher
Minneapolis May wheat futures and a higher basis bid by some exporters
supported cash bids. 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: March 9.3675-9.4175, mostly 9.3675; April 9.3375-9.4175; May
9.2975-9.3675 and August New Crop 8.8875-8.9875.
There were 16 grain vessels in Columbia River ports on Thursday, February
28, with seven docked compared to 15 last Thursday with six docked. There
were no new confirmed export sales of grain for Pacific Northwest loadout
during the week.
Source: USDA Market News, Portland, OR
Tiffany Smit 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
1315p ts
Portland , OR Weekly Grain Review - Part 1 (Thu)
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