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Illinois grain prices in country elevators

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[August 27, 2012]  SPRINGFIELD -- This is Friday's report of the grain prices and trends, prepared by the USDA and the Illinois Department of Agriculture.

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Illinois country grain prices were mixed on Friday afternoon, with soybeans higher and corn and wheat lower.

Soybean futures were boosted by stronger soybean product values and export interest.

While technical selling and profit taking weakened corn and wheat values.

In Northern and Western Illinois country grain dealers quoted shelled corn bids 6 to 8 cents lower at 7.93-8.08.

Soybean bids were mixed at 17.30-17.42.

In Central Illinois country grain dealers quoted shelled corn bids were 5 to 6 cents lower at 8.08-8.35.

Soybean bids were 16 to 17 cents higher
at 17.53-17.87.

In the Southern part of the state, shelled corn bids were 2 to 7 cents lower at 8.19-8.42.

Soybean bids were up 10 to 16 cents at 17.45-17.76.

Wheat bids were 5 to 7 cents lower at 8.43-8.59.

Illinois grains-Grain futures ended higher, with soybeans sharply higher.

The futures market seemed to use the information from the Pro Farmer crop tour to
trade this week.

Good export demand still supported stronger soybean values, with several export sales announced this week for soybeans and soybean oil.

Information with falling Russian grain stocks was still giving wheat futures strength.

The Illinois crop conditions improved slightly for soybeans, while corn was steady, according to the USDA's Illinois Weather and Crops report, from the Illinois Field Office in Springfield.

The Illinois corn crop placed 5% in the
good range, unchanged from last week; there was 22% fair and 73% very poor to
poor.

The condition of the state's soybean crop went up by 2%, with 14% of the soybean crop in the good to excellent range, with 35% fair and 51% in the very poor to poor range.

The state's pasture land ratings improved slightly by placing 2% in the good category, with 9% fair and 89% in the very poor to poor range.

We are getting to that stage where crop conditions mean less and less and harvest progress means more and more.

The Illinois corn crop placed 25% in the mature range, with 3% of the crop harvested.

There was now 94% of the state's soybean crop setting pods, compared to 86% last year and 83% for the five year average and 7% of the crop was turning yellow.

The trading in the cash grain market was slow to moderate this week.

While in many cases last week cash basis was very strong, this week it headed the other direction, especially late week. While demand seemed to remain very good, it
was a transportation problem causing the weaker basis.

Due to very little rainfall this summer, water levels have become very low in many rivers,
especially the Mississippi River.

At one point this week on the lower
Mississippi, barges were stopped as a few had become stuck.

While the Army Corps of Engineers dredged the river to improve barge movement, another accident stopped river traffic again.

Keep in mind that while this basically
stopped grain from moving to the gulf for export, it also stopped river traffic from coming north as well.

The Central Illinois Soybean Processors cash bids ended 65 to 80 cents higher at 17.65-17.95, with basis down 10 to 25 cents
ranging from +50X to +80X.

The Central Illinois Corn Processors cash bids
were up 1 to 11 cents ranging from 8.24-8.64, with basis steady to 10 cents lower ranging from +15U to +55U.

At the Illinois River terminals south of
Peoria, cash corn bids ended 13 to 18 cents higher ranging from 7.95-8.04, with basis up 2 to 7 cents at -14U to -5U.

Cash soybean bids gained 46 to 52 cents to 17.41-17.50, with basis down 38 to 44 cents ranging from +26X to +35X.

New crop corn bids for October delivery were mixed ranging from 8.05-8.07, with basis 2 to 10 cents weaker at -10Z to -8Z. New crop soybean bids were up 80 to 86 cents ranging from 17.15-17.23, with basis 4 to 10 cents
lower at option X to +8X.

[to top of second column]

New crop wheat bids for delivery July 2013 ended 18 to 19 cents stronger ranging from 8.02-8.11, with basis steady to 1 cent lower
at -50N to -41N.

At the Illinois River terminals north of Peoria, cash corn bids were 7 to 15 cents higher at 8.08-8.14, with basis steady to 4 cents
lower at -1U to +5U.

Cash soybean bids gained 61 to 64 cents at 17.43-17.49, with basis dropping 26 to 29 cents ranging from +28X to +34X.

