Portland, OR Thu Aug 15, 2013 USDA Market News
Portland Weekly Grain Review Part 1
Pacific Northwest Weekly Grain Summary
Pacific Northwest Market Summary: Cash wheat bids for August
delivery ended the reporting week on Thursday, August 15 higher
compared to week ago bids.
September wheat futures ended the reporting week on Thursday, August
15, mixed as follows compared to last Thursday's closes: Chicago 3.75
cents lower at 6.3750, Kansas City one cent higher at 7.03 and
Minneapolis wheat futures trended six cents higher at 7.3950. Chicago
September corn futures trended eight cents higher at 4.8150 while
September soybean futures closed 60.50 cents higher at 12.8825.
Soybean futures were higher for the week in reaction to good export
demand, tight supplies of soybeans, a disappointing US ending stocks
estimate at 220 million bushels (mb), soybean crop progress reported at
88 percent blooming, setting pods at 58 percent and the 2013-2014 US
soybean crop estimated at 3.244 billion bushels (bb) with yields of
42.6 bushels per acre. Beneficial growing conditions in the Midwest
and a higher US Dollar against foreign currencies on Friday pressured
soybeans futures somewhat. Wheat futures trended mixed. On Friday and
Tuesday, a higher US dollar, spill-over pressure from lower corn and
soybean futures and lower wheat prices in the world weighed on wheat
futures. Wheat futures were supported on Monday and Wednesday, by a
lower-than-expected US wheat ending stocks estimated of 551 mb (the
lowest estimate in six years) and good export demand from South Korea
and Taiwan. All US wheat production remained unchanged for 2013-2014
estimated at 2.114 bb. Corn futures trended mostly higher for the
week. Corn world stocks for 2013-2014 estimated at 150.2 million
tonnes, US ending stocks estimated at 1.837 bb, a lower yield estimate
of 154.4 bushels per acre, spill-over support from higher ethanol
futures and CIF markets and good export demand were some supportive
factors to the corn market during the week. Corn futures were
pressuring by the lower outside markets on Friday; forecasts of rain in
the US Northern Plains, and a US corn ending stocks estimate of 1.837.
Bids for US 1 Soft White Wheat delivered to Portland in unit trains
or barges during August were three to 7.50 cents per bushel lower than
last Thursday's noon bids for August delivery.
Bids for 11.5 percent protein US 1 Hard Red Winter Wheat for August
delivery trended one to five cents per bushel higher compared to last
Thursday's bids. Higher Kansas City September wheat futures and a
higher basis bid by some exporters were supportive to the cash bids.
On Thursday, bids were as follows: August New Crop 8.03-8.23, mostly
8.14; September 8.03-8.23; October 8.0125-8.1825; November 8.0625-
8.2125; and December 8.1325-8.2425.
Bids for non-guaranteed 14.0 percent protein US 1 Dark Northern
Spring Wheat for August Portland delivery trended nine to 12 cents per
bushel higher compared with last week's noon bids for August delivery.
Higher Minneapolis September wheat futures and a higher basis bid by
some exporters were supportive to the bids. 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:
August New Crop 8.3750-8.5450, mostly 8.4350; September 8.3750-8.4950;
October 8.33-8.52; November 8.36-8.55; and December 8.39-8.55.
There were 11 grain vessels in Columbia River ports on Thursday,
August 15, with four docked compared to nine last Thursday with four
docked. New confirmed export sales this week were to South Korea and
Taiwan. South Korea purchased the following US wheat in metric tons
for October shipment: 25,000 of 9.5 percent protein soft white wheat,
1,600 of 8.5 percent protein soft white wheat, 10,800 of 11.5 percent
protein hard red winter wheat and 10,400 of 14 percent protein dark
northern spring wheat. Taiwan purchased the following wheat in metric
tons for September 28 to October 12 shipment: 11,850 of 9 percent
protein western white wheat, 11,850 of 12.5 percent protein hard red
winter wheat and 32,050 of 14.5 percent protein dark northern spring
wheat. Taiwan also purchased 13,650 of 12.5 percent protein hard red
winter wheat and 32,100 of 14.5 percent protein dark northern spring
wheat for October 15-29 shipment. Taiwan purchased 29,000 metric tons
of US corn and 9,000 metric tons of US soybeans for shipment between
Sept 22 to Oct 6 from the US Gulf or Oct 7-21 from the Pacific
Source: USDA Market News, Portland, OR
Tiffany Smit 503-326-2237 Portland.LPGMN@ams.usda.gov
24 hour price information 503-326-2022
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