Portland, OR - Thu - May 8, 2008 - USDA Market News
Portland Weekly Grain Review Part 1
Pacific Northwest Weekly Grain Summary
Pacific Northwest market summary: Cash bids for May delivery ended the
reporting week on Thursday, May 8, higher for hard red winter wheat compared to week
ago bids. Dark northern spring wheat bids had no recent price comparison available.
Bids for soft white wheat for May delivery were not established as most exporters
were not issuing old crop bids.
July wheat futures ended the reporting week on Thursday, May 8, higher as
follows compared to last Thursday's closes: Chicago 32 cents higher at 8.22, Kansas
City 28-1/2 cents higher at 8.68, and Minneapolis 67-1/4 cents higher at 10.03-1/4.
Chicago July corn futures closed 13 cents per bushel higher at 6.30-1/4 and July
soybean futures closed 39 cents higher at 13.10. Wheat futures were supported
during the week by technical buying, new confirmed export sales during the week, and
spillover support from higher row crops later in the week. Lower corn markets on
Monday pressured wheat futures somewhat. Soybeans were higher for the week with
support from fund, follow-through, and commercial buying; spill-over support from
higher crude oil, corn, and gold markets; a lower U.S. Dollar against foreign
currencies on Monday; and higher corn markets on Tuesday. Continued concerns over
Argentina's strike pushed soybean futures lower Tuesday afternoon. Corn planting
delays due to weather benefits the corn market, while it pressures the soybean
market. Corn futures ended the week higher due to wet, cool weather and higher
outside markets. Early in the week corn futures were pressured by profit taking and
a lower-than-expected inspected-for-export figure of 30.7 million bushels for the
week ended May 1.
Bids for US 1 Soft White Wheat for May Portland delivery were not fully
established as most exporters were not issuing old crop bids due to limited new
export demand for old crop loadout, and due to the ongoing volatility of the futures
markets.
Bids for 11.5 percent protein US 1 Hard Red Winter Wheat for May Portland
delivery were not well tested as some exporters were still not issuing old crop
bids, but indications ranged from eight to 38 cents per bushel higher than last
Thursday's noon bids in response to moderately higher Kansas City July wheat
futures. On Thursday, bids for 11.5 percent protein were as follows: May 9.78 to
10.18, mostly 9.98; first half June 9.58 to 9.93, last half June 9.58 to 9.63; July
1-10 9.58, July 11-20 9.43 to 9.48, July 21-31 9.38; August New Crop 9.32 to 9.34;
and September 9.42 to 9.44.
Bids for 14 percent protein US 1 Dark Northern Spring Wheat for May Portland
delivery were not well tested and had no recent price comparison available as last
Thursday most exporters were not issuing bids for old crop delivery. On Thursday,
bids for 14 percent protein were as follows: May 12.03 to 12.18, mostly 12.11; June
12.03 to 12.28; July 1-10 11.93, July 11-20 11.43, July 21-31 10.83 to 10.93; August
1-10 10.10 to 10.20, August 11-20 10.05 to 10.15, August 21-31 10.00 to 10.10; first
half September 10.00 to 10.10, and last half September 10.03 to 10.15.
Pacific Northwest export news: There were six grain vessels in Columbia
River ports on Thursday, May 8, with one docked compared to seven last Thursday with
four docked. There were no new confirmed export sales made during the week.
Source: USDA Market News, Portland, OR
Tiffany Smit 503-326-2237
24 hour price information: 503-326-2022
http://www.ams.usda.gov/mnreports/JO_GR115.txt
1332 pdt ts
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