New crop corn bids for October delivery ended 2 to 3 cents higher at 7.95-7.99, with basis 5 to 6 cents lower ranging from -20Z to -16Z.

New crop soybean bids advanced 83 to 85 cents to 17.11-17.17, with basis down 5 to 7 cents at -4X to +2X.

New crop wheat bids for July 2013 delivery gained 19 cents to 8.10-8.12, with basis steady at -42N to -40N.

At the St. Louis terminals cash corn bids were 10 to 18 cents higher at 7.95-8.10, with soybeans gaining 85 to 86 cents
ranging from 17.54-17.67.

Cash bids for Soft Red Winter wheat advanced 20 cents to 8.59-8.60, and cash sorghum bids were 7 cents higher to range from 7.19-7.20.

In northern and western Illinois, cash corn bids to producers at country elevators were 11 to 12 cents higher at 7.99-8.16, with central Illinois locations up 14 to 17 cents at 8.14-8.40 and in southern Illinois bids
increased 17 to 18 cents to range from 8.21-8.49.

Cash soybean bids in northern and western locations were up 82 to 87 cents at 17.37-17.45 with central Illinois bids gaining 72 to 80 cents at 17.37-17.70 and southern Illinois bids were 72 to 85 cents higher at 17.35-17.60.

Cash wheat bids for Soft Red Winter wheat in southern Illinois locations increased 9 to 13 cents at 8.48-8.66.

New crop corn bids to producers at the country elevators in northern and western Illinois were up 2 to 11 cents to range from 7.74-8.10, with central Illinois locations gaining 9 to 11 cents at 7.96-8.28 and in southern Illinois bids increased 8 to 9 cents to 7.96-8.40.

New crop soybean bids for October delivery in northern and western Illinois were up 93 to 94 cents at 16.84-17.03, while central Illinois locations gained 90 to 95 cents at 16.95-17.10 and in southern Illinois bids were 90 to 92 cents higher at 16.90-17.20.

New crop wheat bids for June-July 2013 delivery ended 19 cents higher at 7.93-
8.22.

___

Commercial grain prices paid farmers by Interior Illinois Country Elevators after 2.00 p.m. Friday are listed below in dollars per bushel:

AREA 

US 2

CORN

US 1

SOYBEANS

 US 2

SOFT

WHEAT 

NORTHERN

7.93 - 8.06 17.30 - 17.37  

WESTERN 

7.97 - 8.08 17.33 - 17.42  

N. CENT.

8.08 - 8.17 17.53 - 17.66  

S. CENTRAL

8.24 - 8.35 17.76 - 17.87  

WABASH 

8.26 - 8.40 17.52 - 17.57 8.43 - 8.53

W.S. WEST

8.19 - 8.28 17.45 - 17.68 8.46 - 8.48

L. EGYPT

8.32 - 8.42 17.62 - 17.76  8.47 - 8.59

Central Illinois average price

Corn: 8.21 1/2 (+19 U)
Soybeans:
17.70 (+38 1/2 X)

CONTRACT BIDS FOR NEW CROP 2012 DELIVERY

AREA 

US 2

CORN

US 1

SOYBEANS

 ***US 2

SOFT

WHEAT 

NORTHERN

7.83 - 7.93 17.01 - 17.14  

WESTERN 

7.69 - 7.87 17.01 - 17.19  

N. CENT.

7.94 - 8.07 17.11 - 17.16  

S. CENTRAL

8.13 - 8.22 17.16 - 17.27  

WABASH 

8.09 - 8.34 17.07 - 17.32 8.17 - 8.20

W.S. WEST

7.80 - 7.86 17.35 - 17.47

 7.93 - 8.02

L. EGYPT

8.29 - 8.33

17.29 - 17.37

8.12 - 8.22

***June/July 2013 delivery
 

Cent. Ill. Average Price at Country Elevators

Week of

8/23/2012 8/16/2012
  Price--Basis Price--Basis

Corn

8.27 +18 U

8.11 1/2 +14 1/2 U

Soybeans

17.53 1/2 +38 1/2 X

16.77 1/2 +52 X

Annual Comparison

 

July 2012 July 2011
  Price--Basis Price--Basis

Corn

7.85 +25 1/2 U

6.96 +28 U

Soybeans

16.60 +23 X

13.65 + 3 1/2 X

[Text copied from USDA-IL Dept of Ag Market News, Springfield]

 

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