JO_GR115 Portland, OR Thu Nov 19, 2009 USDA Market News Portland Weekly Grain Review Part 1 Pacific Northwest Weekly Grain Summary Pacific Northwest market summary: Wheat bids for November delivery ended the reporting week on Thursday, November 19 were mixed compared to last Thursday's bids. Soft white wheat bids trended lower, while bids for hard red winter wheat and dark northern spring wheat bids moved higher. December wheat futures ended the reporting week on Thursday, November 19 higher as follows compared to last Thursday's closes: Chicago 30-3/4 cents higher at 5.62-1/2, Kansas City 26 cents higher at 5.61 and Minneapolis 20 cents higher at 5.68-1/2. Kansas City March wheat futures were 26-1/4 cents higher at 5.76-1/2 and Minneapolis March wheat futures were 20-1/2 cents higher at 5.85-1/4. Chicago December corn futures closed 4-1/2 cents higher at 3.95, and January soybean futures ended the reporting week 49 cents higher at 10.39. Soybean futures were sharply higher for the reporting week in reaction to spill-over support from higher outside markets, a lower US Dollar against foreign currencies, and noncommercial and fund buying on Monday. A good NOPA October crush number of 155.26 million bushels (mb), a better-than- expected export sales figure of 59.8 mb for the week ending November 5 and 49.6 mb for the week ending November 12, and a good inspection-for-export figure of 63.4 mb for the week ending November 12 were also supportive to soybean futures. Wheat futures were moderately higher for the week due to fund and technical buying, higher row crops on Monday and Tuesday, and the lower US Dollar on Monday. Trade thoughts that wheat futures were overbought weighed on wheat futures on Wednesday. Corn futures were slightly higher for the week, with strong support from outside markets and the lower US Dollar on Monday and part of Wednesday. On Tuesday, the US Dollar moved higher, while wheat and soybean markets moved lower; and pressured corn futures. Bids for US 1 Soft White Wheat for November Portland delivery ended the reporting week five cents per bushel lower than last Thursday's noon bids. Limited exporter demand weighed on soft white wheat bids. Bids for 11.5 percent protein US 1 Hard Red Winter Wheat for November Portland delivery trended 22 to 23 cents per bushel higher compared to last Thursday's noon bids in lining up with the higher Kansas City December wheat futures for the week. Some exporters were not issuing bids for November delivery. On Thursday, bids were as follows: November 5.88 to 5.92, mostly 5.90; December 5.91 to 5.98; January 5.97 to 6.07; February 6.02 to 6.11; and March 6.07 to 6.15. Bids for non-guaranteed 14.0 percent protein US 1 Dark Northern Spring Wheat for November Portland delivery were 17 to 20 cents per bushel higher compared to last Thursday's noon bids. Some exporters were not issuing bids for nearby delivery. Some exporters only have bids for non-guaranteed 14 percent protein for forward month delivery, and some exporters are only quoting bids for guaranteed 14 percent protein. Bids for guaranteed 14 percent protein for November delivery also trended 17 to 20 cents per bushel higher than a week ago noon bids. Some exporters were bidding premiums for dark northern spring wheat up to 16 percent protein. 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 30 to 35 cents each 1/4 of a percent of protein down to 13 percent protein. On Thursday, bids for 14 percent protein were as follows: November 7.09 to 7.16, mostly 7.13; December 7.14 to 7.30; January 7.25 to 7.35; February 7.25 to 7.41; and March 7.25 to 7.45. Bids for guaranteed 14.0 percent protein for November delivery were indicated as follows in a limited test: November 7.24 to 7.26, mostly 7.25; December 7.19 to 7.29; January 7.35 to 7.40; February 7.35 to 7.46; and March 7.35 to 7.48. Pacific Northwest export news: There were 19 grain vessels in Columbia River ports on Thursday, November 19, with five docked compared to 19 last Thursday with five docked. Confirmed export sales during the week for Pacific Northwest loadout as of Thursday were to Japan and possibly to Taiwan. Japan purchased 25,000 metric tons (MT) of minimum 11.7 percent protein hard red winter wheat and 46,000 MT of minimum 14.0 percent protein dark northern spring wheat for January shipment. Taiwan purchased 57,500 MT of US Soybeans for either December 21 to January 4 shipment from the US Gulf or January 5 to 19 shipment from the Pacific Northwest. 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 1333 pdt ts .