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

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Portland, OR    Thu Jan 24, 2013    USDA Market News

Portland Weekly Grain Review Part 1
Pacific Northwest Weekly Grain Summary

   Pacific Northwest Market Summary:  Cash wheat bids for January delivery 
ended the reporting week on Thursday, January 24, steady to lower compared 
to week ago bids for the same delivery period.  Soft white wheat bids 
trended steady to lower, while bids for hard red winter wheat and dark 
northern spring wheat moved lower.

   March wheat futures ended the reporting week on Thursday, January 24, 
lower as follows compared to last Thursday's closes:  Chicago 12.75 cents 
lower at 7.6850, Kansas City 15.50 cents lower at 8.2150 and Minneapolis 
13.75 cents lower at 8.5550.  Chicago March corn futures trended 0.25 of a 
cent lower at 7.2425 while March soybean futures closed 5.00 cents higher at 
14.3525.  Wheat and corn futures trended lower, while soybean futures moved 
higher for the holiday shortened reporting week.  On Friday, wheat and corn 
futures were supported by noncommercial buying.  A lower inspected-for-
export wheat figure of 21.8 million bushels for the week ending January 17 
and trade thoughts that the wheat markets were overbought on Tuesday 
pressured wheat futures.  On Wednesday, a higher US Dollar against foreign 
currencies, lower outside markets and lower corn and soybeans futures also 
weighed on the wheat futures.  Lower soybean futures and lower outside 
markets on Wednesday pressured corn futures.  Soybean futures were supported 
on Tuesday by an excellent inspected-for-export figure of 48 million 
bushels, a lower US Dollar and rainfall in some parts of Brazil.  On 
Wednesday, possible cancellations of nearby export sales weighed on soybean 
futures.  On Thursday, soybean futures were pressured by forecasts for 
beneficial rainfall in South America.  Wheat futures moved lower in sympathy 
with the lower soybean futures on Thursday.

   Bids for US 1 Soft White Wheat delivered to Portland in unit trains or 
barges during January trended steady to 2.75 cents per bushel lower than 
week ago bids for January.  Some exporters were not issuing bids for nearby 

   Bids for 11.5 percent protein US 1 Hard Red Winter Wheat for January 
delivery declined by 15.50 cents per bushel compared to last Thursday's noon 
bids in lining up with the lower Kansas City March wheat futures.  On 
Thursday, bids were as follows:  January 9.1150-9.3150, mostly 9.2050; 
February 9.2050-9.3150; March 9.2650-9.3150; April 9.2725-9.3425, May 
9.3225-9.3725 and August New Crop 8.9225-9.0225.
   Bids for non-guaranteed 14.0 percent protein US 1 Dark Northern Spring 
Wheat for January Portland delivery trended 13.75 cents per bushel lower 
compared with last week's noon bids pressured by the lower Minneapolis March 
wheat futures.  Some exporters were not issuing bids for nearby delivery.  
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:  
January 9.4050-9.5550, mostly 9.4850; February and March 9.5050-9.6050; 
April 9.6050-9.6250, May 9.6450-9.6750 and August New Crop 9.5325-9.6825.

   There were 13 grain vessels in Columbia River ports on Thursday, January 
24 with four docked compared to 16 last Thursday with three docked.  New 
confirmed export sales of grain for Pacific Northwest loadout during the 
week were limited to Japan.  Japan purchased 27,317 metric tons (mt) of 
minimum 14 percent protein dark northern spring wheat for February 21 to 
March 20 shipment.  Japan also purchased 11,700 mt of maximum 10.5 percent 
protein western white wheat and 13,495 mt of minimum 11.7 percent protein 
hard red winter wheat for arrival by April 30.

Source:  USDA Market News, Portland, OR
         Tiffany Smit 503-326-2237 Portland.LGMN@ams.usda.gov
         24 hour price information 503-326-2022

1310p  ts

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