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

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Portland, OR    Thu Aug 1, 2013    USDA Market News

Portland Weekly Grain Review Part 1
Pacific Northwest Weekly Grain Summary

   Pacific Northwest Market Summary:  Cash wheat bids for August 
delivery ended the reporting week on Thursday, August 1, mixed, mostly 
higher, compared to week ago bids.

   September wheat futures ended the reporting week on Thursday, August 
1, higher, as follows compared to last Thursday's closes:  Chicago 8.75 
cents higher at 6.58, Kansas City 14.50 cents higher at 7.0675 and 
Minneapolis wheat futures trended four cents higher at 7.4175.  Chicago 
September corn futures trended 8.50 cents lower at 4.8750 while August 
soybean futures closed 2.50 higher at 13.5775.  Wheat futures were 
supported during the week by Brazil experiencing potentially crop-
damaging cold weather; tight world wheat stocks; active export demand, 
with Jordan, Iraq, Taiwan and Japan all tendering for US wheat this 
week; a higher-than-expected inspected-for-export figure of 25.4 
million bushels (mb) and European countries experiencing warm, dry 
weather.  Wheat futures were pressured early in the week by spillover 
pressure from lower corn futures on Friday.  Supportive factors to the 
corn futures later in the week were the idea that corn in the western 
areas are behind normal growth schedule, and susceptible to damage due 
to an early freeze; and too much rain in some areas in Kansas causing 
flooding.  Earlier in the week, crop-friendly weather reports in the 
corn and soybean growing areas, and a lower-than-expected inspected-
for-export figure of 11.1 mb for corn and 1.3 mb for soybeans were 
pressuring factors to the corn and soybean futures during the week.  
Soybean futures were supported during the week by a 220,000 ton soybean 
sale to China, and a 120,000 ton sale to unknown destinations; profit 
taking; flooding in Kansas; and reports of cold-damaged soybean crops 
in North Dakota.  
   Bids for US 1 Soft White Wheat delivered to Portland in unit trains 
or barges during August were five to 23.75 cents per bushel higher than 
last Thursday's noon bids for August delivery.  Some exporters were not 
issuing bids for nearby delivery.
   Bids for 11.5 percent protein US 1 Hard Red Winter Wheat for August 
delivery trended 18.50 to 19.50 cents per bushel higher compared to 
last Thursday's bids.  Higher Kansas City September wheat futures and a 
higher basis bid by some exporters supported cash bids during the week.  
On Thursday, bids were as follows:  August New Crop 8.0675-8.1675, 
mostly 8.1175; September 8.0175-8.1975; October 8.12-8.19; November 
8.15-8.22; and December 8.22-8.25.
   Bids for non-guaranteed 14.0 percent protein US 1 Dark Northern 
Spring Wheat for August Portland delivery trended mixed, from one cent 
lower to four cents per bushel higher compared with last week's noon bids 
for August delivery in lining up with the higher Minneapolis September 
wheat futures, however a lower basis bid by some exporters pressured 
cash bids somewhat.  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:  August New Crop 8.3675-
8.4675, mostly 8.4075; September 8.3675-8.4675; October 8.3725-8.5525; 
November 8.4225-8.5825; and December 8.4525-8.6025.

   There were three grain vessels in Columbia River ports on Thursday, 
August 1, with one docked compared to five last Thursday with two 
docked.   New confirmed export sales this week were to Japan and 
Taiwan.  Japan purchased the following US wheat in metric tons: 31,721 
of dark northern spring wheat for September 21 to October 20 shipment 
and 89,579 of western white wheat for arrival by November 30.  Taiwan 
purchased the following wheat in mt for August 25 to September 8 
shipment:  11,050 of western white wheat, 10,800 of 12.5 percent 
protein hard red winter wheat and 31,450 of 14.5 percent protein dark 
northern spring wheat.  Taiwan also purchased the following wheat in mt 
for September 11-25:  13,250 of 12.5 percent protein hard red winter 
wheat and 30,650 mt of 14.5 percent protein dark northern spring wheat.
Source:  USDA Market News, Portland, OR
         Niki Davila 503-326-2237 Portland.LPGMN@ams.usda.gov
         24 hour price information 503-326-2022

1205p  nd

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