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

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Portland, OR    Thu Mar 21, 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 21, mixed compared to week ago 
bids for the same delivery period.  Soft white wheat trended lower while 
hard red winter wheat and dark northern spring wheat trended higher.
   May wheat futures ended the reporting week on Thursday, March 21, higher  
as follows compared to last Thursday's closes:  Chicago four cents higher at 
7.2875, Kansas City 7.75 cents higher at 7.6050 and Minneapolis 1.75 cents 
higher at 8.0275.  Chicago May corn futures trended 16.50 cents higher at 
7.33 while May soybean futures closed 13.50 cents higher at 14.49.  Wheat 
futures were higher for the week, supported later in the week by commercial 
buying, spillover support from the higher row crop futures and outside 
markets, a lower US Dollar on Wednesday, noncommercial short covering, and 
trade concerns about cold weather in the US wheat growing areas.  Early in 
the week, wheat futures were pressured by profit taking, crop friendly rain 
forecasted, Euro-zone financial problems, commercial selling, spillover 
pressure from the lower row crop futures and a higher US Dollar.  Corn 
futures were supported during the week by higher outside markets on Friday, 
trade concerns over potential planting delays, commercial buying interest, 
an improved inspected-for-export figure of 15.4 million bushels (mb) for the 
week ending March 14, strong ethanol margins, and spillover buying support 
from wheat and soybeans on Wednesday.  Supportive factors later in the week 
to the higher soybean futures were short covering ahead of next week's USDA 
report, commercial buying, and ongoing Brazilian port problems.  Pressuring 
factors early in the week to the soybean futures were NOPA crush coming in 
below trade estimates, a lower-than-expected inspected-for-export figure of 
8.9 mb, profit taking, and commercial pressure. 

      Bids for US 1 Soft White Wheat delivered to Portland in unit trains or 
barges during March trended 31 to 32.75 cents per bushel lower than week ago 
bids for March delivery.  Some exporters were not issuing bids for nearby 

   Bids for 11.5 percent protein US 1 Hard Red Winter Wheat for March 
delivery advanced by 7.75 to 12.75 cents per bushel compared to last 
Thursday's noon bids for March delivery.  Higher Kansas City May wheat 
futures and a higher basis bid by some exporters were supportive to bids.  
On Thursday, bids were as follows:  March 9.0050-9.0550, mostly 9.0050; 
April 8.9050-9.0550; May 8.8750-9.0550; June 8.7025-9.0025 and August New 
Crop 8.3625-8.4625.
   Bids for non-guaranteed 14.0 percent protein US 1 Dark Northern Spring 
Wheat for March Portland delivery trended 1.75 cents per bushel higher 
compared with last week's noon bids in lining up with the higher Minneapolis 
May 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:  March 9.4775-9.5775, mostly 9.5175; April 9.3775-
9.5275; May 9.3275-9.4775; June 9.1750-9.2250 and August New Crop 8.8625-

   There were nine grain vessels in Columbia River ports on Thursday, March 
21, with four docked compared to 13 last Thursday with five docked.   
Confirmed new export sales were limited to Japan.  Japan purchased the 
following wheat in metric tons (mt):  23,020 of hard red winter wheat and 
30,148 of dark northern spring wheat for April 21 to May 20 shipment, as 
well as 23,680 of western white 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

1250p  nd

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