Portland, OR Thu Mar 14, 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, March 14, higher compared to week ago
bids for the same delivery period.
May wheat futures ended the reporting week on Thursday, March 14, higher
as follows compared to last Thursday's closes: Chicago 29.25 cents higher
at 7.2475, Kansas City 18.25 cents higher at 7.5275 and Minneapolis 5.50
cents higher at 8.01. Chicago May corn futures trended 25.25 cents higher
at 7.1650 while May soybean futures closed 38 cents lower at 14.3550.
Soybean futures were lower for the week in reaction to a higher US Dollar
against foreign currencies on Friday and profit taking and commercial
selling on Tuesday. On Monday, commercial buying supported the soybean
futures somewhat. Corn futures moved higher during the week in reaction to
commercial buying, USDA Supply and Demand Report released on Friday with a
slight increase in feed usage of old crop corn supplies, a lower US Dollar
on Monday and at midday on today (Thursday) and rain in the US southern
plains. Wheat futures were higher for the week. On Monday, a good
inspected-for-export wheat figure of 27.85 million bushels (mb) for the week
ending March 7, rainfall in the US western plains and the eastern Corn Belt
and a higher-than-expected new export sales report were supportive factors
to the wheat futures. Chicago wheat futures were also supported during the
week by commercial buying. The USDA Supply and Demand report for 2012/2013
global wheat carryover were estimated at 178.73 million tonnes (mmt).
Spill-over pressure from lower corn and soybean futures on Wednesday weighed
on wheat futures. A higher US Dollar on Wednesday weighed on all grain
Bids for US 1 Soft White Wheat delivered to Portland in unit trains or
barges during March trended 27.75 to 29.25 cents per bushel higher than week
ago bids for March delivery. Higher Chicago May wheat futures were
supportive to the soft white wheat bids. Some exporters were not issuing
bids for nearby delivery.
Bids for 11.5 percent protein US 1 Hard Red Winter Wheat for March
delivery advanced by 18.25 to 28.25 cents per bushel compared to last
Thursday's noon bids for March delivery. Higher Kansas City May wheat
futures and a higher basis bid by some exporters were supportive to bids.
On Thursday, bids were as follows: March 8.9275; April 8.8275-8.9775; May
8.7975-8.9775; June 8.9125 and August New Crop 8.2775-8.3275.
Bids for non-guaranteed 14.0 percent protein US 1 Dark Northern Spring
Wheat for March Portland delivery trended 5.50 cents per bushel higher
compared with last week's noon bids in lining up with the higher Minneapolis
May wheat futures. 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 9.46-9.56, mostly 9.52; April 9.36-9.56; May
9.31-9.56 and August New Crop 8.8450-8.8950.
There were 13 grain vessels in Columbia River ports on Thursday, March
14, with five docked compared to 12 last Thursday with five docked.
Confirmed new export sales were limited to Japan. Japan purchased the
following wheat in metric tons: 21,009 of maximum 10.5 percent protein
western white wheat for April 21 to May 20 shipment as well as 23,064 of
11.7 percent protein hard red winter wheat and 20,940 of minimum 14 percent
protein dark northern spring wheat for arrival by June 30.
Source: USDA Market News, Portland, OR
Tiffany Smit 503-326-2237 Portland.LGMN@ams.usda.gov
24 hour price information 503-326-2022