JO_GR115 Portland, OR Thu Feb 9, 2012 USDA Market News Portland Weekly Grain Review Part 1 Pacific Northwest Weekly Grain Summary Pacific Northwest Market Summary: Cash wheat bids for February Portland delivery ended the reporting week on Thursday, February 9, lower compared to last Thursday's noon bids for February delivery. March wheat futures ended the reporting week on Thursday, February 9, lower as follows compared to last Thursday's closes: Chicago 16-3/4 cents lower at 6.46, Kansas City 25- 3/4 cents lower at 6.92, and Minneapolis 4-1/4 cents lower at 8.31-3/4. Chicago March corn futures trended 6 cents lower at 6.37 and March soybean futures closed 10-1/2 cents higher at 12.27-1/2. Soybean futures were higher for the week with support early in the week coming from continued trade concerns over the weather in South America, technical, commercial and noncommercial buying, and a better-than-expected inspected-for-export figure of 37.3 million bushels (mb). Corn futures were lower for the week. On Monday and Tuesday, corn futures were pressured by lower outside markets, lack of supportive news, profit taking, and lackluster export demand. Spillover support from higher soybean futures, a 175,000 metric ton (mt) sale of corn to South Korea, commercial buying, and a lower US dollar were all supportive factors to the corn futures on Friday and Wednesday. Lower wheat futures for the week can be attributed to Russia's decision not to ban exports of wheat, noncommercial selling interest, profit taking, and a lower-than- expected inspected-for-export figure for wheat of 14.5 mb, released by the USDA for the week ending February 2. Today (Thursday), an increase of 25 mb of global wheat stocks released by the USDA estimated at 213.1 million metric tons pressured wheat futures. Bids for US 1 Soft White Wheat delivered by unit trains and barges to Portland for February delivery were 15 to 30 cents per bushel higher compared to last Thursday's bids. Bids for 11.5 percent protein US 1 Hard Red Winter Wheat for February delivery were 28 to 29 cents per bushel lower than last Thursday's noon bids. Lower Kansas City March wheat futures and a lower basis bid by some exporters pressured bids. On Thursday, bids were as follows: February 7.57-7.62, mostly 7.60, March 7.57-7.67, April 7.59-7.66, May 7.64-7.70 and August New Crop 7.40-7.50. Bids for non-guaranteed 14.0 percent protein US 1 Dark Northern Spring Wheat for February Portland delivery were not available as most exporters were not issuing bids for nearby delivery. On Thursday, bids for non-guaranteed 14 percent protein, were as follows: February not available, March 9.52-9.76, April 9.65-9.80, May 9.70-9.80 and August New Crop 8.56-8.66. There were 12 grain vessels in Columbia River ports on Thursday, February 9, with four docked compared to 14 last Thursday with four docked. New confirmed export sales during the week for Pacific Northwest loadout were to Japan and possibly Taiwan. Japan purchased the following wheat in mt for April shipment: 22,810 of maximum 10.5 percent protein western white wheat and 33,897 of minimum 11.7 percent protein hard red winter wheat. Taiwan purchased 23,000 mt of US #2 yellow corn and 12,000 mt of US #2 yellow soybeans for either February 21 to March 6 shipment from the Gulf or March 7-21 shipment from the Pacific Northwest. Source: USDA Market News, Portland, OR Niki Davila 503-326-2237 Portland.LGMN@ams.usda.gov 24 hour price information 503-326-2022 http://www.ams.usda.gov/mnreports/jo_gr115.txt www.ams.usda.gov/lsmarketnews 1206p nd