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

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Portland, OR    Thu Oct 25, 2012    USDA Market News

Portland Weekly Grain Review Part 1
Pacific Northwest Weekly Grain Summary

   Pacific Northwest Market Summary:  Cash wheat bids for October delivery 
trended mixed for the reporting week ended on Thursday, October 25, with 
soft white wheat bids moving lower and hard red winter and dark northern 
spring wheat bids moving higher.  
   December wheat futures ended the reporting week on Thursday, October 25, 
higher as follows compared to last Thursday's closes:  Chicago 4-1/4 cents 
higher at 8.7275, Kansas City 9.50 cents higher at 9.1425 and Minneapolis 
1.25 cents higher at 9.4525.  Minneapolis March wheat futures trended 4.75 
cents higher at 9.4975.  Chicago December corn futures trended 18.75 cents 
lower at 7.42.  November soybean futures closed 18.50 cents higher at 15.64. 
Corn futures were pressured during the reporting week by lower outside 
markets, with crude oil, precious metals and the stocks markets lower much 
of the week; a disappointing inspected-for-export figure of only 9.6 million 
bushels reported by the USDA on Monday; and commercial selling.  Higher US 
wheat and soybean futures, higher South American corn prices and a bullish 
ethanol report on Wednesday were factors that contributed some support to 
corn futures during the week.  Wheat futures were higher for the week, with 
support coming from the announcement that the Ukraine will ban wheat exports 
starting November 15 due to tight supplies this crop year; a slightly higher 
than expected weekly inspected-for-export figure of 16.4 million bushels 
released by the USDA on Monday; and ongoing poor wheat growing conditions in 
Australia and parts of South America.  Soybean futures were higher for the 
week, with support coming from good export demand, with Monday's inspected-
for-export figure for the week ended October 18 at 61.4 million bushels, 
well above the average weekly figure needed to meet the USDA's US soybean 
2012-2013 export estimate of 1.265 billion bushels; good new export demand 
this week, and poor growing conditions in parts of South America.  

   Bids for US 1 Soft White Wheat delivered by unit trains and barges to 
Portland for October delivery trended 3.50 to five cents per bushel lower 
than last Thursday's for October delivery, in spite of the higher Chicago 
December wheat futures for the week.  Some exporters were not issuing bids 
for nearby delivery.
   Bids for 11.5 percent protein US 1 Hard Red Winter Wheat for October 
delivery trended 14.50 cents per bushel higher compared to last Thursday's 
noon bids for October delivery.  Higher Kansas City December wheat futures 
and a higher basis bid by some exporters supported bids' advances.  Several 
exporters were not issuing bids for October delivery.  On Thursday, bids 
were as follows:  October 9.7925-9.9425, mostly 9.8925; November 9.9425-
10.0425; December 9.8925-10.0625; January 10.03-10.10 and February 10.08-

   Bids for non-guaranteed 14.0 percent protein US 1 Dark Northern Spring 
Wheat for October Portland delivery trended 5.25 to 26.25 cents per bushel 
higher than last week's bids, although several exporters were not issuing 
bids for nearby delivery.  Cash bids were supported by the slightly higher 
Minneapolis December and March wheat futures, and the higher basis for 
nearby delivery bid by some exporters.  On Thursday, bids for non-guaranteed 
14 percent protein were as follows:  October 10.3025-10.4025, mostly 
10.3525; November 10.2025-10.4025; December 10.2525-10.4025; January 
10.3475-10.3975 and February 10.3975.

   There were 17 grain vessels in Columbia River ports on Thursday, October 
18, with five docked compared to 16 last Thursday with five docked.  New 
confirmed export sales of grain for Pacific Northwest loadout during the 
week were to South Korea and to Taiwan.  South Korea purchased a total of 
50,000 MT of US wheat for January shipment.  Included in the purchase were 
9.5 percent protein soft white wheat, 11.5 percent protein hard red winter 
wheat and 14.0 percent protein dark northern spring wheat.  Taiwan purchased 
a total of 104,000 MT of US wheat for November to December delivery 
consisting of 9.0 percent protein western white wheat, 12.5 percent protein 
hard red winter wheat and 14.5 percent protein dark northern spring wheat.  
Taiwan also purchased 23,000 MT of US corn and 12,000 MT of US soybeans for 
either November 14 to December 12 shipment from the US Gulf or December 2 to 
16 shipment from the Pacific Northwest. 
Source:  USDA Market News, Portland, OR
         Martha Hansen 503-326-2237 Portland.LGMN@ams.usda.gov
         24 hour price information 503-326-2022

1430p  mh

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