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Illinois grain prices in country elevators

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[December 17, 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 higher on Friday.

Soybean futures were supported by stronger soybean oil values and good export demand.

In Northern and Western Illinois country grain dealers quoted shelled corn bids 10 to 12 cents higher at 7.12-7.28.

Soybean bids were 18 to 19 cents higher at 14.59-14.77.

In Central Illinois country grain dealers quoted shelled corn bids were mostly 9 to 11 cents higher at 7.22-7.40.

Soybean bids were mostly 18 to 20 cents higher at 14.74-14.98.

In the Southern part of the state, shelled corn bids were 10 to 11 cents higher at 7.05-7.46.

Soybean bids were mostly 16 to 20 cents higher at 14.95-15.17.

Wheat bids were 4 to 5 cents higher at 7.87-8.14.

Illinois grains ended lower for the week, with wheat and corn values sharply lower.

The reaction to the USDA's Supply Demand report weakened wheat futures on Tuesday.

Prices were weakened by the higher than expected carryout figure for wheat.

The USDA forecast was 754 million bushels, up 50 million bushels from the November report.

World carryout figures for wheat were also higher than the November report at 176.95 million metric tonnes, up from 174.18 million metric tonnes forecasted in November.

Corn and soybean futures were influenced by exports this week.

Corn export numbers continue to weigh on corn prices.

Weekly export figures this week for corn came in under trade expectations at only 272,600 tonnes.

When you see the number for the soybeans this week, it helps you to understand how
slow exports are for US corn.

Soybean weekly export sales were over 1 million metric tonnes for the second week in a row, this week totaling 1.319 million metric tonnes.

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

The effect of the higher cost of barge transportation and slow export sales has affected the basis at many river terminals.

The spread between the river terminals and processors continues to get wider, this week it widened a little more.

As a benefit to many producers, several terminals are allowing farmers to deliver grain for January contracts.

It really helps to move grain when weather conditions are more favorable.

If you have January contracts to deliver, you might want to check with your delivery point.

The Central Illinois Soybean Processors cash bids dropped 9 to12 cents to 14.91-15.01,
with basis up 3 to 6 cents at +15F to +25F.

The Central Illinois Corn Processors cash bids
were down 26 to 29 cents ranging from 7.22-7.30, with basis up 2 to 5 cents ranging from +2H to +10H.

At the Illinois River terminals south of Peoria, cash corn bids ended 33 to 37 cents lower ranging from 6.95-7.03, with basis down 2 to 6 cents at -25H to -17H.

Cash soybean bids fell 10 to 12 cents to 14.76-14.88, with basis 3 to 5 cents higher ranging from option F to 12F.

New crop wheat bids for delivery in July 2013 ended 44 to 50 cents lower ranging from
7.87-7.99, with basis steady to 6 cent lower at -42N to -30N.

At the Illinois River terminals north of Peoria, cash corn bids lost 34 to 35 cents to 7.00-7.05, with basis down 3 to 4 cents at -20H to -15H.

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Cash soybean bids were down 14 to 17 cents at 14.71-14.82, with basis mixed ranging from -5F to +6F.

New crop wheat bids for July 2013 delivery fell 44 to 49 cents to range from 7.94-8.02, with basis steady to 5 cents lower at -35N to -27N.

At the St. Louis terminals cash corn bids were down 28 to 32 cents at 6.80-6.98, with soybeans up 2 to 11 cents ranging from 15.03-15.17.

Cash bids for Soft Red Winter wheat fell 53 cents to 7.98-7.99 and cash sorghum bids were 32 cents lower to range from 6.81-6.82.

In northern and western Illinois, cash corn bids to producers at country elevators dropped 26 to 34 cents at 7.02-7.16, with central Illinois locations down 30 to 31 cents at 7.14-7.29 and in southern Illinois bids were 34 to 36 cents lower to range from 6.94-7.36.

Cash soybean bids in northern and western locations were down 12 to 21 cents at 14.41-14.56 with central Illinois bids 9 to 12 cents lower at 14.59-14.77 and southern Illinois bids lost 13 to 14 cents to range
from 14.75-14.95.

Cash wheat bids for Soft Red Winter wheat in southern Illinois locations dropped 16 to 19 cents to 8.33-8.47.

New crop wheat bids for June-July delivery in southern Illinois lost 43 to 56 cents to range from 7.75-8.00.

___

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

AREA 

US 2

CORN

US 1

SOYBEANS

 US 2

SOFT

WHEAT 

NORTHERN

7.15 - 7.28 14.61 - 14.77  

WESTERN 

7.12 - 7.19 14.59 - 14.75  

N. CENT.

7.22 - 7.32 14.74 - 14.93  

S. CENTRAL

7.28 - 7.40 14.89 - 14.98  

WABASH 

7.30 - 7.46 14.96 - 15.09 7.91 - 8.04

W.S. WEST

7.05 - 7.19 14.95 - 15.10 7.87 - 8.04

L. EGYPT

7.35 - 7.46 15.06 - 15.17 7.94 - 8.14

Central Illinois average price

Corn: 7.31 (+ 0 H)
Soybeans:
14.86 (-10 F)

CONTRACT BIDS FOR JANUARY 2013 DELIVERY

AREA 

US 2

CORN

US 1

SOYBEANS

 ***US 2

SOFT

WHEAT 

NORTHERN

5.83 - 5.97 12.67 - 12.83  

WESTERN 

5.83 - 5.93 12.62 - 12.74  

N. CENT.

5.87 - 5.99 12.77 - 12.88  

S. CENTRAL

5.93 - 6.04 12.78 - 12.91  

WABASH 

5.97 - 6.18 12.85 - 12.88 7.95 - 8.03

W.S. WEST

5.74 - 5.89 12.79 - 12.83

7.80 - 7.83

L. EGYPT

6.03 - 6.12

12.87 - 12.90

7.92 - 8.01

***June/July 2013 delivery
 

Cent. Ill. Average Price at Country Elevators

Week of

12/13/2012

12/6/2012

  Price--Basis Price--Basis

Corn

7.21 1/2 +1 1/2 H

7.52 + 1/2 H 

Soybeans

14.68 -8 1/2 F  

14.77 1/2 -13 1/2 F

Annual Comparison

 

November 2012

November 2011

  Price--Basis Price--Basis

Corn

7.39 - 1Z

6.26 - 3Z

Soybeans

14.39 -11X

11.51 -24X

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

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