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

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JO_GR115
Portland, OR    Thu Mar 7, 2013    USDA Market News

Portland Weekly Grain Review Part 1
Pacific Northwest Weekly Grain Summary

   Pacific Northwest Market Summary:  Cash wheat bids for March delivery 
ended the reporting week on Thursday, March 7, mixed compared to week ago 
bids for the same delivery period.  Dark northern spring wheat bids trended 
higher, while soft white wheat and hard red winter wheat bids trended lower.

   May wheat futures ended the reporting week on Thursday, March 7, lower as 
follows compared to last Thursday's closes:  Chicago 19 cents lower at 
6.9550, Kansas City 18.25 cents lower at 7.3450 and Minneapolis 6.25 cents 
lower at 7.9550.  Chicago May corn futures trended 12.25 cents lower at 
6.9125 while May soybean futures closed 21.25 cents higher at 14.7350.  
Wheat and corn futures moved lower for the week with pressure from a higher 
US Dollar on Friday, Monday and Wednesday; spillover pressure from the lower 
outside markets on Monday; crop friendly weather forecasts in the US growing 
areas; and commercial selling.  Soybean futures were higher for the week 
with support coming from continued strong demand, with an inspected-for-
export figure of 40.3 million bushels; continued concerns over the loading 
delays in Brazilian ports; and higher outside markets on Tuesday.

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

   Bids for 11.5 percent protein US 1 Hard Red Winter Wheat for March 
delivery declined by 3.25 to 8.25 cents per bushel compared to last 
Thursday's noon bids for March delivery.  Lower Kansas City May wheat 
futures pressured bids.  On Thursday, bids were as follows:  March 8.6450-
8.7450, mostly 8.6950; April 8.5950-8.7450; May 8.5650-8.7450; June 8.6125-
8.7125 and August New Crop 8.15-8.20.
 
   Bids for non-guaranteed 14.0 percent protein US 1 Dark Northern Spring 
Wheat for March Portland delivery trended 3.75 to 8.75 cents per bushel 
higher compared with last week's noon bids for March delivery.  A higher 
basis bid by most exporters supported cash bids.  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:  March 9.4050-9.5050, mostly 9.4550; April 
9.2950-9.4550; May 9.2550-9.4550 and August New Crop 8.7875-8.8375.

   There were 12 grain vessels in Columbia River ports on Thursday, March 7, 
with five docked compared to 16 last Thursday with seven docked.   Confirmed 
new export sales were to Japan.  Japan purchased the following wheat in 
metric tons:  26,888 of dark northern spring wheat for April 21 to May 20 
shipment as well as 7,410 of western white wheat and 13,360 of hard red 
winter wheat for arrival by June 30.

Source:  USDA Market News, Portland, OR
         Niki Davila 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

1315p  nd

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