JO_GR115 Portland, OR Thr Feb 4, 2010 USDA Market News Portland Weekly Grain Review Part 1 Pacific Northwest Weekly Grain Summary Pacific Northwest market summary: Cash wheat bids for February delivery ended the reporting week on Thursday, February 4 mixed compared to last Thursday's bids. Bids for soft white wheat and hard red winter wheat were lower while bids for dark northern spring wheat trended mixed. March wheat futures ended the reporting week on Thursday, February 4, moderately lower as follows compared to last Thursday's closes: Chicago 11- 1/4 cents lower at 4.75-3/4, Kansas City 6-1/4 cents lower at 4.88-1/2, and Minneapolis 6-3/4 cents lower at 5.01-3/4. Chicago March corn futures closed 7-3/4 cents lower at 3.54 and March soybean futures ended the reporting week 17-3/4 cents per bushel lower at 9.14. Wheat futures were pressured during the week by a firm U.S. Dollar; ongoing lackluster export demand; large world wheat supplies; and carry over weakness from lower corn and soybean futures. Short covering on ideas that the futures had become oversold was supportive to wheat futures on Tuesday and on Thursday. Corn futures were pressured during the week by lower outside markets; large U.S. and South American corn inventories; the higher U.S. Dollar early in the week; and fund selling. Support to corn futures came from short covering; limited farmer selling at these lower price levels; a better-than-expected inspected-for-export figure of 36.8 million bushels; and higher crude oil and a lower U.S. Dollar on Tuesday. On Thursday, the reporting week's close, corn futures received support from thoughts that they had become oversold, as well as by the news of some changes to current Environmental Protection Agency rules which may be beneficial to ethanol manufacturers. Soybean futures were also pressured by the lower outside markets and higher U.S. Dollar early in the week and by ongoing concerns over decreasing export demand from China due to the large South American soybean crop coming available. On Tuesday, support to soybean futures came from the lower U.S. Dollar and higher outside markets, and on Friday, ideas that the soybean futures had become oversold during the week. Bids for US 1 Soft White Wheat for February Portland delivery ended the reporting week 10 cents per bushel lower than last Thursday's noon bids for the same delivery period, pressured by lower Chicago March wheat futures. Trading was generally slow during the week. Bids for 11.5 percent protein US 1 Hard Red Winter Wheat for February Portland delivery ranged from 5.24 to 5.34, mostly 5.28, eight to nine cents per bushel lower than last Thursday's noon bids of 6.44 to 6.79 for February delivery. On Thursday, forward month bids were as follows: March 5.29 to 5.34; April 5.33 to 5.41; May 5.36 to 5.41; and August new crop 5.44 to 5.54. Bids for 14.0 percent protein US 1 Dark Northern Spring Wheat for February Portland delivery ranged from 6.62 to 6.77, mostly 6.68, two cents lower to 18 cents per bushel higher than last Thursday's noon bids for February delivery. Protein scales for non-guaranteed 14.0 percent protein were plus 20 to 25 cents each 1/4 of a percent of protein up to 16 percent protein and minus 25 to 30 cents each 1/4 of a percent of protein down to 13 percent protein. On Thursday, bids for 14 percent protein were as follows: March 6.62 to 6.82; April 6.69 to 6.84; May 6.76 to 6.89; and August new crop 6.16 to 6.26. Pacific Northwest export news: There were 18 grain vessels in Columbia River ports on Thursday, February 4, with six docked compared to 13 last Thursday with six docked. Confirmed new export sales made during the reporting week were limited to Japan. Japan purchased the following wheat in MT for April 1 to April 30 shipment: 17,000 of maximum 10.5 percent protein western white wheat, 20,000 of minimum 11.7 percent protein hard red winter wheat and 28,000 of minimum 14.0 percent protein dark northern spring wheat. Source: USDA Market News, Portland, OR Martha Hansen 503-326-2237 24 hour price information: 503-326-2022 http://www.ams.usda.gov/mnreports/JO_GR115.txt 1420 pdt mh .