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