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

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Portland, OR    Thu Nov 1, 2012    USDA Market News

Portland Weekly Grain Review Part 1
Pacific Northwest Weekly Grain Summary

   Pacific Northwest Market Summary:  Cash wheat bids for November delivery 
trended mixed for the reporting week ended on Thursday, November 1, with 
soft white wheat and hard red winter wheat bids moving lower and dark 
northern spring wheat bids trended mixed compared to week ago bids for 
November delivery.  
   December wheat futures ended the reporting week on Thursday, November 1, 
lower as follows compared to last Thursday's closes:  Chicago 4.25 cents 
lower at 8.6850, Kansas City 5.75 cents lower at 9.0850 and Minneapolis two 
cents lower at 9.4325.  Minneapolis March wheat futures trended 0.75 cents 
lower at 9.49.  Chicago December corn futures trended nine cents higher at 
7.51.  November soybean futures closed 5.50 cents lower at 15.5850. 
Wheat futures were lower early in the week in reaction commercial and 
noncommercial selling, spill-over pressure from lower outside markets, a 
higher US Dollar against foreign currencies, a disappointing inspection-for-
export figure of 9.7 million bushels (mb) for the week ending October 29 and 
a lack of any new export demand.  Higher corn and soybean futures on 
Wednesday were supportive to wheat futures.  Soybean futures were also lower 
for the week due to lower outside markets (crude oil, Dow jones and US 
stocks) and a higher US Dollar.  On Tuesday, soybean futures were supported 
somewhat by a lower US Dollar, and good export demand with continued tight 
global soybean supplies.  Corn futures were higher for the week.  Corn 
futures were influenced during the week by the fluctuating soybean futures, 
lower on Monday and higher on Tuesday and Wednesday.  Corn futures were also 
supported by higher outside markets later in the week.

   Bids for US 1 Soft White Wheat delivered by unit trains and barges to 
Portland for November delivery trended 2.75 to 16.50 cents per bushel lower 
than last Thursday?s for November delivery.  Lower Chicago December wheat 
futures for the week weighed on 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 November 
delivery trended 5.75 cents per bushel lower compared to last Thursday's 
noon bids for November delivery in lining up with the lower Kansas City 
December wheat futures.  Several exporters were not issuing bids for nearby 
delivery.  On Thursday, bids were as follows:  November 9.8850-9.9850, 
mostly 9.9.50; December 9.9350-10.0350; January 9.9850-10.0850; February 
10.0350-10.1350 and March 10.0850-10.1850.

   Bids for non-guaranteed 14.0 percent protein US 1 Dark Northern Spring Wheat for 
November Portland delivery trended mixed, from one cent lower to three cents per 
bushel higher than last week?s bids for November delivery.  Lower Minneapolis 
December and March wheat futures weighed on bids.  Some exporters have 
switched their basis to over the Minneapolis March 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 seven 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:  November 
10.2325-10.3925, mostly 10.3025; December 10.2825-10.3925; January 10.34-
10.39; February 10.39 and March 10.39-10.49.

   There were 12 grain vessels in Columbia River ports on Thursday, November 
1, with four docked compared to 17 last Thursday with five docked.  New 
confirmed export sales of grain for Pacific Northwest loadout during the 
week were limited to South Korea.  South Korea purchased a total of 24,700 
metric tons of US wheat for February shipment.
Source:  USDA Market News, Portland, OR
         Tiffany Smit 503-326-2237 Portland.LGMN@ams.usda.gov
         24 hour price information 503-326-2022

1249p  ts

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