JO_GR115 Portland, OR Thu Jul 2, 2009 USDA Market News Portland Weekly Grain Review Part 1 Pacific Northwest Weekly Grain Summary Pacific Northwest market summary: Cash wheat bids for July delivery ended the reporting week on Thursday, July 2, steady to lower compared to last Thursday's bids. Soft white wheat bids were steady to lower, while bids for hard red winter wheat and dark northern spring wheat were moderately lower. September wheat futures ended the reporting week on Thursday, July 2, lower as follows compared to last Thursday's closes: Chicago 32-1/2 cents lower at 5.29, Kansas City 38-1/4 cents lower at 5.64-1/4 and Minneapolis September wheat futures 50-1/2 cents lower at 6.22-1/2. Chicago September corn futures closed 44-1/4 cents lower at 3.45-3/4, while July soybean futures ended the reporting week 47 cents higher at 12.43. Soybean futures ended the reporting week sharply higher compared to last Thursday. Futures were supported by tight old crop soybean supplies, by spill-over support from higher crude oil and equities on Monday and Wednesday, and a lower-than-expected US acreage estimate released by the USDA on Tuesday. Corn futures closed sharply lower on Tuesday in reaction to a bearish USDA inspected-for-export figure of 27.7 million bushels released on Monday; by a much higher-than-expected corn planted acreage figure of 87.035 million bushels compared to trade expectations of 84.0 million; and by a higher than expected quarterly corn stocks report. Excellent corn growing weather in the Midwest during the week, and a lower US Dollar against foreign currencies on Tuesday, also weighed on corn futures. On Wednesday, moderately higher soybean futures and a lower US Dollar were supportive to corn futures. Wheat futures were also lower due to warm, dry weather in the US Plains allowing for winter wheat harvest to continue with forecast of the same; a higher-than-expected US spring wheat acreage report of 13.77 million acres, and limit down corn futures on Tuesday. Today (Thursday), lower outside markets and a higher US Dollar weighed on grain futures. Bids for US 1 Soft White Wheat, any protein and maximum 10.5 percent protein, for July Portland delivery ended the reporting week steady to six cents per bushel lower than week ago bids for July delivery. Lower Chicago September wheat futures for the week weighed on bids; although good exporter demand in order to fulfill upcoming vessel commitments were supportive to bids. Bids for 11.5 percent protein US 1 Hard Red Winter Wheat for July Portland delivery trended 23 to 29 cents per bushel lower than week ago bids. Bids were pressured by lower Kansas City September wheat futures, although some exporters raised their bases which tempered declines. On Thursday, bids were as follows: July 5.99 to 6.14, mostly 6.04; August new crop 5.94 to 6.14; September 6.04 to 6.19; October 6.16 to 6.32; and November 6.21 to 6.39. Bids for 14 percent protein US 1 Dark Northern Spring Wheat for July Portland delivery were 35 to 38 cents per bushel lower compared to last Thursday's noon bids in reaction to lower Minneapolis September spring wheat futures. Several exporters raised their basis to encourage country selling. Most exporters were bidding premiums for dark northern spring wheat up to 16 percent protein. Exporters were bidding protein premiums of plus 10 cents each 1/4 of a percent of protein up to 16 percent protein and minus 15 cents each 1/4 of a percent of protein down to 12 percent protein. On Thursday, bids for 14 percent protein were as follows: July 7.15 to 7.23, mostly 7.23; August new crop 7.15 to 7.23; September 7.13 to 7.23; October 7.17 to 7.24; and November 7.22 to 7.27. Pacific Northwest export news: There were six grain vessels in Columbia River ports on Thursday, July 2, with two docked compared to 10 last Thursday with three docked. New confirmed new export sales made during the week for Pacific Northwest shipment were to Japan and Taiwan. Japan purchased the following wheat in MT for August 11 to September 10 shipment: 29,000 of maximum 10.5 percent protein western white wheat, 21,000 of minimum 11.7 percent protein hard red winter wheat and 37,000 of minimum 14 percent protein dark northern spring wheat. Taiwan purchased a total of the following wheat in MT for August 8 to September 8 shipments: 10,300 of white wheat, 34,850 of hard red winter wheat and 37,200 of dark northern spring wheat. 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 1228 pdt ts .