Portland , OR Weekly Grain Review - Part 1 (Thu)

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JO_GR115
Portland, OR    Thu Apr 18, 2013    USDA Market News

Portland Weekly Grain Review Part 1
Pacific Northwest Weekly Grain Summary

   Pacific Northwest Market Summary:  Cash wheat bids for April delivery 
ended the reporting week on Thursday, April 18, mixed compared to week ago 
bids for the same delivery period.  Hard red winter wheat bids and dark 
northern spring wheat bid trended higher, while soft white wheat bids 
trended lower.

   May wheat futures ended the reporting week on Thursday, April 18, higher,  
as follows compared to last Thursday's closes:  Chicago five cents higher at 
7.0275 and Kansas City five cents higher at 7.4375.  Minneapolis July wheat 
futures trended 17.75 cents higher at 8.0225.  Chicago July corn futures 
trended 3.75 cents lower at 6.2975 while May soybean futures closed 28.50 
cents higher at 14.3050.  Soybean futures moved higher with support from 
good export demand of tight old crop supplies and forecast of wet, cooler 
weather over the weekend in parts of the Midwest.  Good export demand for US 
soft red winter wheat and cold weather in the northern and western US Plains 
that may cause planting delays and crop damage were supportive factors to 
the wheat futures during the week.  Corn futures ended the week lower with 
pressure today (Thursday) from commercial selling and disappointing corn 
export sales and shipments.   Earlier during the week corn futures were 
supported by commercial buying and rain in the US crop producing areas.  On 
Monday, grain futures were pressured by the disappointing first quarter GDP 
growth report for China of 7.7 percent annually, which also pressured gold, 
crude oil and copper markets.

   Bids for US 1 Soft White Wheat delivered to Portland in unit trains or 
barges during April trended 7.25 to 7.75 cents per bushel lower than last 
Thursday's noon bids for April delivery.  Some exporters were not issuing 
bids for nearby delivery.
 
   Bids for 11.5 percent protein US 1 Hard Red Winter Wheat for April 
delivery advanced by five to eight cents per bushel compared to last 
Thursday's noon bids for the same time period supported by the higher Kansas 
City May wheat futures, and a higher basis bid by some exporters.  On 
Thursday, bids were as follows:  April 8.8175-8.8875, mostly 8.8475; May 
8.6875-8.8875; June 8.64-8.84; first half July 8.39-8.69, last half July 
8.29-8.54 and August New Crop 8.2575-8.3575.
 
   Bids for non-guaranteed 14.0 percent protein US 1 Dark Northern Spring 
Wheat for April Portland delivery trended 12.75 cents per bushel higher 
compared with last week's noon bids for April delivery.  Higher Minneapolis 
July wheat futures were supportive to the cash bids.  All exporters have 
switched their basis to over the July Minneapolis 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:  April 
9.2725-9.3725, mostly 9.3225; May 9.2725-9.3725; June 9.1725-9.3225; July 
9.0225-9.1725 and August New Crop 8.8575-9.0575.

   There were six grain vessels in Columbia River ports on Thursday, April 
18, with three docked compared to ten last Thursday with five docked.   New 
confirmed export sales this week were limited to Japan.  Japan purchased 
24,330 metric tons (mt) of minimum 14 percent protein dark northern spring 
wheat for May 21 to June 20 shipment.  Japan also purchased 5,330 mt of 
maximum 10.5 percent protein western white wheat and 18,275 of minimum 11.7 
percent protein hard red winter wheat for delivery by July 31.
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

1222p  ts

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